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SUBJECT: DELO LOFTS WEST/EAST ASSISTANCE APPLICATION <br />DATE: APRIL 8, 2019 <br />PAGE2OF4 <br />Below is an analysis of each goal. <br />Removing Blight Factors <br />The 2005 Louisville Highway 42 Revitalization Area Conditions survey identified <br />properties that contributed to the blight conditions which were present in the area. <br />Those blight conditions are as follows: <br />a. Deteriorating Structures <br />b. Faulty Street Layout <br />c. Faulty Lots <br />d. Unsanitary/unsafe Conditions <br />e. Deteriorating Site or other improvements <br />f. Unusual Topography or Inadequate Public Improvements <br />h. Danger to Life or Property from Fire or Other Causes <br />k.5 High Service Requirements or Site Underutilization <br />The 2006 Conditions Survey found several blight conditions upon the property. The <br />factors include: <br />b. Faulty Street Layout <br />c. Faulty Lots <br />f. Unusual Topography or Inadequate Public Improvements <br />h. Danger to Life or Property from Fire or Other Causes <br />Staff believes the approved and proposed redevelopments eliminate the blighting <br />conditions which were noted for the properties. Foundry Builder's application goes into <br />detail on their reasons the projects address the blighting factors. <br />Effect of Project on Property Values <br />The projects when completed will have significant positive impact to its property value. <br />The following are the assumptions of valuing the property after the Delo Lofts West <br />(residential) project is completed: <br />Value per unit Total Value <br />Per unit value of apartments: $325,000 $10,725,000 <br />Per square foot value of commercial: $800,000 $ 6,400,000 <br />$17,125,000 <br />The following are the assumptions of valuing the property after the Delo Lofts East <br />(hotel and retail) project is completed: <br />Per unit value of Retail: <br />Per hotel unit: <br />Value per sf/unit Total Value <br />$200 $ 2,300,000 <br />$350,000 $15,750,000 <br />$18,050,000 <br />LOUISVILLE REVITALIZATION COMMISSION <br />