COURTHOUSE SQUARE IMPROVEMENTS PROJECT: CREATE INCENTIVES FOR DOWNTOWN HOUSING

Goal

Increase the number of people living downtown in lofts, apartments and eventually hotel rooms by filling underutilized spaces in downtown Frankfort. Downtown residents create around-the-clock customers for restaurants, shops and services.

Description

Having more people live downtown sounds like a great idea, but it raises the question: Why aren’t they living there now? What are the barriers? Removing potential roadblocks to residential development downtown, in addition to creating new housing incentives will speed up Frankfort’s revitalization, entice new developers and bring in permanent residents.

Action Steps

1. Zoning: a. Review zoning ordinances: Residential units may not be a permitted use in the zoning districts applied to the downtown. Amending ordinances would also ensure density, lot size, floor area, building height and other requirements can be met for intended redevelopment uses. This step would therefore simplify the development process by minimizing required approvals or variances. b. Rezone to a mixed-use live/work space or other appropriate zoning district.

2. Parking: a. Assess current minimum parking requirements: Make sure onsite and off-site parking is not difficult, cost prohibitive or too far away to be useful. b. Reduce or waive parking requirements for projects that meet city-defined objectives, and for current/future residents.

3. Make downtown housing affordable: a. Reduced fees: reduction or waiver of permitting fees for projects that meet city-defined objectives. b. Loan programs: grants, low-interest loans, and revolving loan programs for residents. c. Tax incentives: tax credits, deductions or abatements. Use TIF funds where applicable. d. Start a program for supporting downtown loft. Vincennes is a case study.

4. Review current permit and impact fees, as well as code compliance to encourage the redevelopment of downtown buildings.

5. Create a robust marketing strategy to fight any public misperceptions about living downtown, especially if Frankfort hasn’t had a downtown population for some time.

6. Form a downtown liaison to keep building owners, tenants, and trade professionals informed about codes, ordinances, and other regulatory issues.

This project sheet along with the other proposals are intertwined and mutually inclusive. These six steps will significantly be backed up by the indirect housing incentives that the local arts and entertainment district and the downtown walkable environment provide.

Downtown residents will be enticed by the full package of cultural and natural amenities, activities and events.