Business Briefing: 102808

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Center City
Business Briefing 10/28/08
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Why Focus on Downtown?

• Heart of the Community
• Economic Hub of the Region
• Where conventioneers spend time and money
• Symbol of Civic Pride/Reflects our Image to the
  World
• The Place for Living, Working, Learning,
  Enjoying, and Investing
• Job Creation/Business Incubation Center
• Enhances Regional Property Values

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Guiding Principles
Continue to reinforce Downtown as the unique
cultural business, entertainment, retail and
civic center of the region.
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Guiding Principles

• Attract public uses that serve the region
• Support expansion of entertainment and restaurant
  facilities
• Attract traditional and e-commerce businesses
• Improve access and parking systems
• Expand the sense of place of downtown by
  integrating areas east of I-65
• Build on the Medical Center and other
  institutions as important economic engines

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Louisvilles CompetitivenessRests on Downtowns
Success
A Successful Downtown is Key toLouisville
Keeping and Attracting Workers from our Region,
the World and the Companies that Hire them
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Executing the Strategy
4 Billion in play momentum is crucial
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Hotels and Amenities
Downtown has added nearly 1200 hotel rooms since
2003
New attractions are added each year, bringing
millions people downtown
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Marriott
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Fourth Street Live!
2005 Urban Land Institute Award for Excellence
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Muhammad Ali Center
5 Star Award, Best New Attraction, 2006 North
American Travel Journalists Association
2006 Best Places Award PathFinders Travel Magazine
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Waterfront Park
Top Ten Urban Parks in America Urban Land
Institute
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Downtown Arena
Currently under construction
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Details of the Public Realm
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What we Need

• Additional quality entertainment
• 4th Street Live! is not sustainable on its own
• Mixed-use development
• Development of dead zones
• Destination retail
• The number one request of visitors and
  conventioneers
• 77 percent of conventioneers are dissatisfied
  with shopping Downtown

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Center City District Mixed Use
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City Center District Fills in crucial
missing Link of Water Company Block
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City Center District Destination Retail
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The Impact on Louisville

• Studies show vibrant downtowns contribute to
  wealthy suburbs
• Creation and retention of jobs
• Attraction of more visitors and conventions
• Large scale development creates opportunities for
  small/mid-size development

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Economic impact of the deal

• Hospitality and Entertainment a robust and
  resilient part of our economy
• Jobs
• 3000 Jobs (1,000 to build, 2,000 ongoing)
• Arguably the largest development opportunity in
  the Commonwealth

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Cordish the Right Partner

• Fourth Street Live! exceeding expectations

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Cordish is the Right Partner

• Has been a major investor in our city for over a
  decade
• World class developers and managers of
  entertainment and retail
• properties
• Has established relationships with major
• restaurants and retailers
• Has exceeded expectations with the
• development and management
• of Fourth Street Live!
• Has a proven track record

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Competitive Capital
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City Governments Goals

• To create a larger retail and entertainment
  district
• No city guarantee for bonds or direct
  construction subsidy
• Continue to reduce the percentage of city
  participation in development projects
• The city would not give away the land or
  buildings it owns

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City Governments Goals

• That the Gardens would be redeveloped as part of
  any project
• Retail sales of traditional goods would be a key
  component of any plan
• Maximum advantage would be taken of the new State
  TIF program to drive as large a project as
  possible
• Cordish would need to be the vendor because of
  their current investment in Louisville, track
  record of larger development nationwide and their
  commitment to urban centers

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The Deal For Success

• Proposal outlines a 450 million project of mixed
  use urban redevelopment, requiring a minimum of
  40,000 square feet of retail space
• Louisville Gardens will be redeveloped
• City has design control
• The city will purchase the land, leasing it to
  the developer

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The Deal For Success

• 90 of the already approved TIF revenue used to
  reimburse the developer for the public
  infrastructure portion of the project will come
  from state taxes
• The only direct subsidy to the developer is 2.5
  million for shared project design costs
• No city guaranteesall risk is the developers

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How To Be a Partner

• Show your support
• Organizations adopt a resolution of support
• Leaders write letters to the editor
• Individuals write letters to your Council
  representative