City Council Agenda and Packet 2021 02 02

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SUBJECT: APPLICATION FOR ASSISTANCE: CORVUS NIDUS LLC, THE ROSE & RAVEN AT 511 EAST SOUTH BOULDER ROAD DATE: DECEMBER 9, 2020 PAGE 4 OF 6 Given the land cost and estimated construction costs, the valuation of the property post redevelopment will have an overall positive effective on this property value and property values in the URA. The new building, exterior improvements, and streetscape will also make this a more inviting and accessible space for the public and surrounding neighbors. Advancement of the URA: The 2006 Highway 42 Urban Renewal Plan's purpose is described as follows: 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. In particular, this Urban Renewal Plan is intended to promote local objectives with respect to appropriate land uses, private investment and public improvements provided that the delineation of such objectives shall not be construed to require that any particular project necessarily promote all such objectives. Specifically, the Plan promotes an environment which allows for a range of uses and product types which can respond to market conditions over time; further the goals and objectives of the Louisville Comprehensive Plan, Highway 42 Framework Plan and any other relevant policy document; and, leverage the community's investment in public improvement projects in the Area. While the principal goal of the urban renewal effort is, as required by the Act, to afford maximum opportunity, consistent with the sound needs of the City of Louisville (the "City') as a whole to redevelop and rehabilitate the Area by private enterprise, it is not intended to replace the efforts of area business development or marketing organizations. The rehabilitation and redevelopment of properties within the Urban Renewal Area will be accomplished through the improvement of existing structures and infrastructure, attraction of new investment and reinvestment, and prevention of deterioration of properties in the Area. The effort will involve the Commission and City with participation and cooperation by the private sector. The Plan's purpose clearly states the desire eliminate blight and to stimulate growth and reinvestment. This project would be a significant reinvestment in the South Boulder Road corridor, which has been a keen focus area for the LRC. Corvus Nidus LLC, as part of the redevelopment, has also worked closely with the owners of the Village Square Shopping Center and the Walgreens building; these partnerships will be beneficial to continue improvements. Staff also recognizes that this large investment in a long -underutilized property will bring new food and beverage concepts to the community that do not already exist. LOUISVILLE REVITALIZATION COMMISSION 32