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all of the stakeholder groups, aided in the formulation of the policy <br />recommendations that follow. <br />CURRENT REGULATIONS <br />Current regulations regarding parking and development in the downtown area. <br />Downtown Parking Requirements <br />o One off street parking space shall be provided for every 400 square <br />feet of new floor area constructed. <br />o The first 999 square feet of new floor area is exempt from the <br />parking requirement. <br />o A fee of $3,600 can be paid in lieu of providing the required parking <br />o City Council has the ability to waive or modify the parking <br />requirement if it can be demonstrated that adequate parking is <br />available for the proposed construction. <br />Parking Fee -in -Lieu The current fee charged in lieu of providing the <br />required parking is $3,600 /space <br />Downtown Development The Louisville Municipal Code caps <br />development of the westerly portion of downtown at 354,000 square feet <br />(excluding city owned buildings). <br />POLICY RECOMMENDATION #1 <br />Staff recommends that the cap on development of the westerly portion of <br />downtown be increased to allow up to a maximum of 475,000 square feet of <br />development (excluding city owned buildings). <br />Rationale <br />As currently written, the Louisville Municipal Code caps development of the <br />westerly portion of downtown at 354,000 square feet (excluding city owned <br />buildings). Including projects that have been approved but have not been built, <br />there is room for an additional 42,000 square feet of development downtown <br />before the current cap is reached' <br />The 354,000 square foot cap was adopted in 1999 after the completion of the <br />Downtown Louisville Framework Plan. The cap was chosen in part because a <br />traffic impact study done at the time stated that additional lanes would need to be <br />added at the Main and Pine Street intersection and an additional signal would be <br />needed at Front and Pine Street when 354,000 square feet of development <br />existed downtown. Since the completion of the 1999 traffic study, the downtown <br />traffic situation has changed significantly. A byway was completed that diverted <br />traffic from cutting through town to get to the Northwest Parkway and Highway <br />1 *As a point of clarification, staff would like to disclose that it was reported during the various stakeholder <br />meetings that there was room for an additional 21,000 square feet of development downtown before the <br />current cap on development was reached. Staff recently realized an error in the calculation of this number. <br />After the square footage of the existing development and development entitled to be built downtown was <br />recalculated, it was determined that there is room for an additional 42,000 square feet of development <br />downtown before the cap is reached. <br />-2 <br />