Revitalization Commission Agenda and Packet 2013 01 28

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The coreredevelopment are -,a is currently kie;avily burdened pro blight colaciflJr 1s- Is is documented In the 2006 Urban Renevi:oal attached is the survey ill blight conditions gas requested In Exhibit C ril the application). The proposed redevelopment would address and correct the blight conditions by rebuilding the streets and utilities, and then col -ism -acting buildings. that :Ills,tlrl:s :ar n to prosper as a place Ltr live, shopp, grid work. E) IJescription of how the Projgct improves the Projectproperty and rieighlioria p_ropertit_ : e:'tlrrt rtitly the 9.23-nacre DELO property consists of an abandoned concrete plant, limdscape vE hide raraintenanc3 oar:[ storage area, and a few very dated structures_ Our plan Frar DELO is to bring 3 liai'c of new residential products .arid 12,0(10 square feet of new cornrnerr_ial silage as dt-scritied above. LI'e anticipate Mat atilaace±tt landowners will be eeortortiico/k mottivirtecI to put Lheir properties to higher owl l!etrci uses e.7,5 the new DELO residents trend patrons move- into their homes, shops rind offices. Further, the e. fisting. downtown Louisville merchants will benefit from Mae new DELO residents being within easy walking d[stance ill' the Mani Street area visa to new st,-tiw gt' d auk a 1 e-d' aria i1t3 trp ss. Carle n Street as it exists is riniy7 parliaiiy paved and has little access to modern kitilities. DEL('s proposed improvements to Canon Street will e!acatarrage and enable the redevelopment of the back portion al - properties cast or {:anon via enhanced access, sidewalk. Improvements, on street parking, and landscaping. DELO is confident that our proposal will cpciicicly+ stimulate quality-redeveirapuietlt projects within the Care. !Toilet Arta, 6) Finaur ally fink the P_ra ect 10-year rofarrrna, Sourco and UsesFitniggl assessed valuation byye ar, retail sales byyear: DELL!, LLC is neat requesting a loaf, and or a grant front the Ll C Therefore, eve fuel that oar r private construction financials :are not applicR :eke to this application.. As indicated above, DELO, LLC is requesting that the Cite dcternbines the necessary improvements and the. a,ss iciated. costs. If DELO, LLC + ere to entertain a 1,1rivately placed bond purchase in order L❑ fund the City's' desired improvements -within iLhe Core Project Area Chi LRC yvoutd need to be determine whether r,rar enl4y or the LRC in concert with the City of Louisville manages the timely completion o! time offsite public itrapreiVcitients. if the City elects to nianage the +:oiI`.Lrtat:[ii7lt ePlrart ;, a timeline that coitirldes with DE I,tYs project goals would have to LIC determined. fine. and gti's;ed tsr, City v,:svuk4 'pre.itr to have DELO, Ll,t. .rrranage the construction process vve would llkive Lu determine how the ;nra9Iingement cif turads i,vouid work to niaximitc the amount of public intirustl-m:1:0re Llaat can be On llt with the rvatlable Bends, For e.xaraaple, the City and the LIRA as public entities can construct public in!'ra.stl'LIeture vitltout Cite expenses Or s.1[rs and use tax or letters of credit,