Revitalization Commission Agenda and Packet 2022 06 01

Home Browse Search

SUBJECT: PUBLIC INFRASTRUCTURE ASSISTANCE AGREEMENT SPLIT MOUNTAIN COMMERCIAL 4 LLC DATE: JUNE 1, 2022 PAGE 2 OF 7 • Constructing alley pan; • Extending downtown streetscape, such as brick paver accents; • Installing street trees and tree grates, including irrigation; • Installing decorative street lights; • Performing cut and patch work for utilities in street and alley; • Removal of non -conforming utilities; and • Providing off -site electrical power. The total assistance request is for $980,916, which is outlined in the assistance application. The applicant has indicated that some of the proposed costs are still at an estimate level, so the LRC should not consider these final bid numbers. It is likely these amounts will be refined as bids are received and awarded. The applicant, however, would like to ensure the LRC is supportive of this request before advancing the work. This process is consistent with other applications the LRC has received in the past. 11 1*611RR1I:s] `► F To be considered for assistance, projects must address at least several of the objectives of the Highway 42 Revitalization Area Urban Renewal Plan. In addition, the LRC's Public Infrastructure Assistance Application outlines that projects will be evaluated on several factors, including, but not limited to: • The ability to stimulate growth and reinvestment in the URA; • The elimination or prevention of blight in the URA; • The magnitude of positive effect caused by the project; • The need for public assistance to complete the project; • The economic benefits to the community from the project; • The effect of the project on surrounding property; and • The increase in property value created from the project. Generally, LRC has reviewed Applications for Public Infrastructure Assistance on three types of impacts: removal of blight factors, positive effect on property values, and advancement of the Urban Renewal Area (URA). Removal of Blight Factors: The 2006 Louisville Highway 42 Revitalization Area Conditions survey identified properties that contributed to the blight conditions present in the area, as follows: a. Deteriorating Structures b. Faulty Street Layout c. Faulty Lots d. Unsanitary/Unsafe Conditions e. Deteriorating Site or Other Improvements f. Unusual Topography or Inadequate Public Improvements h. Danger to Life or Property from Fire or Other Causes i. Buildings that are Unsafe or Unhealthy LOUISVILLE REVITALIZATION COMMISSION Agenda Packet P. 14