Planning Commission Minutes 2010 02 25

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Planning Commission Meeting Minutes February 25, 2010 Page 5 of 19 creation of optimum preservation of natural features, appropriate relationship to the surrounding area, circulation, pedestrian and bicycle traffic, and building types in terms of appropriate density, site relationship and bulk. McCartney stated staff finds the LMC policy in 17.44.050 is met. In conformance with Section 17.44.050.A.2, it is in the public’s interest to rezone the proposed area to Planned Community Zone District – Commercial zone district. This rezoning will thus encourage redevelopment of the area that is in conformance with the goals and vision created in the 2009 Comprehensive Plan. McCartney stated a representative of the Open Space Advisory Board (OSAB) would be making a presentation regarding Open Space and the recommendations for Planning Commissions consideration from OSAB. Kevin Watson, Finance Director, provided the following overview of the Fiscal Impact Study:  Overview of the City of Louisville Financial Impact Model (Model) Developed in 2005 as part of the 2005 Comprehensive Plan o Updated by staff during the 2008 review of the Comprehensive o Plan Developed to look at land use decisions on a macro level o (comprehensive plan) Use of the model on a micro level (individual development) may o cause unexpected results Measures operating impacts and capital impacts differently o Operating impacts are measured at the end of a 20- ♦ year build out. Capital impacts are measured on year by year basis ♦ during the 20-year build out  How ConocoPhillips used the Model Measure operating impacts during a 20-year build out (does not o include Phase III of the development) City staff agrees to the change in methodology o Two submittals – November 12, 2009 and February 1, 2010 o  ConocoPhillips’ Assumptions Phase I – 2013 completion – 1.6 million square feet o Phase II – 2018 completion – 1.75 million square feet o Phase III – 2032 completion – 2.5 million square feet (beyond o the timeline of the current Fiscal Impact Model) $275 per square foot construction value = $8.1 million in o building use tax during Phase I and II $300 per square foot appraised value = $934,000 property tax o revenue for Phase I $263,000 per year in sales tax generation from Phase I o $4 million in building permit fees for Phase I & II o $75,000 personal property tax for Phase I o