City Council Agenda and Packet 2009 01 12 Joint Meeting

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I. INTRODUCTI1~I~l & SUMMARY OF FINDINGS Economic & Planning Systems (EPS) was retained by the City of Louisville and the Louisville Redevelopment (commission to complete a market analysis for the Highway 42 study area and provide publ'.ic finance projections for the Urban Renewal Area (URA), both of which are displayed in Figure 1. This report summarizes the market analysis and public finance projections completed by EPS for potential for development and redevelopment within the study area and larger URA. INTRODUCTION The City of Louisville adopted the Highway 42 Revitalization Area Comprehensive Plan, also known as the Highway 42 flan, in 2006 to direct redevelopment efforts in the 230- acre area located in the vicinity of the historic downtown and the planned Louisville rail station. The City's vision is to create an urban node of mixed-use development at the station area that will complement the existing downtown and enhance the overall character of the community. To guide the future character of the redevelopment area, a set of design guidelines for were established in the Highway 42 Mixed-Use Development Design Standards and Guidelines,. which was also completed in 2006. The City has taken a numbE~r oi= steps to prepare for the upcoming transit service and the corresponding redevelopment interest. It 11as established an Urban Renewal Authority (URA) with the potential to generate Tax Increment Financing (TIF) as well as studied a number of different density potentials. The Planning Commission has adopted development standards permitting density that exceeds most other zone districts, yet remains appropriate for this context. The EPS market analysis focusf~d on current and future conditions in the Highway 42 study area. Findings from the :market evaluation provide the inputs needed to evaluate project feasibility and estimate Tax Increment Financing revenues and bond financing potentials. Key factors affecting demand includes the area's proximity to downtown, adjacency to the proposed commuter rail station, high traffic volumes along Highway 42, and availability of underutilized land. Existing conditions in the study area consist of vacant land, vacant buildings, active commercial uses, and light industrial uses. It is important to note that the study area also includes two small est~~blished residential neighborhoods. 1