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Highway 42 Market, Feasibility, and Financing Study <br />Final Report <br />December 11, 2008 <br />The following provides an outliine of this report and tasks performed in each section. <br />• Economic and Demogr;iph:ic Framework -EPS summarized economic and <br />demographic trends and forecasts for the City of Louisville and surrounding <br />geographies. <br />Existing Real Estate Co:ndiitions -EPS evaluated existing corridor land uses as well <br />as real estate conditions anti values in order to identify future redevelopment <br />opportunities in the study area. <br />Residential Development --EPS analyzed recent for sale and for rent residential <br />development trends anti conditions and evaluated available and future land use <br />recommendations. Based on this information, future residential development <br />opportunities are identi:Eied. For both the residential and commercial elements of the <br />study, EPS conducted a nurnber of interviews with property owners, developers, <br />and brokers that are actiive in the Louisville market. <br />^ Commercial Development -EPS analyzed existing retail conditions and forecast <br />the market for future neighlborhood and community level retail uses based on <br />existing and future hou:~eholds and household income in the logical trade areas for <br />the study area. <br />^ Financial Feasibility - IMPS developed a static pro forma that was used to estimate <br />price points at which development within the Highway 42 would become financially <br />attractive for developer:. Estimates of current market prices were used to determine <br />what types of projects are currently feasible and what project will require future <br />maturation of the markE~t. <br />Tax Increment Financi~ig ('TIF) & Public Improvements -EPS used market findings <br />from earlier chapters to estimate the timing and amount of future development <br />within the URA. Subse~~uently, estimated revenues were compared to possible <br />public improvement options within the URA to measure feasibility. <br />2 <br />