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<br />RESOLUTION NO. 52 <br />SF:RIES 2004 <br /> <br />A RESOLUTION APPROVING AN AFFORDABLE HOUSING RESTRICTIVE <br />COVENANT AND AGREEMENT FOR CENTENNIAL PAVILION LOFTS AND <br />WAIVING CERTAIN FEES FOR THE SEVEN AFFORDABLE HOUSING UNITS <br />SUBJECT TO THE COVENANT AND AGREEMENT <br /> <br />WHEREAS, the City Council by Resolution No. 22, Series 2004, approved an application <br />for a special review use (SRU) and amended final planned unit development (PUD) development <br />plan for a 66-unit residential condominium project on Lot 1, Centennial Pavilion Subdivision, <br />such project being commonly referred to as Centennial Pavilion Lofts; and <br /> <br />WHEREAS, the developer of the project has proposed that seven of the 66 units within <br />the project be designated as affordable housing units; and <br /> <br />WHEREAS, an Affordable Housing Restrictive Covenant and Agreement has been <br />proposed with the City to establish such seven units as affordable housing units; and <br /> <br />WHEREAS, the City Council finds that housing costs and rents have risen in this region, <br />and that there is a significant need for af:fi)rdable, safe and comfortable housing for Louisville <br />families; and <br /> <br />WHEREAS, the addition of such seven units of affordable housing will make a positive <br />contribution to the affordable housing stock within the City; and <br /> <br />WHEREAS, the developer has requested the waiver of certain fees and taxes In <br />connection with the development of the sevlen affordable housing units; and <br /> <br />WHEREAS, the ordinances establishing the City's service expansion fees, major <br />thoroughfare fees, and use tax on residential construction materials provide for waiver of these <br />fees, and the City has the authority to waive certain building fees. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF LOUISVILLE, COLORADO: <br /> <br />1. The Proposed Affordable Housing Restrictive Covenant and Agreement <br />("Agreement") between the City of Louisville and NWC McCaslin-Century, LLC, to establish <br />seven units of the Centennial Pavilion Lofls development as affordable housing units, is hereby <br />approved in essentially the same form as the copy of such Agreement accompanying this <br />Resolution, but including revisions as authorized or required pursuant to Section 2, below. <br /> <br />1 <br />