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• • • RESOLUTION NO. 48 SERIES 2012 A RESOLUTION APPROVING A REHABILITATION GRANT PROGRAM AGREEMENT WITH AMTERRE PROPERTY GROUP, LLC FOR THE PURCHASE, STABILIZATION, REHABILITATION AND REDEVELOPMENT OF THE HISTORIC GRAIN ELEVATOR PROPERTY LOCATED AT 540 AND 544 FRONT STREET IN LOUISVILLE WHEREAS, the City Council previously issued a request for proposals (RFP) soliciting proposals from parties interested in cooperating with the City in the preservation of the Historic Grain Elevator located at 540 and 544 Front Street in Louisville, which structure is a risk of being demolished by the current owners of the property; and WHEREAS, Amterre Property Group, LLC ( "Amterre "), which is the holder of a current contract for purchase of the property, submitted to the City a response to the RFP proposing a project for redevelopment and preservation of the property, to include funding from the City's Historical Preservation Fund for the purchase, stabilization, rehabilitation and redevelopment of the Historic Grain Elevator structure; and WHEREAS, the City Council pursuant to Resolution No. 41, Series 2012, approved and entered into a non - binding letter of intent with Amterre for the purpose of guiding further negotiations concerning a grant agreement and other agreements that are determined necessary to effect the parties' intent for the project; and WHEREAS, there has been proposed between the City and Amterre a Rehabilitation Grant Program Agreement to set forth mutual understandings regarding City assistance, in the amount of up to $2,100,000, for funding to purchase, stabilize, rehabilitate and redevelop the Historic Grain Elevator structure, including certain site improvements to the property as further detailed in said Agreement, with the exterior of the structure to be landmarked and Amterre to grant to the City a conservation easement for the structure in furtherance of the requirements of Section 3.20.605 of the Louisville Municipal Code; and WHEREAS, the City Council finds that the Historic Grain Elevator, which has been listed as a contributing property on the National Register of Historic Places, is a significant structure in the community which helps tell the story of the area's agricultural history, and that the structure is worthy of preservation; and WHEREAS, the City Council finds that given the unique and historic character of the Grain Elevator and the significant cost required to acquire, stabilize, rehabilitate and redevelop the structure, that extraordinary circumstances exist justifying a commitment of Historic Preservation Funds above the limits set forth in Resolution No. 2, Series 2012; and WHEREAS, the City Council by this Resolution desires to approve the proposed Resolution No. 48, Series 2012 Page 1 of 2