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Planning Commission <br />Staff Report <br />December 13, 2018 <br />Downtown Ban on Retail and Medical <br />Stores <br />The current ordinance draft continues a <br />ban on retail and medical stores in <br />Downtown Louisville. Although the <br />current draft includes a ban, the last <br />Council discussion on November 5th <br />indicated that further consideration <br />could be made on whether the ban <br />should be lifted or partially lifted in <br />some areas of Downtown such as the <br />Pine Street Plaza development (south <br />of Pine Street and east of railroad <br />tracks). The image to the right shows <br />the defined boundaries of Downtown in <br />blue. The Commission should <br />consider making a specific <br />recommendation on this issue. <br />Property Values <br />Staff was asked to provide information <br />on potential impacts on property values <br />from the location of marijuana stores or <br />businesses. Attached is July 2018 <br />journal article from Economic Inquiry <br />titled "The Effect Legalizing Retail Marijuana on Housing Values: Evidence from <br />Colorado from July 2018". The article concludes that marijuana legalization has <br />resulted in an average 6% increase in residential values, primarily as a result of <br />increased housing demand in comparison to limited supply (see Attachment 12). Staff <br />was not able to find any statistical analysis on commercial property values, but did find <br />an 2017 online real estate industry article from PropLogix suggesting a boost in <br />commercial property demand that has resulting in price increase for areas that are <br />zoned to allow marijuana business (see Attachment 13). <br />PUBLIC COMMENTS: <br />Public comments are attached (see Attachment 14). <br />RECOMMENDATIONS: <br />Staff has provided Resolution No. 17, Series 2018 recommending to the city Council the <br />draft ordinance amending Title 5 and 17 of the Louisville Municipal Code regarding <br />regulations for medical and retail marijuana businesses. Staff is seeking a Commission <br />recommendation to the City Council to either approve the draft ordinance as written, <br />approve with recommended changes or to not approve the ordinance. <br />Marijuana Code Amendments Page 10 of 12 <br />PC — December 13, 2018 <br />29 <br />