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<br /> <br /> <br /> <br /> <br />LOUISVILLE REVITALIZ ATION COMMISSION <br /> <br />LOUISVILLE REVITALIZ ATION <br />COMMISSION <br />SUBJECT: PROPERTY TAX INCREMENT REBATE AGREEMENT WITH <br />TRACT ONE, LLC. <br /> <br />DATE: JULY 8, 2013 <br /> <br />PRESENTED BY: AARON M. DEJONG <br /> <br />SUMMARY: <br />Loftus Development Inc. has submitted an application for assistance from the Louisville <br />Revitalization Commission (LRC). The LRC gave direction to staff at the June 10, 2013 <br />meeting to prepare an agreement outlining financial assistance to Tract One, LLC, the <br />development entity controlled by Loftus Developments, for $380,000. This memo <br />summarizes the main components of the Property Tax Increment Rebate Agreement <br />with Tract One, LLC. <br /> <br />BACKGROUND: <br />Tract Once, LLC proposes to remove the existing vacant Safeway building and <br />redevelop the site with two (2) buildings consisting of 33,700 square feet of retail space <br />including a community room, and three (3) buildings consisting of 111 apartment units <br />with 157 underground parking spaces. Tract One, LLC intends to occupy the larger <br />retail building with a 24,000 square foot Alfalfa’s grocery store and a 1,500 square foot <br />community room. Estimated total private development costs for Tract One, LLC are <br />$31,000,000. <br /> <br />The assistance being requested is for public infrastructure needed to facilitate the <br />redevelopment project as such infrastructure is a barrier to this in-fill redevelopment. <br />Funding is not going directly towards expenditures which only benefit the Loftus project. <br /> <br />Tract One, LLC requests LRC assistance to construct the necessary public <br />infrastructure improvements that provide benefits to neighboring properties and <br />residents. Generally, improvements to the sanitary and storm sewer infrastructure, <br />added water infrastructure, Right-of-Way concrete work, masonry, and street light poles. <br />A more detailed description of infrastructure work is Exhibit A of the Property Tax <br />Increment Rebate Agreement. <br /> <br />The LRC gave direction to staff at the June 10, 2013 meeting to prepare an agreement <br />outlining financial assistance to Tract One, LLC, the development entity controlled by <br />Loftus Developments, for $380,000. <br /> <br />DISCUSSION: <br />The following are the main components of the Property Tax Increment Rebate <br />Agreement with Tract One, LLC for the Village Square Mixed-Use Redevelopment <br />project: <br />