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City Council Study Session Agenda and Packet 2013 10 22
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City Council Study Session Agenda and Packet 2013 10 22
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SSAGPKT 2013 10 22
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L <br />qty , '+ CITY COUNCIL COMMUNICATION <br />Louisville AGENDA ITEM 11 <br />COLOR A PO •SIN' (: N <br />SUBJECT: <br />LOUISVILLE REVITALIZATION COMMISSION YEAR -IN- REVIEW <br />AND DISCUSSION OF FUTURE INITIATIVES <br />DATE: OCTOBER 22, 2013 <br />PRESENTED BY: AARON M. DEJONG AND COMMISSIONERS <br />SUMMARY: <br />This memorandum gives an overview of LRC actions since August 2012 and outlines <br />discussion points for future initiatives to be implemented by the LRC. <br />BACKGROUND: <br />The LRC undertook several actions since August 2012 to lay the groundwork and <br />implement actions to facilitate redevelopment in the Highway 42 Revitalization Area. <br />Mission and Guiding Principles <br />The Commission developed a mission and guiding principles centered around: <br />1. advocacy for redevelopment in the Revitalization Area <br />2. analyses to determine the effects of potential projects (i.e., TIF revenue, and <br />alignment with LRC mission) <br />3. action to facilitate recommendations <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 />TIF District Financial Analysis <br />A TIF revenue model was developed by the commission that calculates the potential <br />TIF revenue of projects in the URA. This model has proven helpful in determining levels <br />of assistance the LRC can provide to infrastructure projects that encourage <br />redevelopment. <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 any future passenger rail service to Louisville. <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 />CITY COUNCIL COMMUNICATION <br />2 <br />
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