Revitalization Commission Agenda and Packet 2017 06 12

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Class -A office, retail, and restaurant space; 13,000 square feet of inline retail and 8,000 square feet of drive through retail. To date, Foundry Builders has built and sold approximately 35 town homes averaging a sales price $680k. The Class -A apartments are under construction with the delivery of the first units anticipated by the first week of July 2017. The Class -A office, retail, and restaurant space will be "roughed -in" by August 2017, with tenant improvements to begin shortly thereafter. The inline retail has been completed and is hosting tenants such as Moe's Bagels, Growlers, and Vic's Coffee. Furthermore, Foundry Builders worked with Tebo Properties and the City of Louisville to acquire and construct a large surface public parking facility, accommodating approximately 67 spaces between DeLo Plaza (inline retail and drive through), DeLo Apartments and DeLo Commercial. In 2010, the macro and micro economic climate was bleak and still reeling from the Great Recession. Without the Core Project Area Agreement, the support an d cooperation of the Louisville Revitalization Commission and the City of Louisville, DeLo would not be a reality today. When the project's costs were originally projected, the upswing in the economy was unforseeable and the associated hyper -inflation in construction costs driven by a very tight labor market and further compounded by increases in material costs such as record prices for concrete and steel. Moreover, and most importantly, Foundry Builders incurred approximately 1M in additional expenses to mitigate double haulage undermining that exists throughout Historic Downtown Louisville. Foundry Builders absorbed the huge and unanticipated increases in project costs and persevered to deliver the project to the community on time and as originally envisioned. DeLo Lofts West was approved by City Council on December 6th, 2016 comprised of an additional 33 Class -A apartment homes, and 8 live -work units. Urban infill is inherently complex, and like all parcels within DeLo or blighted areas, extraordinary horizontal infrastructure improvements are required. Foundry Builders would like to continue catalyzing redevelopment within the CPA, via horizontal infrastructure improvements. To do so, requires upfront funding once again. This upfront funding will position DeLo Lofts East to redevelop sooner rather than later. In conclusion, Foundry Builders is proposing to amend the Core Project Area Agreement to privately purchase an additional 1M in double tax-free bonds. This funding would allow additional improvements with the Core Project Area to be expedited. Specifically, we are proposing catalyst improvements (primarily associated with grading constraints) to DeLo Lofts East and West, additional public and private improvements benefiting the Deborski parcels and Coal Creek Collision, and other public improvements, most notably, the relocation and enhancement of the "miners cabins" to Nawatny Geenway.