City Council Agenda and Packet 2019 02 26 SP

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Describe your understanding of the Highway 42 Revitalization Area Plan. Alexis Adler The LRC was organized primarily in response to the Highway 42 Revitalization Project, which included potential financing options for proposed public improvements within the area. In 2003, the Highway 42 Revitalization Area Framework Plan was developed to create a transit oriented, mixed -use development around a potential commuter rail station. In 2006, City Council approved the Highway 42 Revitalization Urban Renewal Plan to reduce the spread of blight in the area and to stimulate growth. The goal of the urban renewal area was to redevelop and rehabilitate the area, including improving the infrastructure and attracting new investment. Findings from the Highway 42 Conditions Survey indicated a presence of adverse physical conditions in the area, including deteriorating structures identified as unsafe or unsanitary, conditions of faulty street and lot layout, inadequate public improvements, and environmental contamination. In 2013, Louisville City Council approved a plan to improve and revitalize the Highway 42 corridor, in response to years of planning and public meetings regarding the area's development. This area began to develop as a mixed use, transit -oriented neighborhood, to function as an extension of Downtown Louisville. In tandem with the revitalization plan, the 42 Gateway Project was also approved in 2013 to provide ways to improve infrastructure and increase access to the Highway 42 Revitalization Area and Downtown Louisville. Over the past several years, DeLo has become the city's first mixed -use redevelopment in the Highway 42 Revitalization Area. The City pledged funding in tax increment financing for public improvements in the area, including sidewalks, roads, and plaza area. While DeLo was originally intended to serve as Louisville's transit -oriented development for commuter rail, development has persisted without the transit component in place. DeLo uniquely provides a direct connection to the downtown through the South Street Underpass and was designed to suit future transit plans. The underpass not only creates a safe connection to Downtown Louisville under the BNSF railway, but also supports urban revitalization and public art. With townhomes, apartments, retail, office space and parking, DeLo has brought growth to this area, attracting prominent businesses including Vic's Espresso and Moe's Bagel. Yet, as a resident and consumer observing the temporary closure of Growler USA, slow foot traffic at Vic's and Moe's, lower occupancy rates at DELO Apartments, and the challenges of office, restaurant, and retail growth at 1025 Cannon St., I am eager to contribute to DeLo's successful future. Sherry Sommer My understanding of the Highway 452 Revitalization Project is based on five documents: Conditions Survey (2006) • Analysis of conditions undertake to determine if blight was present in the area and if the area was eligible for an unban renewal grant. • The goal of the study was to determine if the City would be allowed through the LRC, to assist in redevelopment of properties and improvements within the defined boundaries. • -Nine conditions of blight were found within the study area and the area was determined to be an urban renewal zone. Cooperation Agreement (2006) • Agreement between the City and the LRC. • The LRC was authorized to transact business and exercise powers as an Urban Renewal Authority. • Cooperation between the entities with regard to operating funds, support services, and the oversight of annual budgeting. • Funding is approved by Council • Council provides direction and oversight for expenditures outside of the budget, issuing of bonds, allocation of sales tax increments, and redevelopment agreements. • The City and the LRC cooperate to implement the Urban Renewal Plan approved by the Council but the Council and the LRC are separate legal entities. Urban Renewal Plan (2006) • Tasked to reduce, prevent, and eliminate the spread of blight and to stimulate growth and investment in the study area. • Furthers the goals and objectives of the Comprehensive Plan, the Highway 42 Plan, and other relevant policy documents • Improvement of existing structures and infrastructure and prevention of deterioration. Bylaws (2007) Market Study (2008) • Conducted once the Urban Renewal Authority with the potential to generate Income had been created. Additionally -Tax Increment Financing: • A funding mechanism that is being used to fund improvements in the study area. • TIF dollars can only be used within the urban renewal area. • Net tax revenues are generated by projects in the area. They are used to help fund future improvements. • Calculated by analyzing the amount of additional sales tax and/or property tax that could be generated upon completion of improvements. • Can be used to finance bonds or to reimburse developers for a portion of project costs. • New tax revenue is to be used for improvements that have a public benefit and that support the redevelopment effort. • TIF money can only be used when the area cannot be redeveloped without public investment and when it meets a public objective. Fills gap between project cost and private funding. Darryl LaRue I understand it is a plan to revitalize the area south of S. Boulder and how to use the land more efficiently with community input. Michael Menaker Adopted in December 2006 the plan states: The purpose of the Highway 42 Revitalization Area Urban Renewal Plan is to reduce, eliminate and prevent the spread of blight within the Urban Renewal Area and to stimulate growth and reinvestment within the Area boundaries, on surrounding blocks and throughout downtown. From its inception, the Louisville Revitalization as a whole, and I as a Commission member, have strived to accomplish exactly that. 7