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SUBJECT: <br />DELO APPLICATION FOR ASSISTANCE <br />DATE: <br />JANAURY 28, 2013 <br />PAGE 2 OF 5 <br />not be warranted because the improvements benefit more than just their <br />development. <br />The LRC understood the application is and will be a work in progress and the current <br />form may be modified as applications are received. The LRC may want to revisit the <br />10—year proforma and sources and uses budget requirement if the application is for <br />infrastructure improvements. <br />The Developer has asked for the LRC to construct the necessary offsite public <br />improvements within the Core Project Area. Generally, the offsite public improvements <br />include Cannon Street, South Street, Short Street, and Lafayette Street as regional <br />utility upgrades located within these corridors. <br />Property included in the DELO project is directly adjacent to 48% of the combined street <br />lengths of Cannon, South, Short and Lafayette streets and infrastructure being <br />proposed. The DELO project also needs the Short and South Street connections to <br />Highway 42, even though their property is not directly adjacent to it. <br />DISCUSSION: <br />In evaluating projects, the Commission should look to that project's impact upon the <br />goals of the Urban Renewal Plan. Those goals are as follows: <br />Removing Blight Factors <br />The Urban Renewal Plan identified properties that contributed to the blight conditions <br />which were present in the area. Those blight conditions are as follows: <br />a. Deteriorating Structures <br />b. Faulty Street Layout <br />c. Faulty Lots <br />d. Unsanitary/unsafe Conditions <br />e. Deteriorating Site or other improvements <br />f. Unusual Topography or Inadequate Public Improvements <br />h. Danger to Life or Property from Fire or Other Causes <br />k.5 High Service Requirements or Site Underutilization <br />The infrastructure needed and the redevelopment planned for this property will eliminate <br />these blighting factors. For a more detailed description as to how the project remedies <br />the blighting factors, please see the DELO application, which is attached. <br />Effect of Project on Property Values <br />The project when completed will have significant positive impact to its property value. <br />The following are the assumptions of valuing the property after the DELO project is <br />completed: <br />Value per unit Total Value <br />LOUISVILLE REVITALIZATION COMMISSION <br />