Business Retention and Development Committee Agenda and Packet 2018 11 05

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11: City,/ im Louisville COLORADO • SINCE 1878 BRAD COMMUNICATION SUBJECT: DATE: DISCUSSION — McCASLIN AREA DEVELOPMENT STUDY NOVEMBER 5, 2018 PRESENTED BY: AARON M. DEJONG, ECONOMIC DEVELOPMENT SUMMARY: The City contracted with Economic & Planning Systems (EPS) to conduct the McCaslin Area Development Study. Danica Powell with Trestle Strategy will give a brief presentation and seek input from the Committee. BACKGROUND: The McCaslin Area Development Study covers a subarea of the McCaslin Boulevard corridor bounded by McCaslin Boulevard on the west, Cherry Street on the north, Dahlia St. on the east, and Dillon Road on the south. Central to the study is the former Sam's Club property at 550 South McCaslin Boulevard. The property has been mostly vacant since the store's closing in early 2010 and currently has two tenants, Ascent Church and Low Cost Furniture. The City Council stated goals of the Study are to; • Understand the McCaslin area's potential for retail and commercial development and supportive uses that could foster new investment and development, • Review the rules and regulations upon properties in the area that may be limiting its full potential for redevelopment, • Understand and incorporate the property owner's, tenant's and public's input into development and redevelopment options for the area, • Evaluate various development scenarios, that focus on retail and commercial uses with possible residential development only as a secondary use, that meet market potential and provide exceptional fiscal benefits for the City by meeting or exceeding past tax revenue performance for the area, and • Provide recommendations for regulatory changes or other actions that could create more certainty for the development community that encourages redevelopment. The McCaslin Area Development Study process and final recommendations should take into account the following principles that are of importance to the City of Louisville and Louisville City Council: • Identify emerging markets and retail trends that will result in market supported development scenarios and that ensure the corridor continues to serve as the City's primary retail sales tax base. • Identify and evaluate development restrictions and regulatory and policy barriers to redevelopment and investment in the corridor. BRAD COMMUNICATION