The US Census Bureau recently released it's estimates for county populations on July 1,2007. Looks like the Louisville area continues it's steady, stable growth pattern.
Louisville Metropolitan Statistical Area
Indiana Counties
Clark - 105,035 +1,466
Floyd - 73,064 +494
Washington - 27,920 -142
Harrison - 36,810 -182
Kentucky Counties
Jefferson – 709,264 +7,764
Bullitt – 73,931 +1,080
Oldham - 55,935 +650
Shelby – 40,458 +741
Henry – 15,711 -314
Meade – 27,270 -722
Nelson - 42,517 +415
Spencer - 16,475 +362
Trimble – 8,983 -88
TOTAL: 1,233,373 +11,162
Elizabethtown Metropolitan Statistical Area:
Hardin - 97,949 +862
Larue - 13,661 +49
TOTAL: 111,610 +911
Scottsburg Micropolitan Area
Scott - 23,679 -25
Louisville Combined Statistical Area: 1,368,662
Saturday, March 22, 2008
Wednesday, November 28, 2007
Recent Bad News
Well, it can't be sunshine and rainbows everyday, now can it? Louisville has had two major announcements in past two weeks, and neither of them have been good.
Medco, the New Jersey-based pharmacy company, has decided that it will not locate a major 1,300 position facility in Louisville; the facility will instead be located in a suburban collar county of Indianapolis. The Medco project would have brought hundreds of very high paying jobs to the area, and would have been a major coup for a city that is branding itself as the next big logistics hub in America.
In choosing to locate in Indianapolis, Medco decided to forgo 30,000,000 dollars in tax incentives offered by the state of Kentucky. Indiana offered substantially less money to Medco at 18,000,000 dollars. It looks like that the key reason Medco picked Indiana over Kentucky was pretty simple: they currently couldn't operate in Louisville under current pharmacy laws. Indiana quickly changed their regulations, while Kentucky put it off at several meetings, until it was too late for Medco. The damage was done, and 1,300 jobs went 100 miles north.
The other major disappointment of the week is the sale of locally headquartered Genlyte to Netherlands-based Royal Phillips Electronics. Genlyte is Louisville's fifth largest publicly held company, and with strong growth, it was poised to break into the Fortune 1000 list. The sale is a serious blow to the local business community.
The silver-lining to this cloud is that Phillips has at least agreed to headquarter this new division of the company in Louisville. Current Genlyte management has all agreed to stay with the newly formed division of Phillips. Phillips has been on a buying spree, of sorts, in the field of light production, having acquired a Massachusetts and Canadian based company in recent months.
Medco, the New Jersey-based pharmacy company, has decided that it will not locate a major 1,300 position facility in Louisville; the facility will instead be located in a suburban collar county of Indianapolis. The Medco project would have brought hundreds of very high paying jobs to the area, and would have been a major coup for a city that is branding itself as the next big logistics hub in America.
In choosing to locate in Indianapolis, Medco decided to forgo 30,000,000 dollars in tax incentives offered by the state of Kentucky. Indiana offered substantially less money to Medco at 18,000,000 dollars. It looks like that the key reason Medco picked Indiana over Kentucky was pretty simple: they currently couldn't operate in Louisville under current pharmacy laws. Indiana quickly changed their regulations, while Kentucky put it off at several meetings, until it was too late for Medco. The damage was done, and 1,300 jobs went 100 miles north.
The other major disappointment of the week is the sale of locally headquartered Genlyte to Netherlands-based Royal Phillips Electronics. Genlyte is Louisville's fifth largest publicly held company, and with strong growth, it was poised to break into the Fortune 1000 list. The sale is a serious blow to the local business community.
The silver-lining to this cloud is that Phillips has at least agreed to headquarter this new division of the company in Louisville. Current Genlyte management has all agreed to stay with the newly formed division of Phillips. Phillips has been on a buying spree, of sorts, in the field of light production, having acquired a Massachusetts and Canadian based company in recent months.
Monday, October 29, 2007
More Housing on Main Street
Downtown continues to show strength as local developers have announced plans to renovate three buildings along West Main Street into housing and restaurants. The buildings, located at the corner of Main and Second, are adjacent to the proposed Iron Quarter retail and office development, as well as across the street from the planned Louisville Arena. Plans call for up to 32 condominium units as well as a locally owned Irish pub.
The structures feature cast iron facades and were constructed in the late 1800's. The facades will be refurbished and brought back to their original states. Bill Weyland, a local developer with tons of experience, has signed on as the principal architect and as a partner. He plans to have the buildings put onto the National Register of Historic Places so he can get federal tax credits for being involved in the project. Weyland has had several major projects in downtown Louisville where he used the federal tax credits to help finance his buildings.
The project will include an interior courtyard as well as maintain entrances on both Main Street and Washington Street in the rear. The buildings will each have a penthouse unit on the top floors, and will feature an industrial/modern look with exposed brick, hard woods, and stone.
After Todd Blue announced his plans for a major retail and office project in several of the buildings adjacent to this project, we knew it would only be a matter of time before the remaining few structures were snatched up for reuse.
The structures feature cast iron facades and were constructed in the late 1800's. The facades will be refurbished and brought back to their original states. Bill Weyland, a local developer with tons of experience, has signed on as the principal architect and as a partner. He plans to have the buildings put onto the National Register of Historic Places so he can get federal tax credits for being involved in the project. Weyland has had several major projects in downtown Louisville where he used the federal tax credits to help finance his buildings.
