[Louisville] Univ of Louisville approves master plan for Health Sciences Ctr.

[seicer]

U of L approves master plan for health center

Master plan

Key features:

1. Landscaped pedestrian mall,

2. An 'urban forest',

3. New research buildings,

4. Parking garages to replace surface lots,

See the map for more.

The Health Sciences Campus includes the hospital and other U of L patient-treatment facilities, as well as the university

[seicer]

$300M tax district proposed for Haymarket

By Marcus Green, The Courier-Journal [Louisville], August 6, 2007

A new downtown tax-district proposal was announced on August 6 by the city of Louisville, the state of Kentucky, and University of Louisville officials. The proposal would generate up to $300 million to construct a research park at the old Haymarket block and upgrade the university's health-sciences campus. By using a share of new city and state tax revenues for the project, an additional $2.5 billion would be invested in the downtown, creating approximately 9,000 high-paying jobs and enticing other companies to locate or expand in the city.

The tax-increment financing district would collect a portion of the city's occupational taxes and state income taxes above the amount the government currently receives in a 30-block area in the downtown. The amount is estimated to be $300 million over 20 years, and the city and state would receive the rest.

The district must still be approved by the Louisville Metro Council and a state board that oversees such districts.

The Louisville Medical Center Development Corporation bought most of the Haymarket block in 2003 for $4.9 million. The company is attempting to obtain three other corner parcels currently.

[seicer]

Tax plan will spur U of L research center: Haymarket project gets share of revenue

By Patrick Howington and Marcus Green, The Courier-Journal [Louisville], August 7, 2007

Announced on August 6, state leaders hailed the "$2.5 billion day for Louisville" as a jump-start to the Haymarket life-sciences complex east of the city cneter. The new research park would receive a share of new city and state tax revenues over the next 20 years under a tax-increment financing district plan, and would generate 2,200 new jobs directly on the Haymarket block; the remainder projected jobs, 8,700, would come from spur-offs. Most of the projected new jobs and $2.5 billion in capital investment will occur on the University of Louisville's health sciences campus, where several research buildings are either under construction or are planned.

The research park is currently located in three buildings scattered around downtown, and would be combined into a new multi-story center. The health sciences campus is separated by Interstate 65 from the Haymarket block, which would become the core of the university's life-sciences research park.

There would be at least three buildings with laboratories and offices, as well as a parking garage. Rebated taxes from the tax proposal, stretching for 30 blocks from Market Street to Broadway and from Brook Street to Campbell, would provide funding to construct an initial building so that potential tenants could be recruited.

A 20-year master plan also calls more more instructional space, parking garages, an expansion of the University hospital, and more green space. A pedestrian mall would be created between Floyd and Clay Streets in the plan. Once there is a total build-out on the Haymarket site, which would take eight years, it will have 2,200 jobs with a $132 million payroll. It will also have a $76 million retail impact, and spur demand for downtown housing and shopping.

Parcels on three corners have still yet to be secured, however, the development corporation has options to purchase them. The cost is estimated to be $2 million for the purchase, and the James Graham Brown Foundation has given the corporation $2.5 million for that purpose.