City Council Minutes 2018 10 16 - Laserfiche WebLink

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City Council Meeting Minutes October 16, 2018 Page 4 of 14 middle market stores not doing well He stated food and beverage is a growing portion of retail sales, and entertainment and fitness uses are backfilling retail space. He reviewed the retail area's history Since 2005, retail development has shifted to the east of Louisville/Superior and toward Boulder where household growth has continued He noted the major stores in the corridor are already present in the regional trade area and those that are not have left due to poor performance or as the result of consolidations. He noted the McCaslin subarea is still doing very well in many metrics Rental rates are higher than the surrounding area and vacancy rates are lower Councilmember Maloney noted the vacancy rate can be misleading as the Sam's club building is excluded in the number Guimond stated the sales tax in the subarea has grown almost 6% annually from 2013 — 2017, most of it from building materials and eating/drinking establishments. The six hotels generate about 15% of the sales tax in the area, marijuana dispensaries also contributed to the increases. Councilmember Stolzmann asked if there is an estimate of what sales tax revenue can be contributed to hotel users or other specific groups (daytime office workers, etc.) Guimond stated they are still working on this but will have more information on this at coming meetings. Councilmember Stolzmann would like to know what the use tax contribution is over time similar to sales tax. Guimond noted the data show a sales tax level about exactly the same in 2009 as it was in 2013 It took four years for the sales tax to come back after Sam's closed and since then it has increased more than expected Councilmember Maloney noted that if any zoning changes are recommended as a result of this the Council will also have to consider the effect on property tax collections. Danica Powell, Trestle Strategy Group, stated they are still reviewing all of the guiding legal documents affecting Parcel 0 and there are many of them She reviewed the timeline of development for the parcel, when uses were approved, and how this development history affects the regulatory environment on Parcel 0 She reported on outreach efforts including a meeting with the Citizen's Action Committee taking input and suggestions. They have met with developers in the area and all property owners in the Parcel 0 They are sharing the information as they gather it and incorporating it into the outreach