The project will include an interior courtyard as well as maintain entrances on both Main Street and Washington Street in the rear. The buildings will each have a penthouse unit on the top floors, and will feature an industrial/modern look with exposed brick, hard woods, and stone.
After Todd Blue announced his plans for a major retail and office project in several of the buildings adjacent to this project, we knew it would only be a matter of time before the remaining few structures were snatched up for reuse.
Wednesday, October 10, 2007
Hillard Lyons Work to Begin in November
A Florida developer with local roots has finally closed on a land deal that gives him control of the Hillard Lyons Center on Fourth Street in downtown. The Hillard Lyons Center, which is on the National Register of Historic Places, will soon be seeing a 60 million dollar renovation that will turn the mostly vacant office building into a new Embassy Suites Hotel.
Plans currently call for floors two through six to be renovated into 300 rooms, while the seventh floor would become class A office space. The first floor and basement will see lots of new activity, too. On the first floor plans are calling for three new restaurants and a coffee shop. The restaurants will include a jazz club, a sports bar, as well as a possible nationally branded "upscale" steak or seafood concept. The lobby of the new hotel will retain many of the details from the buildings early years, while bringing in new amenities that today's traveler demand. The basement will include a fitness center with a pool and spa, as well as meeting space and another possible bar.
Earlier this year trouble had been brewing for this project as a current tenant was suing so it would not be forced to leave the building. The tenant is a web-hosting and service company that would have a very difficult time moving their equipment to a new location. However, the developer and the tenant have both said they are in negotiations and fully expect to reach an amicable resolution.
Much of the funding for the new hotel has already been secured through two New York financial-service firms and through the New Markets Tax Credit and several different historic preservation tax credits. The hotel should be up and running by December 2008.
In a second deal, the developer also is eyeballing an adjacent vacant property on Third Street to become a new parking garage and mixed use condo tower. Preliminary talks are being held with different city officials to come to an agreement on who would own and build the parking garage component. PARC has offered to build the structure with tax dollars collected from a TIF district that is being created for the new Cordish Center City proposal. The developer has alluded to the new condo tower being "much taller" than the seven floor Hillard Lyons Center.
Plans currently call for floors two through six to be renovated into 300 rooms, while the seventh floor would become class A office space. The first floor and basement will see lots of new activity, too. On the first floor plans are calling for three new restaurants and a coffee shop. The restaurants will include a jazz club, a sports bar, as well as a possible nationally branded "upscale" steak or seafood concept. The lobby of the new hotel will retain many of the details from the buildings early years, while bringing in new amenities that today's traveler demand. The basement will include a fitness center with a pool and spa, as well as meeting space and another possible bar.
Earlier this year trouble had been brewing for this project as a current tenant was suing so it would not be forced to leave the building. The tenant is a web-hosting and service company that would have a very difficult time moving their equipment to a new location. However, the developer and the tenant have both said they are in negotiations and fully expect to reach an amicable resolution.
Much of the funding for the new hotel has already been secured through two New York financial-service firms and through the New Markets Tax Credit and several different historic preservation tax credits. The hotel should be up and running by December 2008.
In a second deal, the developer also is eyeballing an adjacent vacant property on Third Street to become a new parking garage and mixed use condo tower. Preliminary talks are being held with different city officials to come to an agreement on who would own and build the parking garage component. PARC has offered to build the structure with tax dollars collected from a TIF district that is being created for the new Cordish Center City proposal. The developer has alluded to the new condo tower being "much taller" than the seven floor Hillard Lyons Center.
Friday, September 21, 2007
Share Louisville
Share Louisville - Ohio
Louisville recently embarked on a new campaign to brand itself around the country - My favorite of the spots being the Ohio ad. (Sorry Ohio, I like you, but I just think it's kinda humorous)
The point of the ads, I think, is to just get people outside of the region to just think about Louisville as a viable alternative to the booming places in the South, or large Midwestern and Northeastern cities. People aren't going to start packing their bags for Louisville tonight, but it may stick out in their heads if they ever want a new place to live.
What do you think of them? See the rest here at http://www.sharelouisville.org/
Monday, September 10, 2007
Major Work Now Begins at RiverPark Place
RiverPark Place, the sprawling new mixed-use development along the Ohio River, is now moving into the heavy construction phase. The developer, Poe Companies of Louisville, plans to have the first unit available for occupancy in Summer 2008. Phase 1 of RiverPark Place includes two 16-floor condo towers, a large marina, and other low-rise residential and commercial structures.
Preliminary work at the site, which included the placement of utilities and work done for the foundations, was completed in August. The financial workings of the project have also been finalized. National City Bank has agreed to fund the 75 million dollar loan for the project because the developers have more than 50 percent of the condos reserved by buyers.
The project features more than 150 condos with a wide price range of 129,000 to 1.5 million.
Preliminary work at the site, which included the placement of utilities and work done for the foundations, was completed in August. The financial workings of the project have also been finalized. National City Bank has agreed to fund the 75 million dollar loan for the project because the developers have more than 50 percent of the condos reserved by buyers.
The project features more than 150 condos with a wide price range of 129,000 to 1.5 million.
Tuesday, August 21, 2007
Cordish Plans New “Center City”
The Baltimore-based developer of Fourth Street Live has announced plans for a new 250 million dollar mixed-use development in the heart of downtown. It will encompass the entire Water Company block, and include a renovated Louisville Gardens, and other assorted properties on six separate city blocks. In a word, this is HUGE.
