City Council Minutes 2015 09 01 - Laserfiche WebLink

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City Council Meeting Minutes September1, 2015 Page 8 of 18 Mayor Muckle requested a City Attorney presentation. City Attomey Light explained this is a continuation of the public hearing on the 550 S. McCaslin Boulevard Urban Renewal (UR) Plan. Resolution No. 58 Series 2015 approves an Urban Renewal Plan for 550 S. McCaslin Blvd, the former Sam's Club Property. Changes were made to the UR Plan to clarify the intent of the Plan. Those changes were to Section 1.1 and 2.7.2. Resolution No. 59, Series 2015 approves amendments to the Cooperation Agreement between the City and the Louisville Revitalization Commission (LRC). He noted there is a. red -line format copy of the proposed Urban Renewal Plan at the dais for Council's review. He noted staff presentations will cover both resolutions and members of the public may speak on either item. MayorMuckle reopened the public hearing and requested a staff presentation. Economic Development Director DeJong provided supplemental information in response to the City Council's three questions on August 18, 2015. 1) Changes were made to the Urban Renewal Plan to clarify intent of the Plan; the Plan does not mandate use of condemnation, but makes eminent domain authority available to the LRC. Changes were to Sections 1.1 and 2.7.2. 2) Council asked for information regarding Albertsons statement that it had received no offers to remove restrictive covenants. Mr. DeJong stated Centennial Valley Investments has told staff that they have not made offers to Albertsons to remove their restrictive covenant. They have made offers for the Albertsons property, but no counter offers have been made, nor has there been any response from their latest offer. 3) A letter dated January 6, 2014 from City Manager Fleming to Centennial Valley Investments. The letter stated the City has been working with Walmart .to set a realistic price and reconsider their restrictions on the property. It highlights the issues upon the property, including restrictive covenants as well as other significant issues contributing to the difficulty of attracting new tenants, and stated staff was willing to recommend actions to alleviate the issues on the property. It further stated "any decision to approve, decline, or request changes to any proposed economic development agreement is at the discretion of City Council." He addressed the letter dated August 27th from Albertsons and noted staff provided responses to their comments, which was provided in the City Council packet.. He noted Albertsons Letter stated they are willing to work toward a mutual agreement and staff will continue to work with Albertsons. COUNCIL COMMENTS Council member Loo noted the Urban Renewal Plan does not request TIF financing and asked for clarification. Economic Development Director DeJong explained urban renewal allows tax increment financing and taking taxes created from new development to remove blighting factors from the property. TIF can be on property tax or on sales tax. The Plan does not propose to use TIF funding on sales or property taxes, because