Revitalization Commission Agenda and Packet 2024 09 18

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Revitalization Commission Minutes August 21, 2024 Page5of9 It was noted that 13.5% of this project is planned to be affordable housing. The request to the LRC is to approve moving forward with third party review for this TIF agreement. The applicant, Hunter Floyd with Stayble Real Estate commented that purpose of this project is to support local businesses with attainable and affordable housing. They feel this project will address and prevent blight noting that there have been costly challenges with redevelopment of the site, as well as meeting sustainable energy codes and providing streetscape improvements which will help the Highway 42 corridor redevelopment plan. Commissioner Harald made a motion to approve moving forward with the Delo Boom application for direct financial assistance third party review not to exceed $20,000. Commissioner Iglesias seconded. Roll Call Vote: unanimously approved. Commissioner Comments: Commissioner Lipton asked about the staff report where it says the applicant will develop 140 units of townhomes and apartments with a total estimated cost of $4.7M, if that is just for the affordable and attainable housing portion of the project. Hunter responded that the report was missing a zero and the project is a $47M project. Commissioner Tofte asked if EPS give an estimate for the cost for this review. The EV Manager responded that EPS provided the same estimate for both projects, which was between $12,000 and $20,000. Commissioner Williams expressed support for this project to help it move forward as quickly as possible. Chair Adler also expressed support for this project. Public Comments: Louisville resident and business owner Mike Deborski commented that his business is adjacent to the property in question, noting that this is the third developer to attempt to develop the property. He also added that the one caveat if the project moves forward is that there is a lot of infrastructure that will be needed for this project. He expressed support for this project and asked the commission to provide support. Discussion and Decision for Approval of Public Infrastructure Assistance for Ironton The Economic Vitality Manager provided an overview of the Ironton request for public infrastructure assistance. The application and supporting documentation were included in the meeting packet. They plan to install a signalized crossing to connect their use and downtown Louisville. The anticipated cost for public infrastructure is $650,000 and they are asking for assistance with this public infrastructure. Andy Johnson with DAJ Design reminded the Commission that the highlighted item in the request is a signalized crossing at Pine Street and Highway 42. With the trail connection that goes to the city -owned property currently run by Avid Adventures, when Louisville storage was built, they were required to put in a path in front of their property along the ditch; this request will