City Council Agenda and Packet 2018 04 03

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Louisville COLORADO • S1NC N - CITY COUNCIL COMMUNICATION AGENDA ITEM 8A SUBJECT: DISCUSSION/DIRECTION/ACTION — MCCASLIN AREA REDEVELOPMENT WORKPLAN DATE: APRIL 3, 2018 PRESENTED BY: AARON DEJONG, ECONOMIC DEVELOPMENT ROBERT ZUCCARO, PLANNING AND BUILDING SAFETY DIRECTOR SUMMARY: The property at 550 S. McCaslin Boulevard remains unused as a retail property since the Sam's Club store closed in early 2010. In the 2018 Work Plan, City Council requested a discussion to revisit the strategy to promote redevelopment of 550 S. McCaslin and ensure the viability of the businesses in neighboring properties. This memo outlines several options for additional information that could aid in a more comprehensive discussion tentatively scheduled for July 2018. City Council is asked to provide direction on information they require for the July discussion. BACKGROUND: The property located at 550 South McCaslin Boulevard encompasses approximately 13.16 acres in the McCaslin Boulevard area of Louisville and was formerly occupied by a Sam's Club facility. The property has been mostly vacant since the store's closing in early 2010 and currently has two tenants, Ascent Church and Low Cost Furniture. City Council approved an Urban Renewal Plan on September 1, 2015 to allow Urban Renewal tools to be used to encourage a redevelopment of 550 S. McCaslin Blvd. The Urban Renewal Plan states the objective is to alleviate the conditions of blight by encouraging private redevelopment that will in turn encourage the development and redevelopment and avoid underutilization of other properties in the vicinity. More specifically, as stated in the 550 S. McCaslin Urban Renewal Plan, the objectives for the Plan include the following: Create a retail rich environment where area businesses and residents can be successful. Re -tenant or redevelop the Property. Increase retail activity by encouraging occupancy of the Property The Urban Renewal Plan did not authorize the use of Tax Increment Financing to create a funding source to address blighting factors. The Louisville Revitalization Commission (LRC) and the City of Louisville released a joint Request for Proposal (RFP) in 2016 for a retail redevelopment of the site. One proposal was received from Seminole Land Holding, LLC and Centennial Valley COUNCIL COMMUNICATION