Revitalization Commission Agenda and Packet 2019 02 11

Home Browse Search

Revitalization Commission Minutes January 14, 2019 Page 4 of 5 corporate resident occupying 4 buildings downtown. They have benefited from the environment and have been a part of it. He thinks it would be good for people to see what real numbers look like. He said the initial development proposal to the City, they received unclear feedback. They have spent more than $100,000 thus far on design. Previously, they asked for 2 waivers from Council. Council did not approve nor deny project. Cost of the original parking design was $50 — 60k per parking space. Removing the 3rd floor office space would appeal to Council but not meet Boulder Creek needs. Several PUDs approved but not built; one reason is the financial infeasibility. Cannot get an investor at 7.28% rate of return. This is best guess at what rents can be. We want everyone to see the development's real numbers. Hope that investment criteria is different than other investors. We like and have benefited from being downtown. Council member Dalton asked about the fee in lieu for 5 spaces. Dalton asked if the Council rejected 3rd story? Sinkey said Planning Commission and Council agreed plan met guidelines. Concerns about design elements and there was political concern about 3rd story. He wants to build something everyone in Louisville can be proud of. Commissioner Lathrop said more retail vitality would improve circumstances for everyone. Jim Tienken supports this and the previous design. He asked if Boulder Creek Neighborhoods wants original design with no TIF paid? Is there a comparison that can be made between the two designs and having or not having financial assistance? Sinkey stated without TIF, neither building will be buildable. Michael Menaker said his preference would be for original design to come back with financial assistance. Gives headroom to grow. He is not concerned about parking — this is what a parking structure is intended to solve. Feels Council regrets the direction given to the last proposal. It would be better for Boulder Creek Neighborhoods and better for downtown. Ask for TIF help on project close to original giving you room to grow. Bring two problems to light: parking and development. Sales tax receipts have gone to the general fund. Catalytic effect that will increase sales tax. He would like to see TIF request on project close to original design. Commissioner Lathrop would like to support the project financially somehow but currently uncomfortable with the funding not going directly to infrastructure. He would like to support it with some project we can see. He struggles with the idea that "we are giving something away"; the perception of handing out tax money. He would like the money spent to have some benefit to the public.