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following incentives for entering into a preservation easement with the <br />City: <br />a.Commercial property owners would be eligible for a $25,000 award <br />for obtaining designation of a Structure of Merit from the Historic <br />Preservation Commission and entering into a conservation <br />easement approved by the Louisville City Council. A property <br />subject to a conservation easement would also be subject to <br />requirements for alteration certificates, as with landmarked <br />structures. This award would have no conditions attached to it. <br />b. Commercial property owners of buildings deemed to be structures of <br />$35,000$50,000 <br />merit would also be eligible for a grant for preserving, <br />rehabilitating or restoring the property. Grants could also be used to <br />offset any costs of preserving the structural merit of a building that is <br />being expanded pursuant to Section 17.16.280 and 17.28.050 of the <br />Louisville Municipal Code. These grants would have to be applied for <br />within 18 months of the property’s designation as a structure of merit. <br />Section 5. Limitations and general provisions regarding additional grants. <br />a.Properties which are landmarked or subject to conservation <br />easements shall continue to be eligible for general funding <br />Historic Preservation Funds, as provided in Council Resolution <br />No. 20, Series 2009. However, this funding shall be subject to the <br />following limitations: <br />i.After the expiration of the one-year, $5,000 incentive <br />grant provided in Council Resolution No. 20, Series <br />2009, a residential structure may only be eligible for <br />$15,000 in additional grants. <br />ii.After the expiration of the eighteen-month, $65,000 <br />incentive grant provided in this resolution, a commercial <br />landmark may only be eligible for $100,000 in additional <br />grants. <br />iii.After the expiration of the eighteen-month, $50,000 <br />incentive grant provided in this resolution, a commercial <br />Structure of Merit may only be eligible for $75,000 in <br />additional grants. <br />b.These limitations may be exceeded upon recommendation of the <br />Historic Preservation Commission and approval by City Council <br />upon a showing of extraordinary circumstances. <br />c. The Historical Preservation Commission (HPC) will review all grant <br />applications and make recommendations to the City Council for approval <br /> <br />