City Council Minutes 2013 04 02 - Laserfiche WebLink

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City Council Meeting Minutes April 2,2013 Page 16 of 21 Office/Industrial/Flex Market: Louisville has significant acres of office space in Centennial Valley, Colorado Tech Center, South Boulder Road, and Phillips 66 property. Retail: The face of retail is changing. With the recession, the increase in Internet sales and mixed use projects suggests the dynamics of retail sales have dramatically changed. Louisville has retail business space in the downtown area for restaurants, destination centers, and specialty and boutique stores. Market Conclusions: The potential for large retail is weak, while office and industrial uses in Louisville are very strong. The analysis concludes complete build-out of the framework plan would produce a positive fiscal return to the City. Over the next 20 years market conditions will likely limit development to only a portion of the build-out scenario. Adjustments to the fiscal model will account for infill development and development in the Urban Renewal Area. Infill development produces less incremental cost to the City than Greenfield development in some operational and capital categories because there is already some cost associated with serving the prior use. They project an additional 635 multifamily units; 225 single family units; 200,000 square feet of retail (infill); 375,000 Square of industrial (infill) and 450,000 square feet of office. The 20 year market analysis indicates annual operating revenue from the new development would exceed expenditures by about $130,000 and annual capital revenue would exceed expenditures by about$140,000. At the Comprehensive Plan level, land use projections should show neutral or positive fiscal returns. As development occurs, adjustments will be made through the annual budgeting process to ensure fiscal health. It is important to note this analysis is based on current market trends and one possible build-out scenario; actual results may vary. Planning Director Russ summarized the Comprehensive Plan process. The Comprehensive Plan is not a regulatory document. The regulatory document is the Municipal Code, which is used by the City Council and the Planning Department to review development plans. The role of the Comprehensive plan is to describe the vision of the City and outline the rules staff must operate to modify the municipal code. Ideas outlined in the Comprehensive Plan must be taken through a more detailed public process to complete the vision within the Louisville Municipal Code. Planning Director Russ reiterated the role of the Comprehensive Plan is to describe the vision and outline the framework; and policies for implementing the vision. 60 Stakeholder Meetings and Communities Meetings were conducted. The process of developing the plan engaged all of the City's Boards and Commissions, the Downtown Business Association, the Chamber of Commerce, Centennial Valley Business Association, the Colorado Technology Center Metropolitan District and Citizen Action Council and included numerous public meetings and employed an on-line website to