The old Water Company will be the main focus of this development. At the site, Cordish has preliminary plans for buildings equaling over 500,000 square feet of space with a mix of uses. The block will be transformed into a retail hub/entertainment area/neighborhood. The project will consist mainly of building flush with the street with retail and dining options along the first level and residential or office space above it. There will also be a residential mid-rise of at least 15 stories. Officials have declined to mention exactly how many residential units will be included, but did say there would be at least “several hundred”.
In the new development, currently called Center City, Cordish plans to bring in small and medium sized national tenants, including restaurants, retail stores, and a large multiplex theatre. The company has not yet signed any tenants for the project, but they did say that national chains were responding favorably in negotiations. Cordish has hinted, however, that a major department store might not be a part of the final mix.
The other main component of this sweeping project is the renovation of the aging Louisville Gardens. The company plans to revive the space as an arena for a new minor league hockey team, and as a venue for smaller concerts and shows. The Gardens were built in early 20th century, and the building hasn’t been extensively renovated in years.
The price tag for the entire project is estimated at 250 million dollars, which will be completely fronted by Cordish. However, there is a catch. For the project to be built the city has been asked to approve a TIF district covering the area of the new developments and rebating up to 80 percent of future tax growth for 30 years to improve public infrastructure. The TIF dollars would be rebated back to Cordish for their work in rebuilding public amenities, such as streets, alleys, new lighting and streetscapes, and new parking decks. The rebate would be 130 million dollars over the life of the TIF.
The Metro Council will receive the official request for the TIF district on Thursday, and it is expected to breeze through the council. It will also have to be approved by state officials in Frankfort, which have historically rubberstamped municipal decisions in this type of situation. If the TIF district is passed without a hitch construction will begin in 2008.
Center City, if completed, will cost nearly 4 times that of nearby Fourth Street Live, and will dwarf it in scope. Cordish has long tried build on to their wildly successful project in Louisville, only for things to usually fall through. In 2005 they planned a phase two to Fourth Street Live in the former JCPenney building, only for other building owners to refuse selling their properties. Earlier this year Cordish reached a deal with the owners of the Starks Building to expand their center, but it will only add a few thousand feet of space.
The project is especially exciting for Louisville because it is the culmination of years of renewal in the core. The city has longed for a major retail destination that can serve the burgeoning urban population and provide conventioneers and other out-of-town guest a place to drop their money and spend their time. It has not been a secret that city officials have been pushing and kneading developers to build this sort of showcase project – and that they would not consider the downtown rebirth successful until this was done.
I think downtown Louisville may have finally arrived.
More in Store for Downtown - Sunday, August 19
Monday, August 20, 2007
Monday, August 13, 2007
Newsbrief: Phillip Morris Finally Coming Down
Mayor Abramson and Representative Yarmuth were on hand this morning to mark the beginning of a major new development in West Louisville. The old Phillip Morris Cigarette plant at Broadway and 18th began demolition this morning at 10:30am. Fourteen buildings are being demolished at the site, which is slated for a major new retail and residential project.
Friday, August 10, 2007
Arena Rendering?!?
MurphysLAw over at SkyscraperCity posted this "leaked" rendering of the Louisville Arena. I wonder if this is our final product...we'll have to wait for the official unveiling.
Haymarket Could See 300 Million Dollar Development
The University of Louisville took two huge leaps forward last week in their bid to build a state of the art urban medical research park in downtown. Officials at UofL announced they were diving head first into plans to convert two blocks on the eastern fringe of downtown into a bustling research and business incubator with the help of Maryland based developer Wexford Science + Technology. Estimates put the full build-out of the project at 300 million dollars.
The Haymarket has been on hold for several years, and it has only been in the last few months that the university has revived the project. Current plans call for over 1 million square feet of space in several mid-rise buildings, but those numbers are not yet finalized. The center will offer research space to university scientists and space for small medical start-up companies that will collaborate with researchers.
UofL owns the majority of the land needed for the project, but is now entering into negotiations for the final few parcels that remain. All other land owners have expressed their willingness to sell their land quickly, and the James Graham Brown Foundations will be picking up the tab for the school.
Besides just making the plans, the university has also been working behind the scenes to get the needed funding mechanisms in place. On Monday city and state officials announced plans to create a TIF district in the Louisville Medical District to help fund 300 million dollars in public infrastructure. Several parking garages will be constructed, along with public green spaces and other improvements to the area. In addition to the TIF funding, the State of Kentucky has said it would spend 3 million dollars to help lure and retain businesses inside the new Haymarket medical park.
State officials estimate that the Haymarket project will generate up to 2.5 billion dollars in direct and spin-off investments and will lead to an increase of nearly 9,000 jobs, only 2,200 of which will be in the Haymarket site itself. State officials are expecting that UofL will make good on their plans to not only develop the Haymarket site, but to continue improving their offerings in the medical district.
The Louisville Metro Council is expected to approve the TIF funding this month making the Haymarket project the second “signature” project in Louisville that is capable of receiving the increased tax revenue under new Kentucky regulations.
The Haymarket has been on hold for several years, and it has only been in the last few months that the university has revived the project. Current plans call for over 1 million square feet of space in several mid-rise buildings, but those numbers are not yet finalized. The center will offer research space to university scientists and space for small medical start-up companies that will collaborate with researchers.
UofL owns the majority of the land needed for the project, but is now entering into negotiations for the final few parcels that remain. All other land owners have expressed their willingness to sell their land quickly, and the James Graham Brown Foundations will be picking up the tab for the school.
