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<br /> <br /> <br /> <br /> <br />LOUISVILLE REVITALIZATION COMMISSION <br /> <br />LOUISVILLE REVITALIZATION <br />COMMISSION <br />SUBJECT: LRC YEAR-IN-REVIEW AND DISCUSSION OF FUTURE <br />INITIATIVES <br /> <br />DATE: SEPTEMBER 9, 2013 <br /> <br />PRESENTED BY: AARON M. DEJONG <br /> <br />SUMMARY: <br />This memorandum gives an overview of LRC actions since August 2012 and outlines <br />discussion points for future initiatives for the Commission. <br /> <br />BACKGROUND: <br />The LRC undertook several actions since August 2012 to lay the groundwork and <br />implement actions to facilitate redevelopment within the Highway 42 Revitalization Area. <br /> <br />Mission and Guiding Principles <br />The Commission developed a mission and guiding principles centered around advocacy <br />for redevelopment in the Revitalization Area, conduct analyses to determine the effect <br />projects will have on TIF revenue and the LRC’s ability to encourage redevelopment, <br />and to take action to facilitate development. <br /> <br />Joint Meeting with Historic Preservation Commission <br />The Commission held a joint meeting with the HPC to open lines of communication <br />between the two groups to identify opportunities for collaboration. Projects will present <br />themselves which will take assistance from each commission and having those <br />communication lines open will help deliver quality projects for the community. <br /> <br />TIF District Financial Analysis <br />A TIF revenue model was developed by the commission that identifies the effect certain <br />projects will have on revenues. This model has proven helpful in determining levels of <br />assistance the LRC can provide to infrastructure projects that encourage redevelopment <br /> <br />Contribution to South Street Gateway <br />The LRC executed an agreement with the City to contribute funding over time for <br />approximately half the cost for construction of the South Street Gateway. This project <br />will physically connect the Core Project Area with the traditional downtown. This <br />connection will help facilitate redevelopment projects east of the BNSF railroad and <br />make way for future passenger rail service to Louisville. <br /> <br />LRC Assistance Application <br />The Commission developed a standard application form for projects to request <br />assistance. The information requested in the application helps staff analyze the project <br />for benefits to the URA, its ability to generate new TIF revenue, and the type and <br />amount of assistance needed by the project to overcome barriers to development.