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 5 OF 7 The Highway 42 Urban Renewal Plan also includes Development and Design Objectives as follows: The development objectives for the Urban Renewal Area include establishment of a variety of uses that will allow projects to respond to changing market conditions. Proposed land uses within the Urban Renewal Area include commercial, office, residential, commuter, public, and parking. Design objectives for the Urban Renewal Area also promote flexibility, adaptability to a range of uses and product types and consistency with prevailing market conditions. Other objectives include. - a) Eliminate and prevent blight b) Improve relationship between this area and surrounding areas (neighborhoods, downtown, open space) c) Increase property values d) Provide uses supportive of and complementary to planned improvements (transit) e) Encourage a mix of uses and/or mixed -use projects 0 Promote a variety of products to address multiple income segments g) Provide ease of vehicular and pedestrian circulation and improve connections h) Encourage continued presence of businesses consistent with the plan vision i) Provide a range of financing mechanisms for private property re- investment and investment j) Mitigate impacts from future transportation improvements k) Encourage public -private partnerships to implement the plan I) Adjust parking ratios to reflect future densities m) Encourage shared parking among projects in area n) Develop higher design standards including flexible lighting and signage standards o) Landscape streetscapes to unify uses and plan components Staff's review shows that the proposed project at 950 Spruce Street/725 Front Street meets a number of the Plan's objectives, as outlined below: • Addresses blight factors that limit future improvements; • Significantly enhances the relationship between the building and the surrounding properties by completing a building fagade and re -orienting the parking; • Encourages a mix of uses and brings a live/work project opportunity to downtown; • Facilitates the continued presence of commercial businesses within the rehabilitation and redevelopment; • Will address the continuity of streetscape and landscape elements, in line with the City's vision for the area; and • Would act as a public -private partnership with the LRC. LOUISVILLE REVITALIZATION COMMISSION Agenda Packet P. 17