Besides just making the plans, the university has also been working behind the scenes to get the needed funding mechanisms in place. On Monday city and state officials announced plans to create a TIF district in the Louisville Medical District to help fund 300 million dollars in public infrastructure. Several parking garages will be constructed, along with public green spaces and other improvements to the area. In addition to the TIF funding, the State of Kentucky has said it would spend 3 million dollars to help lure and retain businesses inside the new Haymarket medical park.
The Louisville Metro Council is expected to approve the TIF funding this month making the Haymarket project the second “signature” project in Louisville that is capable of receiving the increased tax revenue under new Kentucky regulations.
Tuesday, August 07, 2007
Jeffersonville Approves Annexation
The city of Jeffersonville, Indiana has approved a sweeping annexation plan that will bring in 9,000 new residents and increase its area by 7,800 acres. Jeffersonville officials have been studying and pushing for this annexation for well over a year, and last nights vote was the final needed top make it all official. City leaders said this annexation is in preparation of expected growth in eastern Clark County after the East End Bridge is completed.
After the annexation is complete on January 1, 2008, Jeffersonville will have a set time period to equalize services between the old city and the new lands. Police service will have to be beefed up, a new firehouse is being considered, and the new area will be subject to more intense zoning and drainage laws.
Annexation, though, has been quite controversial. With annexation, the new residents will be subject to city taxes, and some residents will be forced to pay up to 2,800 dollars to hook-up to the city sewers. Annexation could not be legally opposed, however, because of a cleverly written clause that nearly all the homeowners in the area signed when they purchased their homes and hooked up to the city sewers. By signing the contract they forfeited their rights to oppose a future annexation by Jeffersonville, giving the city ample opportunity to take the land when they wanted it.
The newly annexed area will increase the city’s tax base by over 40 percent, but it will be a short-term drag on city finances. City taxes will not be levied in the new area until 2009, but Jeffersonville has a legal obligation to provide services to the expanded area in 2008.
After the annexation is complete on January 1, 2008, Jeffersonville will have a set time period to equalize services between the old city and the new lands. Police service will have to be beefed up, a new firehouse is being considered, and the new area will be subject to more intense zoning and drainage laws.
Annexation, though, has been quite controversial. With annexation, the new residents will be subject to city taxes, and some residents will be forced to pay up to 2,800 dollars to hook-up to the city sewers. Annexation could not be legally opposed, however, because of a cleverly written clause that nearly all the homeowners in the area signed when they purchased their homes and hooked up to the city sewers. By signing the contract they forfeited their rights to oppose a future annexation by Jeffersonville, giving the city ample opportunity to take the land when they wanted it.
The newly annexed area will increase the city’s tax base by over 40 percent, but it will be a short-term drag on city finances. City taxes will not be levied in the new area until 2009, but Jeffersonville has a legal obligation to provide services to the expanded area in 2008.
Friday, August 03, 2007
River City News Briefs
PharMerica is Open for Business
The deal creating Louisville’s newest corporate citizen, PharMerica, closed earlier this week and the stock was traded on the NYSE for the first time. The new company was formed through the union of the pharmacy divisions of Louisville-based Kindred Healthcare and Florida-based Amerisource Bergen. The company is expected to have revenue is excess of 2 billion dollars, placing it on the Fortune 1000 list.
New Ice House Lofts?
The former Arctic Ice building on Main in downtown Louisville may finally be brought back to life. The developer of Byck’s Lofts on Fourth Street has announced plans for this newest conversion on his website, and the development is listed on the Downtown Housing Tour 2007 website. The building will feature heavy cork insulation, exposed brick, and a great location in the heart of the East Main residential corridor.
Arena Authority Sets Date for Design Unveiling
Jim Host expects to reveal the arena exterior design at a special meeting of the Arena Authority on August 20th. Representatives from HOK Sport will be on hand to show the authority and the public their plans for the new downtown centerpiece.
Louisville Housing Authority Plans 3.5 Million Dollar Project
The city plans to construct a 3 story retail and apartment development at the corner of Broadway and Shelby in Phoenix Hill to help fill a need for new subsidized housing units. The project will house people from several income brackets. A third of the project will be for subsidized housing, a third will be public housing, and a third will be market-rate. Funding for the project comes from money secured for the nearby Liberty Green renewal.
FBI Moving to the Suburbs
The FBI Headquarters in Louisville will soon be leaving the downtown core for a new building off Blankenbaker Parkway. The new building will provide the FBI will more room and better security. The FBI had been housed downtown since the 1930’s.
The deal creating Louisville’s newest corporate citizen, PharMerica, closed earlier this week and the stock was traded on the NYSE for the first time. The new company was formed through the union of the pharmacy divisions of Louisville-based Kindred Healthcare and Florida-based Amerisource Bergen. The company is expected to have revenue is excess of 2 billion dollars, placing it on the Fortune 1000 list.
New Ice House Lofts?
The former Arctic Ice building on Main in downtown Louisville may finally be brought back to life. The developer of Byck’s Lofts on Fourth Street has announced plans for this newest conversion on his website, and the development is listed on the Downtown Housing Tour 2007 website. The building will feature heavy cork insulation, exposed brick, and a great location in the heart of the East Main residential corridor.
Arena Authority Sets Date for Design Unveiling
Jim Host expects to reveal the arena exterior design at a special meeting of the Arena Authority on August 20th. Representatives from HOK Sport will be on hand to show the authority and the public their plans for the new downtown centerpiece.
