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<br />City Council/LRC <br />Planning Commission <br />Special Meeting Minutes <br />January 12, 2009 <br />Page 6 of 7 <br /> <br />Commissioner Hernandez noted the economic engine is to get retail in first <br />however in this instance the residential component will drive this development. <br /> <br />Mr. Andy Knudtsen, Economic & Planning Systems (EPS) arrived at 8:50 a.m. <br /> <br />Mayor Sisk noted two downtown businesses; Waterloo Ice House and the <br />Empire Grill are thriving and those establishments have sparked more activity to <br />other downtown businesses. Commissioner Menaker agreed Main Street has <br />changed in the past two years <br /> <br />Commissioner Hernandez voiced his excitement over the development project <br />and noted no development thrives without people. <br /> <br />Mr. Knudtsen stated the success of the redevelopment area is going to depend <br />on new rooftops. <br /> <br />Mayor Sisk asked how empty downtown business sites can be rented. Mr. <br />Knudtsen suggested putting up milestones. <br /> <br />Commissioner Jasiak voiced her excitement over the residential component, <br />apartments or town homes, and greener and higher sustainable development. <br />She favored planning for historic properties to connect to the downtown area. <br /> <br />Commissioner Menaker noted the City has never done any design review on <br />developments. Planning Director Wood noted the City does have design <br />standards. <br /> <br />PUBLIC COMMENT <br /> <br />John Leary, 1116 LaFarge Avenue, Louisville, CO requested clarification on the <br />Feasibility Study concerning the apartment scenario. <br /> <br />Mr. Knudtsen explained the primary issue in analyzing the scenario is the cap <br />rate. The 9% cap rate is conservative, however if the percent was changed to <br />7% developers who specialize in multi-family development may look at it as a <br />rental project. Apartments have momentum in today's current market and with <br />respect to feasibility of the development, the land costs are low. <br /> <br />Mr. Leary asked if the numbers reflected a pessimistic view. Mr. Knudtsen stated <br />the focus is on retail and commercial. With respect to residential rental projects; <br />developers look at the trends for rental apartments. <br /> <br />Councilor Dalton stated the analysis is conservative. Mr. Knudtsen noted the <br />market is increasing. <br />