Planning Commission Minutes 2009 01 12 Special Joint Meeting

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City Council/LRC Planning Commission Special Meeting Minutes January 12, 2009 Page 2 of 7 RESOLUTION No. 09-02 – DESIGNATING THE PLACE FOR POSTING OF NOTICES OF MEETINGS OF THE BOARD OF COMMISSIONERS OF THE LOUISVILLE REVITALIZATION COMMISSION Commissioner Lathrop moved to approve Resolution No. 09-02, seconded by Commissioner Reis. All in favor. ELECTION OF OFFICERS Commissioner Hernandez moved to retain the Louisville Revitalization Commission officers, seconded by Commissioner Menaker. All in favor. DISTRIBUTION OF OPEN GOVERNMENT & ETHICS PAMPHLET Mayor Sisk noted all Commissioners received an open government and ethics pamphlet in their packet. HIGHWAY 42 MARKET STUDY, PUBLIC FINANCE AND IMPLEMENTATION STRATEGY REPORT – FINAL REPORT Mr. Michael Gaughan, Economic & Planning Systems (EPS) summarized and highlighted the findings of the Highway 42 Market Study as follows: Highway 42 has the potential to be a strong redevelopment area. Rail service is an asset that will increase demand for both residential and commercial uses and provide long term community amenity. The benefits of transit for retail uses are often overstated. The support for future retail is attributed to the future increase in residential growth in the trade area. Project feasibility for future development is dependent on residents and commercial tenants being willing to pay a premium to live and/or work in a mixed-used, amenitized environment with a strong sense of place. The City will be well served to identify an interior corridor and/or civic plaza to locate a concentration of commercial mixed use development and to provide connectivity throughout the Highway 42 area to this location. A sufficient amount of bond proceeds must be invested in infrastructure and amenities in the Highway 42 redevelopment to catalyze an increase in assessed valuation and an increase in retail sales. Investing City funds to building parking for transit should be a low priority. There are many needs for new infrastructure and amenity improvements within the URA. Based on the needs, the City should consider changing the terms of the URA TIF to include both property and sales tax.