Louisville Housing Authority Plans 3.5 Million Dollar Project
The city plans to construct a 3 story retail and apartment development at the corner of Broadway and Shelby in Phoenix Hill to help fill a need for new subsidized housing units. The project will house people from several income brackets. A third of the project will be for subsidized housing, a third will be public housing, and a third will be market-rate. Funding for the project comes from money secured for the nearby Liberty Green renewal.
FBI Moving to the Suburbs
The FBI Headquarters in Louisville will soon be leaving the downtown core for a new building off Blankenbaker Parkway. The new building will provide the FBI will more room and better security. The FBI had been housed downtown since the 1930’s.
Friday, July 27, 2007
UofL Expanding Downtown
Dean Charles Moyer of the University of Louisville College of Business is committed to moving his business graduate programs from the Belknap campus to downtown; the question is where will they land? Early this week the dean sent out requests for proposals to three downtown developers asking them to find the college 30,000 square feet of new space along Main Street.
The college is looking at Museum Plaza, Iron Quarter, and a yet to be announced mid rise tower on the East Main corridor. Dean Moyer wants the program to move into new space versus rehabilitated space for the ease of converting it into large open conference rooms and auditoriums.
The search for new dig in the CBD isn’t new. The college has been attempting to move the graduate programs to downtown for nearly two years. There were plans for the school to move into renovated space at the Hilliard Lyons building, but that development fell apart. They also looked into building a free standing structure at the Haymarket site, but the cost was simply too high. Dean Moyer now hopes this latest attempts proves to be the final one.
If they chose to move to Museum Plaza, they won’t be the only group of students. The Masters of Fine Arts program has already committed to locating in the soon-to-be-started project. Their space will be in the “Island” of Museum Plaza, while the business program would be housed closer to earth in the historic buildings fronting West Main Street. If the business school picked Iron Quarter, they would be the first major anchor tenant in the project.
Dean Moyer has long desired to move the graduate program to the heart of the city – explaining that is gives the school a better chance to connect with local business leaders. Hopefully this latest attempt will flesh out and the MBA program will continue to mature
The college is looking at Museum Plaza, Iron Quarter, and a yet to be announced mid rise tower on the East Main corridor. Dean Moyer wants the program to move into new space versus rehabilitated space for the ease of converting it into large open conference rooms and auditoriums.
The search for new dig in the CBD isn’t new. The college has been attempting to move the graduate programs to downtown for nearly two years. There were plans for the school to move into renovated space at the Hilliard Lyons building, but that development fell apart. They also looked into building a free standing structure at the Haymarket site, but the cost was simply too high. Dean Moyer now hopes this latest attempts proves to be the final one.
If they chose to move to Museum Plaza, they won’t be the only group of students. The Masters of Fine Arts program has already committed to locating in the soon-to-be-started project. Their space will be in the “Island” of Museum Plaza, while the business program would be housed closer to earth in the historic buildings fronting West Main Street. If the business school picked Iron Quarter, they would be the first major anchor tenant in the project.
Dean Moyer has long desired to move the graduate program to the heart of the city – explaining that is gives the school a better chance to connect with local business leaders. Hopefully this latest attempt will flesh out and the MBA program will continue to mature
Wednesday, July 25, 2007
Library SOS
Louisville’s new Library Tax
My Position: In Favor
In November, the citizens of Louisville will be asked in the voting booth if they are in favor of a two tenths of one percent tax increase on income for the ailing Louisville Free Public Library system. My sincere hope is that they vote “YES”. The Louisville library system is in dire needs of repairs, computers, and books. The city budget cannot fully fund all these needs as well as other city priorities.
To meet the need of the library system in the 21st century, Louisville wants to create a library control district that would be an independent group to oversee the growth of the system. Jefferson County is one of only a handful of counties in Kentucky that does not currently have a system like this.
With the estimated 40 million dollar a year levy, the city will build three new “regional” libraries, it will renovate several small branches, and will completely overhaul and modernize the aging downtown main branch. To put this 40 million dollar into perspective: the average family earning 40,000 dollars a year will pay less 7 dollars a month. That wouldn’t even buy two Big Mac meals from McDonald’s.
The city currently spends about 16 million dollars on the library system – and that keeps everything pretty bare boned. If this levy passes, the city will then have 16 million dollars freed in the budget to pay for other, very pressing needs. Anyone who keeps up with the city’s financial situation knows that a crisis in health care costs and pensions is only a few years away. Healthcare costs are expected to grow as fast, if not faster, than revenue growth. Essentially speaking, even if Louisville gets more tax income, those increases will be eaten by ballooning entitlement costs. Because of this, Louisvillians need to strike while the fire is hot, and save the library system from reductions later.
Currently, Republicans on the Metro Council are opposed to this, and instead are offering a plan in which the city indebts itself with 175 million dollars in bonds issued over seven years. They claim the city will be able to absorb the added cost of the payments of these bonds with future projected revenue. Republicans on the council (Except Councilwomen Adams and Call) want to “borrow” this money, spend it to build new libraries, but not tell you that we’re looking at a fiscal crisis in only a few short years.
New taxes aren’t popular – and I fully appreciate and understand that fact. We all want an extra few bucks in our pockets. But this library expansion is a social good with a relatively low cost. It adds to the perception that Louisville is serious about increasing education – the key to reducing social ills such as poverty and crime. If you’re serious about the overall health of Louisville, please support this initiative!
