City Council Agenda and Packet 1997 04 21 SP

Home Browse Search

the interchange should be considered when determining the equitable distribution of the interchange improvement costs. When Superior and Louisville last worked on a revenue sharing agreement with the property owners and their developers in 1994, the parties agreed that the impacts on Superior caused by the development of the Property were (a) increased traffic on McCaslin Boulevard, (b) increased traffic at the interchange, (c) the types, density and design of the land uses, and (d) the coordination of access to McCaslin with the abutting properties on the north and south of the Property. Those impacts are the same whether the Property is located within the boundaries of Louisville or Superior. We believe that this agreement should not be dependent on whether or not the property owners are successful in their efforts to disconnect the Property from Louisville. Superior supports the right of property owners to determine in which municipality they want to be located in accordance with applicable law. Therefore, the following is proposed as the basis for an intergovernmental agreement between Superior and Louisville regardless of in which municipality the property owners ultimately determine to develop their Property. 1. Sharing of sales tax revenue generated from the property 50% to each community. If the Property is annexed to the Town of Superior, such sharing would continue for 25 years. If the Property remains in the City of Louisville, the sales tax sharing would continue in perpetuity to provide for a portion of the continuing maintenance and improvement costs of McCaslin Boulevard generated by the use of the Property and other impacts caused directly by the proximity of the Property to the Town, which costs are paid by Superior. 2. Contribute $1.5 million toward the portion of the McCaslin improvements necessary to serve the Property prior to general sharing among the entities. These improvements were funded by bonds issued by Superior Metropolitan District No. 2, and as a result those improvements will continue to be paid for by Superior residents. All or a portion of this money may come from tax revenues generated by the future uses. The prorated actual costs of maintenance and improvements to McCaslin not paid for from sales tax sharing would be paid to Superior on an annual basis. 3. Upon submittal of a site plan showing the alignment of interior streets, the types, densities and locations of uses, traffic circulation patterns, and type(s) and approximate locations of the additional requested access(es) to the Property, the property owners and Superior will agree on the location, nature and timing of future access to the Property. 4. If the Property remains in Louisville, Louisville and Superior will form a joint planning board to review all proposed land