City Council Agenda and Packet 2014 01 07

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Special Meeting Minutes City of Louisville City Council & Town of Superior Board of Trustees December 16, 2013 Page 5 of 10 Mayor Robert Muckle stated there is the question of the productivity of the use of space and not what sales tax is generated per square foot. Mayor Pro Cirelli stated the Town is interested in getting the most viable development, which will generate as much sales tax revenue as soon possible. This may depend on the type of mixed use needed in the area. There may not be a need for a big box store, which may remain empty. They are trying to make something viable and generate as much income as possible for both communities. He stressed the Town Center has some flexibility, which has benefits and will comply with the agreement. Mayor Pro Tem Dalton stated no one is suggesting a big box store. He stated if the Town needed flexibility, why wasn't there discussion on an amendment to the IGA. He stated the IGA specifically outlines 250,000 square feet of retail generated sales tax. Mayor Andrew Muckle stated the Town of Superior did not ask City of Louisville to modify the IGA because they are compliant with the current IGA. Mayor Pro Tem Dalton stated the IGA states a proposal must be part of the IGA. City Attorney Light explained there are a couple points of interest, one of which is the assertion of whether a hotel is a retail use within the intention of the IGA. He stated the language in the IGA is clear, it states the Town of Superior shall be required to provide 250,000 square feet of retail, sales -tax generating development. Mayor Andrew Muckle stated the Town's intention is to develop what appears on the map. Council member Loo addressed the flexibility of the plan, which could mean if the retail component doesn't work the developer, by right, could put in residential homes. Mayor Andrew Muckle explained there is no use by right. Mayor Pro Tem Cirelli stated the Town is bound by the IGA and will live up to the requirements of the IGA. Council member Loo requested the language of the IGA be implemented into the plan. Mayor Pro Tem Cirelli explained the plan the Town agrees to is with the developer and not the IGA with the City of Louisville. Council member Stolzmann requested clarification on the sales tax increment financing (TIF) and the Urban Renewal Authority property tax TIF. Mayor Andrew Muckle explained there is one Urban Renewal Authority, which is using both property and sales tax TIF in the Market Center. Only the property tax TIF will be used in the Town Center because the sales tax revenue would be split in half and won't be enough revenue. 24