My Position: In Favor
In November, the citizens of Louisville will be asked in the voting booth if they are in favor of a two tenths of one percent tax increase on income for the ailing Louisville Free Public Library system. My sincere hope is that they vote “YES”. The Louisville library system is in dire needs of repairs, computers, and books. The city budget cannot fully fund all these needs as well as other city priorities.
To meet the need of the library system in the 21st century, Louisville wants to create a library control district that would be an independent group to oversee the growth of the system. Jefferson County is one of only a handful of counties in Kentucky that does not currently have a system like this.
With the estimated 40 million dollar a year levy, the city will build three new “regional” libraries, it will renovate several small branches, and will completely overhaul and modernize the aging downtown main branch. To put this 40 million dollar into perspective: the average family earning 40,000 dollars a year will pay less 7 dollars a month. That wouldn’t even buy two Big Mac meals from McDonald’s.
The city currently spends about 16 million dollars on the library system – and that keeps everything pretty bare boned. If this levy passes, the city will then have 16 million dollars freed in the budget to pay for other, very pressing needs. Anyone who keeps up with the city’s financial situation knows that a crisis in health care costs and pensions is only a few years away. Healthcare costs are expected to grow as fast, if not faster, than revenue growth. Essentially speaking, even if Louisville gets more tax income, those increases will be eaten by ballooning entitlement costs. Because of this, Louisvillians need to strike while the fire is hot, and save the library system from reductions later.
Currently, Republicans on the Metro Council are opposed to this, and instead are offering a plan in which the city indebts itself with 175 million dollars in bonds issued over seven years. They claim the city will be able to absorb the added cost of the payments of these bonds with future projected revenue. Republicans on the council (Except Councilwomen Adams and Call) want to “borrow” this money, spend it to build new libraries, but not tell you that we’re looking at a fiscal crisis in only a few short years.
New taxes aren’t popular – and I fully appreciate and understand that fact. We all want an extra few bucks in our pockets. But this library expansion is a social good with a relatively low cost. It adds to the perception that Louisville is serious about increasing education – the key to reducing social ills such as poverty and crime. If you’re serious about the overall health of Louisville, please support this initiative!
Tuesday, July 24, 2007
Recent Arena News
The past two weeks have had several updates on the current state of the downtown arena’s development. Work continues on all fronts including design, bond issuance, and construction.
The first announcement was that the design of the structure is nearing completion and will be revealed at a special meeting of the Arena Authority before September 1. The interior designs were released several months ago, but the exterior remains a mystery to the community. The designers took many suggestions from the public, such as locations for entrances and exits, size of a public plaza, and a desire for the design to take cues from the river – but we’ll see how it all works together soon enough.
Earlier this week, Arena Authority Chairman Jim Host said he believes that bonds can be issued for the arena by mid-November at the latest, and preferably by mid-October. The earlier the date, the better, as current interest rates are below original estimates, and that could lead to significant savings on the cost. Bond underwriter Goldman Sachs will be ready to proceed as soon as the arena authority finishes the needed agreements, which could all be signed as early as September 1. The arena authority stills need to finalize deals with a concession provider, the University of Louisville, the Parking Authority of River City, designer HOK Sport, and the Kentucky State Fair Board. Any savings from the earlier selling of bonds will be collected into a “Rainy Day” fund that will be used in the event of a revenue shortfall before the city is asked to shoulder more of the burden.
Last week arena officials traveled north to Indianapolis to pitch their case to the NCAA for the chance to host the 2010 women’s volleyball tournament, as well as other future events in wrestling and ice hockey. Louisville officials appeared confident after the meeting and will travel to Indianapolis again in August to discuss Louisville's chance of hosting the men’s and women’s NCAA basketball tournaments (Louisville can't host the Final Four, but it is could host earlier parts of the tournament). Officials were buoyed by the meeting and the fact that early discussions in the arena’s design included recommendation from the NCAA to give Louisville a leg up on the competition.
Work continues at the future site of the arena. Humana is expecting to fully vacate their building on the site by mid-Fall. They are currently moving over 1,500 employees next door to new space in the Waterfront Plaza towers. Work also continues at the large LG&E transformer site, and is expected to be mostly finished there this fall as well.
The first announcement was that the design of the structure is nearing completion and will be revealed at a special meeting of the Arena Authority before September 1. The interior designs were released several months ago, but the exterior remains a mystery to the community. The designers took many suggestions from the public, such as locations for entrances and exits, size of a public plaza, and a desire for the design to take cues from the river – but we’ll see how it all works together soon enough.
Earlier this week, Arena Authority Chairman Jim Host said he believes that bonds can be issued for the arena by mid-November at the latest, and preferably by mid-October. The earlier the date, the better, as current interest rates are below original estimates, and that could lead to significant savings on the cost. Bond underwriter Goldman Sachs will be ready to proceed as soon as the arena authority finishes the needed agreements, which could all be signed as early as September 1. The arena authority stills need to finalize deals with a concession provider, the University of Louisville, the Parking Authority of River City, designer HOK Sport, and the Kentucky State Fair Board. Any savings from the earlier selling of bonds will be collected into a “Rainy Day” fund that will be used in the event of a revenue shortfall before the city is asked to shoulder more of the burden.
