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<br />City Council/LRC <br />Planning Commission <br />Special Meeting Minutes <br />January 12, 2009 <br />Page 2 of 7 <br /> <br />RESOLUTION No. 09-02 - DESIGNATING THE PLACE FOR POSTING OF <br />NOTICES OF MEETINGS OF THE BOARD OF COMMISSIONERS OF THE <br />LOUISVILLE REVITALIZATION COMMISSION <br /> <br />Commissioner Lathrop moved to approve Resolution No. 09-02, seconded by <br />Commissioner Reis. All in favor. <br /> <br />ELECTION OF OFFICERS <br /> <br />Commissioner Hernandez moved to retain the Louisville Revitalization <br />Commission officers, seconded by Commissioner Menaker. All in favor. <br /> <br />DISTRIBUTION OF OPEN GOVERNMENT & ETHICS PAMPHLET <br /> <br />Mayor Sisk noted all Commissioners received an open government and ethics <br />pamphlet in their packet. <br /> <br />HIGHWAY 42 MARKET STUDY, PUBLIC FINANCE AND IMPLEMENTATION <br />STRATEGY REPORT - FINAL REPORT <br /> <br />Mr. Michael Gaughan, Economic & Planning Systems (EPS) summarized and <br />highlighted the findings of the Highway 42 Market Study as follows: <br /> <br />. Highway 42 has the potential to be a strong redevelopment area. <br />. Rail service is an asset that will increase demand for both residential and <br />commercial uses and provide long term community amenity. <br />. The benefits of transit for retail uses are often overstated. The support for <br />future retail is attributed to the future increase in residential growth in the <br />trade area. <br />. Project feasibility for future development is dependent on residents and <br />commercial tenants being willing to pay a premium to live and/or work in a <br />mixed-used, amenitized environment with a strong sense of place. <br />. The City will be well served to identify an interior corridor and/or civic <br />plaza to locate a concentration of commercial mixed use development <br />and to provide connectivity throughout the Highway 42 area to this <br />location. <br />. A sufficient amount of bond proceeds must be invested in infrastructure <br />and amenities in the Highway 42 redevelopment to catalyze an increase <br />in assessed valuation and an increase in retail sales. <br />. Investing City funds to building parking for transit should be a low priority. <br />. There are many needs for new infrastructure and amenity improvements <br />within the URA. Based on the needs, the City should consider changing <br />the terms of the URA TIF to include both property and sales tax. <br />