City Council Study Session Summary 2013 01 29

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City Council Study Session Summary January 29, 2013 Page 2of 3 st By July 1the State is required to have adopted regulation and procedures. By October 1 the City will need to have its own local regulations in effect. The City currently has two medical marijuana retail establishments. The City can leave those alone and separately handle recreational marijuana or the medical stores can apply to become recreational stores if Louisville allows themto do so. The City can also adopt time, place, and manner restrictions (zoning, location, number of facilities, etc.) on recreational marijuana establishments similar to those the City already has for medical marijuana. Options for the Council include allowing or banning one or all of the types of facilities.If the Council wants to allow the facilities a local licensing process will need to be established. If the Council wants to ban the facilities they may do so by ordinance. The Council can also enact a moratorium on the facilities until such time as a vote can take place in November 2014 for voter direction. Regardless of what the Council decidesto do, City Attorney Light recommended the City have regulations or a moratorium in place by October 1. Police Chief Bruce Goodman noted that regardless of Amendment 64, marijuana is still illegal under Federal law and it is unknown what theFederal response will be to Colorado’s new rules. Council discussed the options in general terms. Staff noted that as regulations must be in place by October, Council can expect staff to put an item on a regular agenda asking for specific direction in the next couple of months. Discussion –Financing/Bonding Options to Advance Capital Improvements Council members and staff discussed the financing options that would be available if the City wanted to bond for newcapital projects. This includes bonding against sales taxor property tax, which require voter approval, or selling revenue bonds for the enterprise funds which might be a good option for needed upgrades to the wastewater treatment plant. For the wastewater plant, staff noted that with interestrates so low, the overall cost of construction will likely increase more rapidly than the cost of borrowing. Thus it may make sense to use bond financing to complete these projects now rather than wait until cash reserves have built up. If the City waits,the cost of the project at a later date would likely exceed the cost, including financing, of using bond funding to construct the project now.