Last week arena officials traveled north to Indianapolis to pitch their case to the NCAA for the chance to host the 2010 women’s volleyball tournament, as well as other future events in wrestling and ice hockey. Louisville officials appeared confident after the meeting and will travel to Indianapolis again in August to discuss Louisville's chance of hosting the men’s and women’s NCAA basketball tournaments (Louisville can't host the Final Four, but it is could host earlier parts of the tournament). Officials were buoyed by the meeting and the fact that early discussions in the arena’s design included recommendation from the NCAA to give Louisville a leg up on the competition.
Work continues at the future site of the arena. Humana is expecting to fully vacate their building on the site by mid-Fall. They are currently moving over 1,500 employees next door to new space in the Waterfront Plaza towers. Work also continues at the large LG&E transformer site, and is expected to be mostly finished there this fall as well.
Wednesday, July 11, 2007
River City News Briefs
AT&T Adding 350 Jobs Downtown
AT&T is planning to add 350 new workers to their facility downtown on Chestnut Street. The new customer service jobs stem from the companies continued expansion the the realm of high speed internet. The announcement indicates there will be a 1.5 million dollar investment in their building and an annual payroll of 10 million dollars a year. Not exactly the best pay possible, but it will help some people
Haymarket Development to Have a September Groundbreaking?
The University of Louisville announced today they "hope" to break ground on an expansion of their life sciences campus downtown by September. The development was first proposed in the early 2000's, but has seen little concrete action. With UofL assuming almost total control of the Louisville Medical Center Development Corporation, they expect to push the project forward despite having no anchor tenant. Plans calls for four to five buildings on the block bounded by Jefferson, Market, Floyd, and Preston.
Louisville Zoo Break Attendance Record
The Louisville Zoo reported the largest number of visitors ever in the year ending June 30. The zoo had 810,546 visitors. The last record was set in 2003 after the zoo had finished the Gorilla Forest exhibit. Plans call for continued expansion at the zoo, with the development of the Arctic Run exhibit, which will replace aging enclosures for polar bears and other cold weather creatures.
University of Louisville Tops off Newest Building.
UofL held a ceremony for the topping off of their newest building in the downtown medical district. The seven story structure, at he corner of Preston and Chestnut, will be nearly 200,000 square feet and will house the offices of physicians and dentists who are members of the schools faculty. The structure is one the first buildings in the schools new master plan for the medical campus.
Jeffersonville Ramada/Sheraton Moves Forward
The decrepit Jeffersonville Ramada is finally starting to see better days. Much of the interior has been demolished, and build out of the structure has begun in earnest. A new facade will replace the gaudy yellow cladding that was once such a point of derision. The hotel is being rebranded a Sheraton, and rates will increase to reflect the new name and the complete overhaul.
AT&T is planning to add 350 new workers to their facility downtown on Chestnut Street. The new customer service jobs stem from the companies continued expansion the the realm of high speed internet. The announcement indicates there will be a 1.5 million dollar investment in their building and an annual payroll of 10 million dollars a year. Not exactly the best pay possible, but it will help some people
Haymarket Development to Have a September Groundbreaking?
The University of Louisville announced today they "hope" to break ground on an expansion of their life sciences campus downtown by September. The development was first proposed in the early 2000's, but has seen little concrete action. With UofL assuming almost total control of the Louisville Medical Center Development Corporation, they expect to push the project forward despite having no anchor tenant. Plans calls for four to five buildings on the block bounded by Jefferson, Market, Floyd, and Preston.
Louisville Zoo Break Attendance Record
The Louisville Zoo reported the largest number of visitors ever in the year ending June 30. The zoo had 810,546 visitors. The last record was set in 2003 after the zoo had finished the Gorilla Forest exhibit. Plans call for continued expansion at the zoo, with the development of the Arctic Run exhibit, which will replace aging enclosures for polar bears and other cold weather creatures.
University of Louisville Tops off Newest Building.
UofL held a ceremony for the topping off of their newest building in the downtown medical district. The seven story structure, at he corner of Preston and Chestnut, will be nearly 200,000 square feet and will house the offices of physicians and dentists who are members of the schools faculty. The structure is one the first buildings in the schools new master plan for the medical campus.
Jeffersonville Ramada/Sheraton Moves Forward
The decrepit Jeffersonville Ramada is finally starting to see better days. Much of the interior has been demolished, and build out of the structure has begun in earnest. A new facade will replace the gaudy yellow cladding that was once such a point of derision. The hotel is being rebranded a Sheraton, and rates will increase to reflect the new name and the complete overhaul.
Monday, July 02, 2007
Newsbrief: Cordish Confirms Starks Development
Cordish has finally signed the lease for the entire first floor of the Starks Building for the first expansion of the three year old Fourth Street Live complex. This expansion will take up 21,000 square feet of vacant retail space along Muhammad Ali that had formerly housed the Rodes store. Cordish expects to invest up to 6 million dollars in it's latest enterprise.
Cordish has also alluded to their plans to redevelop several properties south along Fourth Street.
Cordish has also alluded to their plans to redevelop several properties south along Fourth Street.
Monday, June 18, 2007
Medical Towers North Comes Down
The downtown medical campus in Louisville has been undergoing some pretty radical changes. The University of Louisville is spending hundreds of millions of dollars on new research buildings and outpatient facilities, and Norton Healthcare has developed a plan to demolish and replace several of their aging office towers by 2010. Norton and UofL both plan to construct more green space and better pedestrian access to their buildings.
