Revitalization Commission Agenda and Packet 2021 04 14

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Revitalization Commission Minutes March 10, 2021 Page 4 of 6 Director Pierce also briefly summarized the Cooperation Agreement between the City of Louisville and the LRC, the structure of TIF Revenue Sharing Agreements, basics of Property Tax TIF, and process for budgeting. Director Pierce specified that the Urban Renewal Plan for 550 McCaslin does not provide TIF as a tool for the property. Chair Adler asked if that would require a new conditions survey. Attorney Cotton Baez said that the substantive change would trigger the new statutory requirements outlined on page one of the memo and possibly a new survey. Commissioner Williams asked if there is an upside to initiating a new process plan or to wait until it is triggered. Director Pierce replied that, no, the LRC would not proactively undertake a new process. It can be contentious as not everyone views URA as a positive tool. In this situation, a new need that is not addressed in the existing plan would need to be determined. Commissioner Smith inquired about the timeline for redevelopment of the 550 McCaslin property. Director Pierce stated that the use of the existing plan changed when the property was acquired in 2020 and is currently leased to Ascent Church. The current owner has intent to redevelop. Lastly, Director Pierce noted that neither Urban Renewal Plan enables the LRC to employ Sales Tax TIF. She reviewed the relationship between urban renewal and eminent domain, and also shared the processes by which the LRC currently provides financial assistance to private property owners. Chair Adler asked if direct financial assistance expires. Director Pierce noted that for the Terraces on Main project, the approved assistance expires in February 2023. For the LRC, there is no financial obligation until the property is redeveloped and the property values increase. Director Pierce explained the different structures between the agreement with Terraces on Main and 824 South, Inc. • Discussion/Direction — Undergrounding Initiatives On February 2, 2021, staff provided an update to Council on various undergrounding initiatives and sought input on guiding policy. The LRC also requested an update, based on the budgeted funds in 2021, at its February meeting.. LRC Commissioners asked for an update. Assistant City Manager for Communications and Special Projects, Emily Hogan is lead on this project. Director Pierce summarized the materials presented to City Council in Agenda Packet P. 5