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C ityo, <br />isvil e <br />1878 <br />LOUISVILLE REVITALIZATION <br />COMMISSION <br />SUBJECT: <br />RESOLUTION NO. 2015-01 - A RESOLUTION APPROVING A <br />COOPERATION AGREEMENT WITH THE CITY OF LOUISVILLE <br />FOR THE REGIONAL DETENTION FACILITY LAND <br />COMPENSATION <br />DATE: JANUARY 12, 2015 <br />PRESENTED BY: AARON M. DEJONG <br />SUMMARY: <br />The Louisville Revitalization Commission (LRC) wants to construct a regional detention <br />facility to accommodate stormwater from Louisville's Urban Renewal Area Core Project <br />Area and satisfy stormwater detention requirements. Such a facility can be built on City <br />owned land north of the wastewater treatment facility on Empire Road. Staff prepared <br />for consideration and recommends approval of the attached agreement outlining the <br />terms under which the LRC would compensate the City for the impacted City -owned <br />land. <br />BACKGROUND: <br />The Louisville City Council approved the agreement at their December 16, 2014 <br />meeting. <br />DISCUSSION: <br />The attached agreement outlines the terms for the LRC to compensate the City for the <br />land used for Core Area regional detention near the wastewater treatment facility. The <br />following outlines the main terms in the agreement. <br />Land to be compensated <br />The design work for the regional detention facility is ongoing. The agreement allows for <br />the not finalized design by referencing the approved final design in the Downtown East <br />Louisville Planned Unit Development (DELO Phase!! PUD). The current proposed <br />design has the facility encumbering 100,000 square feet. <br />Value for Land <br />The City commissioned a commercial appraisal performed by William Graff. Mr. Graff <br />identified the highest and best use for the land to be an industrial use. He based the <br />appraisal on comparable sales of improved property (range of $1.88 psf - $3.50 psf), <br />then adjusted that value downward to reflect certain conditions this property lacks to be <br />considered improved property. Those adjustments include: <br />• Lack of utilities serving the land <br />• Lack of visibility from Empire Road <br />• Land currently does not have legal access from Empire Road. <br />LOUISVILLE REVITALIZATION COMMISSION <br />18 <br />