Phase 1 of the Norton plan is currently underway - the demolition of Medical Towers North. The building, which is nearly half a century old, was terribly outdated. Doctors were moved out of the building last November, and demolition started in late March. Due to the sensitive nature of the area the demolition has to be very carefully completed. There are no explosives or wrecking balls involved. Each floor has to be meticulously demolished and then hauled off for recycling. (Nearly 95% of the building scrap is being recycled) Once the land is cleared, it will give Norton the chance to expand Kosair Children's Hospital in the future.
Phase 2 of the project will be the addition of 10 floors to the parking deck that was immediately adjacent to Medical Towers North. There will be an addition of 4 parking levels and 6 office levels, making it a 14 floor midrise. Phase 3, to be completed in 2009, is the demolition of a small brick office building at the corner of Floyd and Chestnut. Phase 4 is the demolition of Medical Towers South in 2010.
These demolitions will give Norton Healthcare a cleaner canvas as it continues to expand in downtown.
Phase 1 of the Norton plan is currently underway - the demolition of Medical Towers North. The building, which is nearly half a century old, was terribly outdated. Doctors were moved out of the building last November, and demolition started in late March. Due to the sensitive nature of the area the demolition has to be very carefully completed. There are no explosives or wrecking balls involved. Each floor has to be meticulously demolished and then hauled off for recycling. (Nearly 95% of the building scrap is being recycled) Once the land is cleared, it will give Norton the chance to expand Kosair Children's Hospital in the future.
Phase 2 of the project will be the addition of 10 floors to the parking deck that was immediately adjacent to Medical Towers North. There will be an addition of 4 parking levels and 6 office levels, making it a 14 floor midrise. Phase 3, to be completed in 2009, is the demolition of a small brick office building at the corner of Floyd and Chestnut. Phase 4 is the demolition of Medical Towers South in 2010.
These demolitions will give Norton Healthcare a cleaner canvas as it continues to expand in downtown.
Wednesday, June 13, 2007
FBI Crime Statistics from 2006 Released
The Federal Bureau of Investigation last week released their annual numbers for crime in America. The report offered several different ways to splice the data, but in this case I just wanted to see how Louisville fared in 2006 when compared to 2005. Violent crime was essentially flat (down 1.6 percent), while property crime inched up by a little less than 6 percent.
Here are the raw numbers:
In 2005 the reported population was 623,735. There were a total of 3,896 violent crimes. The city had 55 murders, 209 forcible rapes, 1,822 robberies, and 1,810 aggravated assaults. There were a total of 27,727 property crimes. The city had 7,146 burglaries, 17,150 larceny/thefts, 3,150 car jackings, and 281 arson fires.
In 2006 the reported population was 626,018. There were a total of 3,836 violent crimes. The city had 50 murders, 175 forcible rapes, 1,738 robberies, and 1,873 aggravated assaults. There were a total of 29,431 property crimes. The city had 7,587 burglaries, 17,855 larceny/thefts, 3,694 car jackings, and 295 arson fires.
In 2005 there were 624.6 violent crimes per 100,000 residents
In 2006 there were 612.7 violent crimes per 100,000 residents
One thing that confuses me is how they're coming up with the city population. There was no explanation in the report, but my guess would have to be that because there are still several police departments in the county that have to report their own crime numbers (St. Matthews Police Department, for example) the FBI only uses the population of the county where the Louisville Police Department is the primary police force.
Louisville is obsessed with it's crime rate and the city is constantly worried that it is becoming some sort of crime haven - but when compared to some other regional cities, it doesn't look half bad for Louisville:
Indianapolis - 960.0 per 100,000
Nashville - 1,526.5 per 100,000
St. Louis - 2,480.6 per 100,000
Cincinnati - 1,218.4 per 100,000
Columbus - 810.5 per 100,000
Memphis - 1,988.2 per 100,000
Hopefully the mayors plan to fill 100 vacant police officer posts in the city can help bring the rate down even lower in the coming years.
Here are the raw numbers:
In 2005 the reported population was 623,735. There were a total of 3,896 violent crimes. The city had 55 murders, 209 forcible rapes, 1,822 robberies, and 1,810 aggravated assaults. There were a total of 27,727 property crimes. The city had 7,146 burglaries, 17,150 larceny/thefts, 3,150 car jackings, and 281 arson fires.
In 2006 the reported population was 626,018. There were a total of 3,836 violent crimes. The city had 50 murders, 175 forcible rapes, 1,738 robberies, and 1,873 aggravated assaults. There were a total of 29,431 property crimes. The city had 7,587 burglaries, 17,855 larceny/thefts, 3,694 car jackings, and 295 arson fires.
In 2005 there were 624.6 violent crimes per 100,000 residents
In 2006 there were 612.7 violent crimes per 100,000 residents
One thing that confuses me is how they're coming up with the city population. There was no explanation in the report, but my guess would have to be that because there are still several police departments in the county that have to report their own crime numbers (St. Matthews Police Department, for example) the FBI only uses the population of the county where the Louisville Police Department is the primary police force.
Louisville is obsessed with it's crime rate and the city is constantly worried that it is becoming some sort of crime haven - but when compared to some other regional cities, it doesn't look half bad for Louisville:
Indianapolis - 960.0 per 100,000
Nashville - 1,526.5 per 100,000
St. Louis - 2,480.6 per 100,000
Cincinnati - 1,218.4 per 100,000
Columbus - 810.5 per 100,000
Memphis - 1,988.2 per 100,000
Hopefully the mayors plan to fill 100 vacant police officer posts in the city can help bring the rate down even lower in the coming years.
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