City Council Agenda and Packet 2018 04 03

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SUBJECT: D/D/A MCCASLIN AREA REDEVELOPMENT WORKPLAN DATE: APRIL 3, 2018 PAGE4OF4 Pros: Provides defined incentives to encourage full retail use of the property. Signals to development community the City's willingness to financially support a viable retailer for the site. Cons: The LRC and City have attempted to negotiate an agreement with financial incentives that so far has not been able to advance a project. Noting a defined financial incentive limits future negotiating ability with a user or developer. Irrespective of which of the above options are desired, future modifications will be needed to effectuate any changes in land uses. Those modifications include: Comprehensive Plan Amendments Zoning changes General Development Plan (GDP) amendments FISCAL IMPACT: City Council will need to allocate funding for a McCaslin area market study if desired. Staff estimates a comprehensive analysis to cost $50,000 — $100,000. If requested, Staff will include this allocation in a future budget amendment. All other staff proposed options do not have budget implications if selected. RECOMMENDATION: Staff recommends City Council direct Option 1; A market analysis for the McCaslin Corridor. Having such an analysis will provide data that helps outline opportunities and challenges for various land uses for the area. The data will be based on current market factors and forecasts and provide an independent assessment outside of the specific interests of a land owner or developer. The analysis will allow for a more thoughtful decision process in evaluating land use changes to encourage a redevelopment in the area; bringing new vitality to the McCaslin Area. ATTACHMENTS: 1) Link to Urban Renewal Plan for 550 South McCaslin http://www.louisvilleco.gov/home/showdocument?id=7722 2) Link to McCaslin Small Area Plan http://www.louisvilleco.gov/home/showdocument?id=12695 COUNCIL COMMUNICATION