Planning Commission Agenda and Packet 2009 11 12

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36, and the Storage Tech campus (now ConocoPhillips Campus) was vacated. These two changes have reduced the amount of traffic volume that downtown is experiencing. Staff recommends increasing the cap on development to 475,000 square feet because the current cap is close to being reached and the present traffic situation downtown suggests that additional development can be accommodated. Staff recommends a 475,000 square foot cap based on the amount of parking that is currently available downtown. There are 892 parking spaces (on street, public, private) in the downtown core area. The parking utilization study revealed that the maximum peak demand for parking downtown was 1 space for every 532 square feet of development. This would indicate that 892 parking spaces could potentially provide sufficient parking for approximately 475,000 square feet of development (892 parking spaces X 532 SF per parking space). Currently, there is 311,212 square feet of development either built or entitled to be built in the downtown area. Raising the cap to 475,000 square feet would allow for an additional 163,000 square feet of development to be built in the westerly portion of downtown. LMC as Currently Written Sec. 17.12.060. Maximum floor area, Westerly portion of Downtown Louisville. Within the area designated as the westerly portion of Downtown Louisville, as defined in chapter 17.08, the maximum floor area shall be 354,000 square feet. No development shall be permitted within the westerly portion of Downtown Louisville once a maximum floor area of 354,000 square feet has been achieved within such area. To the extent that this section establishes a requirement which conflicts with a yard and bulk requirement set forth in any other applicable section of Title 17, the specific requirement of this section shall control. Any determination of maximum floor area for purposes of this section shall exclude the square footage of buildings owned by the city at the time of such determ ination. Suggested Amendment to LMC Areas of Change are Highlighted Sec. 17.12.060. Maximum floor area, Westerly portion of Downtown Louisville. Within the area designated as the westerly portion of Downtown Louisville, as defined in chapter 17.08, the maximum floor area shall be 475,000 square feet. No development shall be permitted within the westerly portion of Downtown Louisville once a maximum floor area of 475,000 square feet has been achieved within such area. To the extent that this section establishes a requirement which conflicts with a yard and bulk requirement set forth in any other applicable section of Title 17, the specific requirement of this section shall control. Any determination of maximum floor area for purposes of this section shall exclude the square footage of buildings owned by the city at the time of such determ ination.