5-YEAR ACTION + INVESTMENT PLAN

Oxford Circle Opportunity Hub

Key Players

Early Action Items

Property Acquisition

The intent of this initial “project” is to get critical properties under control prior to putting together the final financing strategy. This will likely come in the form of 6-12 month options on key properties.

New Village Library

The goal of relocating the Village Branch Library can be accomplished and a new facility will be constructed that better meets their current and future needs. Working with their timeline this will likely occur in 2018.

LFUCG w/ support from Community Ventures or other redevelopment entity

Library w/ support from Community Ventures or other redevelopment entity and LFUCG

Rehabbed Community/Rec Facility

With a community lacking in community services and indoor recreational options, this is an ideal location to provide those services. Ideally both uses would occur together, but there are options to incrementally add in recreational uses in later phases.

CAC w/ support from Community Ventures or other redevelopment entity and LFUCG

Oxford Circle Complete Streets

Increasing access and connectivity around and to Oxford Circle was a critical need identified by the community. This project would enhance multi-modal travel modes and increased safety for those traveling to the site.

Village Green / Public Plaza

The community identified the need for a gathering space for events and festivals. This flexible space would accommodate parking and community events as well as outdoor programming from the Library and Community Center.

6-12 month options on key property

Perform preliminary due diligence on property (survey, environmental)

Identify and secure funding/financing

Identify who will purchase and own property

Work with existing businesses and owners on relocation options

Develop and formalize partnerships with key players

Initiate 6-12 month community engagement on programming

Develop schematic designs (site and library)

Identify and secure funding/financing

Begin entitlement and approval process

Establish and formalize partnerships with key players

Identify program and operational structures

Work with CAC and community on programming

Develop schematic designs (site and facility)

Identify and secure funding/financing

Begin entitlement and approval process

Work with MPO to identify potential funding/financing

MPO w/ support from LFUCG, TAP, LexTran

LFUCG w/ support from Community Ventures or other redevelopment entity

Identify highest priority elements

Complete design and engineering of improvements

Secure funds and bid work

Develop partnerships with key players

Complete survey and determine necessary right-of-way needed

Work with partners to secure funding/financing

Complete design and engineering of improvements

Bid and construct

$7,340,000

Funding Sources

Outcomes

Within 6-12 months, all critical property under control with assignable option on property

• Property owners inform tenants of intent to sell and work to find new locations, provide business relocation assistance on a case by case basis

• Clear understanding of property ownership of “common area” owned by Rental Association with a plan for disposition or shared use by new owners

• Once financing is secured, LFUCG or assigned party exercises option to purchase properties at negotiated price

Conventional Financing, CDBG, Section 108 Loan, New Markets Tax Credits, Local Foundations

• Establish a comprehensive set of programming objectives that meet the needs of existing and future residents of Cardinal Valley

• Create new, innovative and flexible library space that better suits the needs of the Library

• Identify synergistic uses that would complement library uses and provide alternative services to the community in which it is located

• Bring additional partners to the table to create “win-win” opportunities for them and the Library as well as the community

$3,400,000

Conventional Financing, Head Start, New Markets Tax Credits, Local Foundations

• Establish a comprehensive set of programming objectives that meet the needs of existing and future residents of Cardinal Valley

• Redevelop existing space to accommodate the growing needs of Community Action Council and provide early learning classroom space

• Identify and contract with the YMCA or other like organization to provide programming for the indoor recreational space

• Bring additional partners to the table to create “win-win” opportunities for them and CAC as well as the community

$1,400,000 New Markets Tax Credits, Federal and Local Transportation Dollars

• Work with community to create design that integrates multi-modal transportation options into the existing right-of-way

• Support additional parking demand with on-street parking within existing right-of-way

• Incorporate natural elements and high quality design to increase community identity and placemaking

• Increase safety of all users - pedestrians, bicyclist, transit riders and auto users

$1,715,000

Section 108 Loan, New Markets Tax Credits, Federal and Local Transportation Dollars, KY New Markets Tax Credits

• Creation of flexible outdoor space that can accommodate various community events and provide ample space for Library and Community Center programming

• Increase access to natural amenities and recreational space for nearby residents and users

• Improve and provide additional parking to support higher intensity uses such as the Library and Community Center