Legal Review Committee Agenda and Packet 2014 09 18

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value and the total property value. If the building value is a relatively small portion of the total value, then the property is probably not being used close to its full potential and rede- velopment is likely. However, the improved value to property value ratio is not an indicator of immediate development. Many other factors unique to each property also influence the likeliness of development. For example, if a property is owned free and clear, without any debt, this analysis falls short. C4gitir '7°1 - Improvement values (50 %) of total Property Values ■ Improvement values (40 to 50 %) of total Property Values ■ improvement values (30 to 40 %) of total Property Values ■ improvement values ( >30 %) of total Property Values Areas with Nigh Development Pressures Areas with the highest development pressures are typically vacant like some in the CTC and Centennial Valley; however, many older under - developed properties are experiencing significant reinvestment pressure along South Boulder Road and within Old Town. Staff mapped the allowed additional development in the City with the building to property value ratio for all properties to identify areas experiencing change today and that will likely experience change in the future as the real estate market recovers. The majority of Louisville is stable; however, some specific ar- eas are experiencing, or will likely experience, change. Down- town, over the last few years, has experienced substantial reinvestment to its building stock. The Old Town neighbor- hood is also experiencing significant reinvestment with new houses replacing many of the older homes. This analysis also indicates large residential reinvestments may begin occurring in neighborhoods outside of Old Town. New investments are also occurring in the CTC, Steel Ranch, and North End. Ad- ditional development requests are being submitted to the City for property along South Boulder Road. As a caveat, it is important to realize this analysis simply indi- cates which areas of the City are likely to experienc change or should anticipate future change. This analysis along with the economic market study will indicate when change will likely occur by land use type. The Comprehensive Plan will help guide that change to the City's benefit. Areas of Stability and Change Areas of Stability ■ Areasof Incremental Change Areas of Change The Planning Context I .....___.../..,\_r......)1"--------- 4,2,1 s 2' kr 2013 Comprehensive Plan