Revitalization Commission Agenda and Packet 2022 06 01

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SUBJECT: PUBLIC INFRASTRUCTURE ASSISTANCE AGREEMENT SPLIT MOUNTAIN COMMERCIAL 4 LLC DATE: JUNE 1, 2022 PAGE 4 OF 7 There are not good comparable properties in the immediate area, since the proposed use of this property will include a mix of residential and commercial uses. Downtown commercial buildings are predominately retail, service, and office oriented. An investment of $4.5 — $5 million on this property will have a net positive effect on property value and future assessed valuations. Importantly, there is additional square footage being added to the property, not just a conversion of existing space —resulting in new property tax eligible area. The new building facade on Front Street and the extension and improvement of streetscape elements will also greatly improve the pedestrian experience in this key retail corridor. Advancement of the URA: The 2006 Highway 42 Urban Renewal Plan's purpose is described as follows: The purpose of the Highway 42 Revitalization Area Urban Renewal Plan is to reduce, eliminate and prevent the spread of blight within the Urban Renewal Area and to stimulate growth and reinvestment within the Area boundaries, on surrounding blocks and throughout downtown. In particular, this Urban Renewal Plan is intended to promote local objectives with respect to appropriate land uses, private investment and public improvements provided that the delineation of such objectives shall not be construed to require that any particular project necessarily promote all such objectives. Specifically, the Plan promotes an environment which allows for a range of uses and product types which can respond to market conditions over time; further the goals and objectives of the Louisville Comprehensive Plan, Highway 42 Framework Plan and any other relevant policy document; and, leverage the community's investment in public improvement projects in the Area.... The rehabilitation and redevelopment of properties within the Urban Renewal Area will be accomplished through the improvement of existing structures and infrastructure, attraction of new investment and reinvestment, and prevention of deterioration of properties in the Area. The effort will involve the Commission and City with participation and cooperation by the private sector. The Plan's purpose expressly communicates the need to prevent the spread of blight and to participate in the rehabilitation and improvement of existing buildings. As noted, though this property may not have traditional building deterioration, the goal of cooperation is also that such deterioration does not occur and does not negatively impact the surrounding properties. With the exception of DeLo, Louisville's traditional downtown does not offer options for live/work set-up, and so this participation encourages a market desirable option to be created in the URA. LOUISVILLE REVITALIZATION COMMISSION Agenda Packet P. 16