To determine how far above or below street level Luca's initial launching point is, we need to evaluate the formula \(y = -16t^2 + 40t - 5\) at \(t = 0\), which represents the moment when Luca launches the object.
Substituting \(t = 0\) into the equation:
\[ y = -16(0)^2 + 40(0) - 5 \] \[ y = -5 \]
This means that 5 feet below street level is the height of Luca's initial launching point.
Therefore, the correct response is:
5 feet below