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SUBJECT: <br />DATE: <br />LOUISVILLE REVITALIZATION COMMISSION <br />OCTOBER 27, 2015 PAGE 2 OF 3 <br />• Re- tenant or redevelop the property <br />• Increase retail activity by encouraging occupancy of the property <br />The LRC is working on a Project Description to define desirable projects for the UR <br />Area. That project description will provide the groundwork for an RFP seeking <br />proposals to retenant or redevelop the Property. <br />IN WHAT AREAS DO YOU NEED CITY COUNCIL INPUT /FEEDBACK? <br />550 S. McCaslin Urban Renewal Plan <br />Implementation of the 550 S. McCaslin Urban Renewal Plan will require significant <br />interaction among the LRC and City Council. The Urban Renewal Plan did not <br />authorize TIF financing, so the LRC has no revenue to financially advance any <br />redevelopment projects. <br />The LRC has begun developing an RFP to seek proposals for the re- tenanting or <br />redevelopment of the property. We seek input from Council on the type of projects <br />Council would like to see respondents to the RFP propose. <br />Questions on which we would like input are: <br />1) Based on our understanding the intent is for the property in the URA to be retail - <br />rich and to encourage retail activity. Should the RFP be for proposals that are <br />solely retail? <br />2) Should the RFP accept proposals that have uses not currently allowed by zoning <br />or private covenants for the site? Other uses may include residential, industrial, <br />and entertainment. <br />3) Should the RFP highlight any assistance (sales tax rebates or other BAP <br />elements) the City is willing to provide to encourage a project? <br />At the October 20, 2015 Council meeting, Council continued the Amended and <br />Restated Cooperation Agreement. That Agreement clarifies the costs of the 550 S. <br />McCaslin UR Plan will be the City's responsibility. Council Member Stolzmann <br />suggested the possibility of amending the repayment terms in the South Street Gateway <br />IGA regarding the repayment schedule for LRC's share of construction costs in <br />exchange for the City's commitment to the 550 S. McCaslin costs. The current structure <br />of repayment is as follows: <br />Budget Year <br />2015 <br />2016 <br />2017 <br />2018 — 2033 <br />Payment <br />$45,000 <br />$65,000 <br />$75,000 <br />25% of all Property Tax TIF remaining <br />after payment of other obligations <br />CITY COUNCIL COMMUNICATION <br />3 <br />