Business Retention and Development Committee Agenda and Packet 2019 03 04

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SUBJECT: D/D/A MCCASLIN PARCEL 0 DEVELOPMENT STUDY DATE: FEBRUARY 5, 2019 PAGE 2 OF 3 market potential and provide exceptional fiscal benefits for the City by meeting or exceeding past tax revenue performance for the area, and • Provide recommendations for regulatory changes or other actions that could create more certainty for the development community that encourages redevelopment. The McCaslin Area Development Study process and final recommendations should take into account the following principles that are of importance to the City of Louisville and Louisville City Council: • Identify emerging markets and retail trends that will result in market supported development scenarios and that ensure the corridor continues to serve as the City's primary retail sales tax base. • Identify and evaluate development restrictions and regulatory and policy barriers to redevelopment and investment in the corridor. • Ensure sustainable long-term fiscal health of the City and economic development of the McCaslin corridor by ensuring new development has an exceptional fiscal benefit to the City. • Reflect residents' desired community character for the corridor in evaluation of development scenarios and study recommendations. On October 16, 2018, EPS and Trestle Strategy presented a preliminary market analysis and summarized feedback received to date from area property owners, interest groups and other submitted input. EPS and Trestle gave a presentation on their market analysis to City Council on November 13, 2018. The consultants also summarized the intended three development scenarios to do further analysis related to its conformance to the market potential, fiscal performance, and community desires. Those three scenarios were summarized as follows: 1) A reuse of the existing buildings in the area 2) Parcel by parcel mixed -use redevelopment 3) Coordinated mixed -use redevelopment of the larger area DISCUSSION: EPS and Trestle Strategy Group have completed their Parcel 0 Development Study. The complete report is attached. Dan Guimond, Matt Prosser, Danica Powell, and Cole Meleyco will be in attendance to present their findings, recommendations, and provide next steps to implement the options City Council would like to pursue. COUNCIL COMMUNICATION