Planning Commission Minutes 2022 02 10

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Planning Commission Meeting Minutes February 10, 2022 Page 8 of 13 Staff Presentation: Ritchie begins by giving the commissioners an aerial overview of the property. She mentions that the Terraces on Main PUD was approved on March 19, 2019, and it also had an approval of a Tax Increment Rebate Agreement with LRC and City Council. She then reviews what the PUD extension would entail: • The extension would be up to three years (March 15, 2025). • It will be the same process as the initial approval. • All the current polices and regulations have remained the same since the original approval, which includes the Comprehensive Plan, the Downtown Framework Plan, and the Design Handbook for Downtown Louisville. • The proposal will continue to meet the applicable polices and regulations. Staff Recommendations: Staff recommends approval of Resolution 3, Series 2022 for a three-year extension of the approval of the Terraces on Main Planned Unit Development. Commissioner Questions of Staff. - None is heard. Applicant Presentation: None is heard. Commissioner Questions of Applicant: Diehl says he was not there for the original approval but asks the applicant why an extension would be needed. Sinkey, who is with Boulder Creek Neighborhood, says that as the project moved through COVID times, they went through a period of no employees in the office to now just having them start to come back into the office. Building costs before COVID were projected at around seven million. Now there will be an additional 1.5 million for the building costs. On top of building costs rising, office and retail rents are at a very low point as well. The combination of the two has led to the three-year extension request. Public Comment: Mark Oberholzer, 224 Hoover Ave Oberholzer says he is in support of this extension and thinks it is a good project. Closinq Statement by Staff: None is heard. Closing Statement by Applicant: None is heard. Discussion by Commissioners: Hoefner says that the applicant was very patient with Planning Commission when their application was approved and he sees no reason not to give it an extension. Moline agrees with staff that the conditions do not warrant a full examination of this and is in support of staff's recommendation.