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<br /> <br /> <br /> <br />HPC COMMUNICATION <br />SUBJECT: PURCHASE AND SALE AGREEMENT WITH LOUISVILLE MILL SITE, LLC <br /> <br />DATE: AUGUST 19, 2013 PAGE 3 OF4 <br />b. The City contribution to the Scope of Work will be reduced dollar for dollar <br />for funds received by other governmental entities above $132,752. <br />c. Purchaser will submit disbursement requests to the City Manager for <br />payment. <br />d. Should Purchaser not proceed with acquisition of the Property, City will <br />reimburse Purchaser for costs associated with completing the Scope of <br />Work. <br />e. The Scope of Work includes much of the Phase I stabilization work <br />identified in the Grain Elevator Historic Structure Assessment. For a more <br />detailed description of the Scope of Work please see Exhibit C of the <br />Purchase and Sale Agreement. <br />5) City will retain ownership of Lot 3 until the Scope of Work is complete. <br />6) Purchaser will have a Master Lease to use the Property prior to Closing. <br />a. Purchaser wishes to begin work on the Scope of Work prior to closing. <br />b. Purchaser may lease Lot 3 but any such lease must be reviewed and <br />approved by the City Manager. <br />7) The Grain Elevator parcel noted as Lot 2 will be landmarked. <br />8) A Conservation Easement will be placed on Lot 2. <br />9) No build provisions will be placed on Outlot A, the northerly 20 feet of Lot 1, and <br />the southerly 20 feet of Lot 3 to preserve views to the Grain Elevator. <br />10) Public land dedications for the Grain Elevator property and Caranci’s property will <br />be waived. <br />11) 50% rebate of Louisville permit fees associated with all lots through March 31, <br />2016. <br />12) 50% rebate of Construction Use Taxes associated with improvements to all lots <br />through March 31, 2016. <br />13) 50% rebate of application fees associated with improvements to all lots through <br />March 31, 2016. <br /> <br />ANALYSIS/FISCAL IMPACT: <br />The total Historic Preservation Fund outlay should this offer be executed is; <br />City Purchase $950,000 <br />Proceeds from Caranci ($200,000) <br />Max Stabilization Funds $500,000 <br />Total $1,250,000 <br /> <br />As a comparison, the financial considerations proposed by Olde Town Group submitted <br />for the Second Round RFP are as follows; <br />Donation of Property: $950,000 <br />Stabilization: $795,000 <br />Adaptive Re-use Assistance $380,000 <br /> $2,125,000 <br /> <br />Staff’s estimate of the value of the public land dedication for the Grain Elevator property <br />and the Caranci property is $48,927 (1.56 acres x 43,560 x $6 psf x 12%).