Economic Vitality Committee Agenda and Packet 2021 11 18

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SUBJECT: STRATEGIC PLAN ITEM #14 (CONTINUED) DATE: NOVEMBER 18, 2021 PAGE 4 OF Although a decrease in allowed density aimed to enhance the small town character of Louisville, this goal can run counter to maintaining and growing the tax revenues that support core City services. There are commercial developments that may be desirable to the City but that will not be attracted to invest and operate here because of the limitations on height and density. Pursuing changes in zoning to gain entitlements may prevent commercial and residential developers from considering certain properties, as there are other areas where uses can locate by right, which provides more certainty and less entitlement investment to achieve the desired outcome. Improved connectivity in the corridor would be an enhancement through the economic development lens, but given the original layout of the properties and the diverse property owners, significant changes take large investments and only occur over time and are disruptive to existing tenants in the short-term. From an economic development perspective, the McCaslin Corridor is the largest generator of inside City sales tax revenue. From the September 2021 Monthly Sales Tax Revenue Comparison Report, the three sub -areas that make up the McCaslin Corridor —Interchange, McCaslin North, and Centennial Valley — generated $450,374 of revenue, which is second only to Outside City revenues of $685,393. It provides a shopping destination for residents, employees, and visitors and also is an employment hub within Louisville for the hospitality industry as well as for primary employers and professional services firms. Because of the interchange with US 36 at McCaslin Boulevard, this is also the access point where many employees enter Louisville, then bound for destinations such as the Colorado Technology Center. From the 2019 McCaslin Parcel O Redevelopment Study, in 2018, the City had a total employment of 14,919—with 4,163 of those jobs being within the McCaslin subarea. A table from the Parcel O Redevelopment Study shows employment by industry. Agenda Packet P. 10