Economic Vitality Committee Agenda and Packet 2021 11 18

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Cityof ECONOMIC VITALITY COMMITTEE Louisville COLORADO -SINCE 1878 SUBJECT: DISCUSSION/DIRECTION- STRATEGIC PLAN ITEM #1-4: IDENTIFY PRIORITY PROPERTIES/AREAS FOR FOCUS OF CITY ATTRACTION EFFORTS OR INFLUENCE TO PRIVATE REDEVELOPMENT UNDERTAKINGS (CONTINUED) DATE: NOVEMBER 18, 2021 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR LISA RITCHIE, INTERIM PLANNING & BUILDING SAFETY DIRECTOR SUMMARY: The Economic Vitality Strategic Plan contains Supporting Action Item #1-4, scheduled for Q4 2021: "Identify priority properties/areas (such as Sam's Club, Kohl's, Cinebarre, and Village Square) for focus of any City attraction efforts or influence to private redevelopment undertakings." This discussion and other strategic plan initiatives will help the City develop more specific strategies that advance its goal of attracting new businesses to underutilized retail spaces, blighted properties, and long-term vacancies. It is anticipated this item will be reviewed by both the Economic Vitality Committee (EVC) and the City Council. BACKGROUND: Although all vacant properties within Louisville are considered resources in staff's attraction efforts, particular properties —especially those that are highly visible or long- term vacancies —receive more emphasis and resources. Addressing key vacancies sometimes also intertwines with properties or areas that may be ripe for redevelopment. The narrative below outlines some properties and areas for Committee consideration. Staff also provides context about the processes or tools that may be available in aiding attraction or redevelopment efforts. 550 S. McCaslin, Current Ascent Community Church This site (also referred to as Parcel O) is the former location of Sam's Club, which left Louisville over a decade ago. The roughly 125,000 square foot building was acquired by Ascent Community Church in 2021. The Church has expressed its intent to redevelop the building so that it could house its worship function as well as other uses that might include a park, restaurant uses, and office space. This property and the former Kohl's are also intertwined in a long-standing discussion over a Declaration of Covenants, Conditions, and Restrictions (CCRs) with the owners of the adjacent Safeway, which is owned and operated by Albertsons Companies. Although the City approved a GDP amendment for these parcels in 2020 that added "indoor commercial amusement/entertainment" to the allowed uses and increased the maximum allowed Floor Area Ration (FAR), the CCRs remain a significant impediment to redevelopment activity. Agenda Packet P. 7