City Council Minutes 2013 12 16 SP

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Special Meeting Minutes City of Louisville City Council & Town of Superior Board of Trustees December 16, 2013 Page 5 of 9 Mayor Andrew Muckle stated the Town of Superior did not ask City of Louisville to modify the IGA because they feel they are compliant with the current IGA. Mayor Pro Tern 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 Tern 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. 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 Tern Cirelli the Town must build something viable and diversify the revenue streams as much as possible. Mayor Pro Tern Cirelli explained the only reason residential was added to the Town Center is because residential is necessary to support the Town Center. The residential