City Council Minutes 2009 01 06 - Laserfiche WebLink

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City Council Meeting Minutes January 6, 2009 Page 6 of 16 Louisville Municipal Code (LMC) that will guide voluntary and cost effective sustainable building practices". 7. Modify Framework Plan Map to address the location of retail on the east side of 96th Street, north of Dillon Road. 8. A fiscal analysis based upon a number of different input assumptions. Three model runs were requested based upon new retail square footage of 320,000 square feet, 250,000 square feet, and 80,000 square feet. Exhibit A is the result of that model run. Upon further review of the amount of anticipated retail square footage, staff reduced its own projection from 578,000 square feet of new retail square footage to 378,000 square feet. The result of this reduction shows an $80,333 deficit in operations. As retail square footage is further reduced there is a corresponding increasing deficit in operations. At the point of reducing square footage to a total of 80,000 square feet there is a resulting deficit of $424,992 on operations and a $71,054 deficit in capital. Exhibit B reflects the results of running the retail numbers in Exhibit A with the added input of increasing operational expenditures by $1,000,000. Increasing the operational expenditures will result in a deficit in operations, ranging from $420,333 to $742,653. Exhibit C is the third run based upon the same buildout scenarios, but with the addition of $500,000 applied to operational expenditures. Again, increasing the operational expenditures by a lesser amount (as compared to Exhibit B) results in a deficit in operations, ranging from $250,333 to $583,823. Opportunity Area #1: Modify the Framework Plan Map. Modify LU 4.1 to state, "In order to encourage the economic health of existing shopping centers, the City may need to leverage public investment to stimulate private redevelopment". The modification to LU 4.1 was completed. Opportunity Area #2: Two modifications have been added to Policy LU 4.2. This modification has been incorporated to read, "Establish priorities for preserving existing residential and commercial structures of historic value". A second revision is requested to add the word 'discourage' to read, "The division of existing lots of record for the purpose of creating additional building lots which do not meet minimum lot size requirements is"discouraged", and shall be reviewed for consistency with existing neighborhood character". Opportunity Area #3: Request to remove the neighborhood commercial and office designation at South 96th Street and Dillon. This request has not been incorporated.