Economic Vitality Committee Agenda and Packet 2021 10 22

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SUBJECT: STRATEGIC PLAN ITEM #1-4 DATE: OCTOBER 22, 2021 PAGE 5 OF 5 • Centennial Valley Undeveloped Lots (approximately 70 acres), • Remainder of Highway 42 Framework Plan Area, • Louisville Plaza, and • Village Square Shopping Center. Staff also anticipates that other pending developments will create opportunities and need to strategize on filling new commercial space, including: • The Foundry, • North End, and • Coal Creek Village. Several of the properties discussed are in one of the City's two Urban Renewal Plans. The Highway 42 Urban Renewal Plan was adopted in 2006, and the 550 S. McCaslin Urban Renewal Plan was adopted in 2015. The Louisville Revitalization Commission (LRC) is actively involved in projects and public/private partnerships in the Highway 42 Urban Renewal Area (URA), where it has the available source of Tax Increment Financing (TIF) revenues to facilitate these investments. The LRC is not actively involved in the 550 S. McCaslin URA because that Plan did not authorize TIF as a tool available for urban renewal on that particular property. At the time, the City's interest was focused on resolution of the covenants. To change the available toolkit of urban renewal to benefit 550 S. McCaslin would be considered a substantial plan amendment, and therefore would require the Urban Renewal Authority to change and become compliant with new state statute for authorities. The LRC's processes for public infrastructure assistance and direct financial assistance are the only existing tools the City has for public/private partnerships. Partnerships can be independent initiatives, but without some certainty of the assistance or resources that can be provided, staff feels they are less likely. The Highway 42 URA tools create a foundation on which staff can conduct outreach about potential redevelopment with property owners that have blighted or underutilized properties. Using this memo as background and context, staff hopes to facilitate a discussion of these properties and areas with the EVC. Also, staff would like to understand if there is any additional data or information that the Committee believes could inform its discussion or City Council's review. RECOMMENDATION: Provide staff input on priority properties and areas in Louisville for the focus of City attraction efforts and encouragement of private redevelopment opportunities. ATTACHMENTS: None. Agenda Packet P. 28