What is Your Vision of Louisville?

What is Vision Louisville?

Louisville needs to think BIG and plan to be a competitive city in the 21st Century. We must adapt or we will decline. We must have a vision plan for the next 25 years to attract investment, grow opportunity, and create the city we, our kids, and our grandkids want to call home. Led by the Office of the Mayor and Louisville Metro Department of Economic Growth and Innovation and supported by a public-private partnership, the initiative will chart the future LOOK, FEEL and FLOW of our city.

Why do we vision?
Imagine the future
Initiate a collective discussion Identify the challenges and opportunities

Goals:
Understand and imagine the look, feel and flow of a future Louisville Inspire a broad ranging, open, creative process to inspire big ideas authentic to Louisvilles culture, inspired by and aware of its assets and challenges

Create a catalyst for change

Ingredients
Louisvilles historical legacy Best practices across a series of

urban issues
Case studies in other urban transformations Current project and area planning in the city

of Louisville and the region

Economic Forecasting

Schedule
July November 2012
Research & Discovery, Outreach, Developing Visions/Themes

December 2012 April 2013

Community Meetings, Project Identification & Shaping

May August 2013

Implementation Strategy Formation, Final Reports and Products

The Big Picture

Complementary planning processes for the built environment Urban Land Institute Fourth Street Downtown Master Plan Transit Plan multi modal Prove financial case for investments Open Checkbook LouieStat Competitive cities benchmarking Operational and Strategic Planning 1-year budgets and action plans 6-year strategic plan

What kind of city does Louisville want to become?

Other Cities Visions

Oklahoma City, OK
Bricktown Canal
(Before and After)

New Music Hall Oklahoma River

(Before and After)

Bricktown Baseball Stadium

Jacksonville, FL
Jacksonville Equestrian Center New Jacksonville Main Library

Preservation Project Jacksonville

Denver, CO

Regional Light Rail System

Denver Art Museum

Denver Botanical Gardens

Denver Zoo

St. Paul, MN

Sales Tax Revitalization Program for Neighborhoods

Xcel Energy Center

How can we achieve our vision?

Stewardship
Build taxpayer trust
Open Checkbook LouieStat Peer city benchmarking Government efficiencies

Revenue tools currently available to Louisville

Real and Personal Property Taxes Special Ad Valorem Tax Occupation and Business Taxes Insurance Premium Tax

History of General Fund revenue since merger

CONCLUSION: No new net revenue growth for the last five years.

Cumulative growth rates since merger

CONCLUSION: The three major components of employee compensation have all cumulatively outpaced General Fund revenue growth since merger

6-year annual pro-forma (in millions) of major revenue and expense categories
6-Year Pro-forma in Millions
Revenue Growth Expense Growth Difference
40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 FY14 FY15 FY16 FY17 FY18 FY19 Revenue Growth Expense Growth

FY14 11.0 33.2 (22.2)

FY15 12.4 29.4 (17.0)

FY16 13.9 30.7 (16.8)

FY17 14.3 32.1 (17.8)

FY18 14.7 33.3 (18.6)

FY19 15.2 35.3 (20.1)

CONCLUSION: The gap between the recurring revenues and recurring expenses is the structural deficit we must solve together.

Capital investment for our quality of place will NOT be coming from the citys General Fund. We need options!

What tools do our competitor cities have?

88 out of the 108 American cities with populations of 200,000 or more have enacted a local option sales tax, and these taxes are collected in 37 states. Virginia and Indiana are the only states among our competitors that do not have a local option sales tax.

What is a local option sales tax?

A well established and proven funding tool designed to give citizens choice and flexibility for community development projects. Allows local communities to create a new source of revenue through a limited and specific sales tax increase that is returned directly to the community that enacts it, for specific projects for a specific period of time.

Why a local option sales tax for Louisville?

Improve our quality of place to outpace our

competitor cities making Louisville a place

appealing for investment so our kids and

grandkids choose to live and work here

How much tax revenue could be generated with this funding tool?
In 2011, a 1% local option sales tax would have raised about $90 million in new revenue for Louisville, based

on tax collection data from the Kentucky Department

of Revenue. The $90 million figure applies the same exemptions to the local tax (food, medicine) that are

applied to the state tax.

How do we get it done? STEP 1

1. Educate and inform public and policymakers local and statewide 2. Engage citizens in the dialogue
3. Build consensus 4. Establish trust and feedback loop with policymakers

How do we get it done? STEP 2

Amend the Kentucky Constitution 60 State House Members 23 State Senate Members Statewide referendum Pass enabling legislation (KRS)

Localities choose collection of projects, amount of tax (up to 1%) and for how long?
Local legislative body puts on the ballot.

The people vote!

People support local options

Overwhelming support from business and civic leaders on GLIDE trip Republicans, Democrats, Independents 100% of those responding to post event survey indicated they are in favor of alternative sources to fund Louisvilles transformation. Kentucky League of Cities and its statewide network of leaders Metropolitan Alliance for Growth Lexington, Northern Kentucky, Bowling Green

In 2012, 68% of ballot initiatives on dedicated infrastructure projects nationwide were approved with 63% of the vote.

An opportunity for Louisville to grow

What are your dreams for Louisville?

Expanded Advanced Manufacturing

Larger Entertainment District

Improved Transportation

More Parks and Libraries

Give Louisville the opportunity to control its own destiny.

Local Option is an essential tool in our toolbox to make the investments we need to remain competitive and secure our future for generations to come.