City Council Agenda and Packet 2005 08 02

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City Council Special Meeting Minutes July 12, 2005 Page 4 of 9 Leary's opinion the revenues are overstated for commercial sales tax. His concern was the City would bE; depending on revenue that may not come for a period of time. Mr. Leary agreed the fiscal analysis is a good tool to look at each of the areas of opportunity, however, the process does not tell how many houses the City can absorb. As a final point in Mr. Leary's outline, Mr. Leary suggested that the City should set aside 1 /3 of the sales tax revenue to serve existing operating and capital needs, and then determine the number of houses. COUNCIL QUESTIONS Council member Van Pelt thanked Mr. Cunningham for his work on the fiscal analysis. She asked if there was any way to do a fiscal analysis without doing a straight line. Cunningham stated it would require monitoring the analysis on an annual basis. Council member Van Pelt asked Mr. Cunningham to respond to Mr. Leary's opinion that a fiscal analysis i;> not a good tool to decide upon land uses. Mr. Cunningham agreed with Mr. Leary. Council member Marsella asked if the fiscal analysis factored in Resolution No. 36, which limits the number o1` houses per year that can be built in Louisville. Mr. Cunningham responded the resolution was factored in the analysis. Council member Brown askecl if the fiscal analysis factored in a market study for retail opportunities. Mr. Cunningham confirmed it did. Council member Brown askecl Mr. Cunningham to compare the fiscal analysis with Mr. Leary's analysis. Mr. Cunningham stated the differences are in the market analysis. Mayor Sisk asked if there are opportunities for big box stores in Area #4. Mr. Cunningham responded yes and stated there are als opportunities for regional retail. He explained the concept is to mix uses such as residential, office, hospital, and retail. Mayor Sisk asked if commercial retailers follow residential development. Mr. Cunningham confirmed commercial retailers are attracted to residential development. He noted that retailers are also interested in infill growth. Mayor Sisk asked Mr. Cunningham for copies of the information he presented for the City Council and the City's Web Page. Council member Keany stated if the STK site were redeveloped as a regional retail center, would the residential development be required. Mr. Cunningham responded no.