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SUBJECT: FOUNDRY BUILDERS APPLICATION FOR ASSISTANCE <br />DATE: AUGUST 14, 2017 <br />PAGE 5 OF 5 <br />Collision, and Miner's Field. The Miner's Cabins project is not intended to be within the <br />Core Project area. <br />RECOMMENDATION: <br />Staff has significant reservations moving forward with the request as described to <br />modify the Core Project Area Agreement to provide an additional $1,000,000 in funding. <br />Concerns include: <br />The anticipated increase in property values encouraged by the added investment <br />will not pay for the interest and principal payback within the remaining life of the <br />TIF District. <br />A significant portion of the project is for non -infrastructure components. <br />Several components of the project do not induce property value increases of <br />parcels beyond Delo Lofts. <br />The Miner's Cabins relocation is being pursued by the City of Louisville to areas <br />outside of the Core Project Area. <br />Staff would like LRC direction on the request from Foundry Builders for $1,000,000 as <br />described above and in the application. <br />ATTACHMENTS: <br />1. LRC Application for Assistance <br />2. DELO Lofts Site Plan <br />COUNCIL COMMUNICATION <br />