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 6 of 10 Mayor Robert Muckle addressed the use by right question and stated a developer will always try to develop residential where ever they can. He noted if the developer says the site is not suitable for retail space and something else must be built there, they will offer to build almost anything on the land. Mayor Andrew Muckle stated the Town's financial model would not survive on residential housing. He explained they have a lot of housing stock, and will probably build some diversified housing in the area. He stressed their financial strength depends on diversifying the sales tax and building more houses is not going to accomplish it. He agreed with Mayor Pro Tem Cirelli the Town must build something viable and diversify the revenue streams as much as possible. Mayor Pro Tem Cirelli explained the only reason residential was added to the Town Center is because residential is necessary to support the Town Center. The residential component is located in the south portion of the development. He stressed it does not minimize the retail component. He stated the Town fully expects to be compliant to the IGA. Mayor Robert Muckle agreed it makes sense to maximize sales tax. Mayor Pro Tem Cirelli stated the residential component is not coming in first and the Ice Center will be the anchor for the development. They hope a lot of revenue generating development will occur around the Town Center. Mayor Andrew Muckle addressed the projected 1.5 million trips over US 36 per year and stressed those trips were also made to the Home Depot, Albertsons and other services in Louisville. Mayor Robert Muckle inquired when the new Ice Center would open. Mayor Pro Tem Cirelli stated they have a meeting this evening, which will outline the process. The developer is targeting December of 2014. Mayor Andrew Muckle stated the construction will be in phases. Mayor Pro Tem Cirelli stated they don't have any information on the opening date for the hotel. The developer is working with a hotel, which may go in 2015. Mayor Andrew Muckle stated the developer has incentive to bring in the hotel because they are being reimbursed from TIF property taxes. Mayor Pro Tem Cirelli noted there is another potential hotel site. Trustee Pennington stated until the hotel in Superior goes in, Louisville will be the beneficiary of the Ice Center visitors in terms of hotels and restaurants. 25