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Miracle Mile Mall 300-Acre Complex Business Plan for Phase One

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Miracle Mile Mall 300-Acre Complex Business Plan for Phase One Miracle Mile Mall 300-Acre Complex Business Plan for Phase One Property-500 Acres Mile Marker 38-39 One Mile Depth 2,000 ft Frontage East & West on Hwy 80 Del Spina Enterprises, LLC 500 Roberts Bend Rd Burnside, KY 42519 Contact: Anthony Del Spina, President Phone: 606-561-5611 Fax: 606-561-5928 Direct Line: 606-219-9283 1 Table of Contents INTRODUCTION - PHASE ONE............................................................................. 4 MIRACLE MILE MALL 300-ACRE COMPLEX .................................................... 5 BUSINESS PLAN DATED APRIL 4, 2018.............................................................. 5 INVESTMENT OBJECTIVES OF THIS PROJECT ................................................ 6 HISTORY OF THE TRANSCONTINENTAL INTERSTATE I-66 ......................... 7 IS I-66 REQUIRED FOR THE SUCCESS OF MIRACLE MILE COMPLEX? ...... 7 PHASE TWO 125 ACRE TRACT ADJACENT TO COMPLEX?........................... 8 COMMONWEALTH JOURNAL ON HIGHWAY 66 RELEASED 7-21-16 .......... 8 PULASKI_LAUREL COUNTY PUBLIC MEETING #3....................................... 11 HISTORY OF THE TRANSCONTINENTAL INTERSTATE 66 PROPOSAL .... 12 U.S. GOVERNMENT INFORMATION REPORT MARCH 2000 ........................ 13 CORRIDOR EVALUATION................................................................................... 14 TRAFFIC 8 SOCIOECONOMIC ISSUES .............................................................. 14 ENVIRONMENTAL ISSUES ................................................................................. 15 COST ESTIMATES ................................................................................................. 15 TOPO MAP .............................................................................................................. 19 SURVEY MAP......................................................................................................... 20 HIGHWAY 80 AND THE PROPOSED I-66 .......................................................... 21 I-66 ROUTE MAP.................................................................................................... 22 KY STATE MAP...................................................................................................... 23 LAKE CUMBERLAND MAP ................................................................................. 24 I-66 WEBSITES MAP.............................................................................................. 24 HISTORY OF INTERSTATE I-66 THROUGH KENTUCKY............................... 25 ECONOMIC ANALYSIS PROPOSED AFFECT WITH & WITHOUT................ 29 I-66/KY 80 ECONOMIC ASSESSMENTS............................................................. 30 THREE PRIMARY OBJECTIVES WERE CONSIDERED:.................................. 30 DISCLOSURE.......................................................................................................... 31 SOMERSET, KY MICROPOLITAN AREA AND REGION OF INFLUENCE.... 31 PULASKI/LAUREL COUNTIES PRIMARY MARKET AREA AND REGION OF INFLUENCE ............................................................................................................ 32 ECONOMIC OVERVIEW OF PRIMARY MARKET AREA AND REGION OF INFLUENCE ............................................................................................................ 33 LAUREL COUNTY TOURISM.............................................................................. 34 LAUREL COUNTY DEMOGRAPHICS ................................................................ 35 LOCATION LAUREL COUNTY............................................................................ 36 DEMOGRAPHICS................................................................................................... 37 WORK FORCE ........................................................................................................ 39 EDUCATION & TRAINING................................................................................... 40 BUSINESS & INDUSTRY ...................................................................................... 43 TAXES...................................................................................................................... 46 REGULATIONS AND PERMITS........................................................................... 47 UTILITIES................................................................................................................ 48 QUALITY OF LIFE ................................................................................................. 49 PULSKI COUNTY TOURISM................................................................................ 51 2 PULASKI COUNTY DEMOGRAPHICS ............................................................... 52 LOCATION PULASKI COUNTY .......................................................................... 53 DEMOGRAPHICS................................................................................................... 54 WORK FORCE ........................................................................................................ 56 EDUCATION & TRAINING................................................................................... 58 BUSINESS & INDUSTRY ...................................................................................... 61 TAXES...................................................................................................................... 63 REGULATIONS & PERMITS ................................................................................ 65 UTILITIES................................................................................................................ 66 QUALITY OF LIFE ................................................................................................. 67 ECONOMIC IMPACT............................................................................................. 69 TRAFFIC VOLUME COMPARISONS RELATIVE TO DEVELOPMENT POTENTIAL ............................................................................................................ 70 DEVELOPMENT POTENTIAL BASED ON (I-66) NOT EVER CONSTRUCTED .................................................................................................................................. 70 INDUSTRIAL OR DISTRIBUTION DEVELOPMENT ........................................ 72 DESTINATION RESORT AND RECREATIONAL FACILITIES........................ 72 ASSUMING COMPLETION OF PROPOSED I-66................................................ 73 I-66/KY 80 ECONOMIC IMPACT ASSESSMENT............................................... 73 INDUSTRIAL AND DISTRIBUTION DEVELOPMENT ..................................... 73 DESTINATION RESORT AND RECREATION FACILITIES ............................. 74 TOURISM ORIENTED RETAIL INCLUDING OUTDOOR RECREATION SPECIALIST ............................................................................................................ 74 POTENTIAL ECONOMIC BENEFITS OF DEVELOPMENT SCENARIOS....... 75 ECONOMIC BENEFITS-EMPLOYMENT ............................................................ 75 ECONOMIC BENEFITS-PROPERTY TAX REVENUES..................................... 76 SUMMARY-INTERCHANGE DEVELOPMENT SCENARIO ............................ 76 SUMMARY AND CONCLUSIONS ....................................................................... 77 COST TO PROVIDE SEWAGE.............................................................................. 78 WHAT IF: I-66 NOT BUILT ................................................................................... 85 RECOMMENDATIONS.......................................................................................... 85 STATISTICS OF ADJOINING COMMUNITIES .................................................. 86 ESTIMATED COMPARABLE COMMERCIAL SALES RECORDED IN LOCAL COUNTY SEAT:...................................................................................................... 88 SOURCES ................................................................................................................ 89 KENTUCKY BUSINESS INCENTIVES & FINANCIAL PROGRAMS .............. 90 DANIEL BOONE NATIONAL FOREST .......................................................... 97 WHITAKER PLACE ............................................................................................... 98 BARON OF THE ROCKCASTLE RIVER ...................................................... 100 ROCKCASTLE RIVER ......................................................................................... 104 BEE ROCK RECREATION AREA....................................................................... 105 AREA MAPS.......................................................................................................... 107 3 INTRODUCTION - PHASE ONE 125-Acres, Construction-Ready for Roads & Utilities Located on KY Hwy 80 & Proposed Interstate 66 Interchange 13 mi. from I-75 & 15 mi. from Hwy 27 and I-66 Cumberland Parkway 1hr. to Lexington & 2hr. to Knoxville FOR EVERY DESTINATION - A HIGHWAY TO GET YOU THERE LOCATED BETWEEN MILE MARKER 38 & 39 ON Kentucky HWY 80 Del Spina Enterprises, LLC, is the owner of this 428-acre parcel. Their division of Lake Cumberland Resort, Inc. has recently completed the final phase of the $50,000,000 prestigious gated community. (www.LakeCumberlandResort.Com ) Prior to the Kentucky Department of Transportation (DOT) establishing the designated route to become Interstate I-66 over the Rockcastle River Bridge and merge into Kentucky Hwy 80, Del Spina Enterprises LLC strategically acquired 424-acres in it’s key path. This DOT decision was reached with the assistance
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