Revitalization Commission Agenda and Packet 2013 01 28

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SUBJECT: DELO APPLICATION FOR ASSISTANCE DATE: JANAURY 28, 2013 PAGE 3 OF 5 Per unit value of apartments: Per unit value of cluster homes Per unit value of row homes Per square foot value of commercial: $145, 000 $165,000 $450,000 $75 $18,850,000 $4,950,000 $26,550,000 $900,000 $51,250,000 The total annual TIF generated from this project at full buildout at these values would be $360,505 in 2018. This is a significant increase to the revenues for the Urban Renewal District and is worthy of due consideration for assistance from the LRC. Advancement of the Urban Renewal Area This property is in the heart of the Core Project Area, as depicted in the Highway 42 Revitalization Area Framework Plan. The redevelopment being proposed meets the general concepts of the plan. DELO would be the first major redevelopment in the area and its success would increase the potential for adjoining property to redevelop. Staff believes this project meets the requirements for receiving assistance from the LRC and should be considered for assistance. Analysis of Infrastructure Costs The Developer had their engineers provide two budgetary figures for the area infrastructure. The infrastructure costs needed to facilitate only their project is $2,900,000. The cost of infrastructure to make improvements to regional infrastructure and additional roads not directly needed by this project is $4,060,000. Public Works staff had trouble reviewing the information provided due to a lack of clarity. Public Works staff took a different approach and defined components of a project which would encompass the public infrastructure needed to facilitate development within the area. The following is the rough scope of that project; • Construction of new streets and sidewalks o Cannon from South to Griffith o South from Cannon to Highway 42 o Short from Cannon to Highway 42 • New water utilities within the following streets; o Cannon Street from Lafayette to South o South Street From BNSF to Highway 42 • New storm water utilities within the following corridors; o Lafayette from BNSF to Highway 42 o Cannon from Griffith to Lafayette • New sanitary sewer utilities within the following streets; o Lafayette from BNSF to Short o Short from Cannon to Highway 42 • Normal landscaping improvements along streets • Street lighting, earthwork, traffic control, surveying, project management (10%), contingency (10%) LOUISVILLE REVITALIZATION COMMISSION