City Council Agenda and Packet 2013 08 06

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City Council Meeting Minutes July 2, 2013 Page 9 of 25 site located at 707 East South Boulder Road on July 2, 2013.The final plat of the property dedicated new easements to the City, which provide access to the gathering spaces and the planned utilities on the site. The final plat also proposed vacating an existing 25 foot sewer and water easement, which staff determined was no longer needed. City Attorney Light clarified this easement already exists therefore the last portion of the ordinance stipulates the vacation of the existing easement becomes effective upon recordation of the new plat dedicating the new easement. Mayor Muckle called for public comment and hearing none, closed the public hearing. MOTION: Mayor Pro Tem Dalton moved to approve Ordinance No. 1635, Series 2013, on final reading, seconded by Council member Keany. Roll call vote was taken. The motion carried by a vote of 7-0. RESOLUTION No. 38, SERIES 203 A RESOLUTION APPROVING THE PROPERTY TAX INCREMENT REBATE AGREEMENT PURSUANT TO THE INTERGOVERNMENTAL AGREEMENT BETWEEN THE LOUISVILLE REVITALIZATION COMMMISSION AND THE CITY OF LOUISVILLE Mayor Muckle requested a staff presentation. Economic Development Director DeJong, explained Tract One, LLC, owned by Loftus Development Inc., has submitted an application for assistance from the Louisville Revitalization Commission (LRC). A summary of the project is as follows: 36,000 SF of retail space; 111 apartments and underground parking for a total investment of $31,000,000. Request for LRC Assistance: The LRC received the application on May 31, 2013. Through the PUD process, the following additional infrastructure improvements were sidewalk along South Boulder Road; masonry for water detention and street lighting on The LRC Application Evaluation Process: Reviewed on June 10, 2013 with the following three evaluations:Removing Blight Factors;Effect of Project on Property Values and Advancement of the Urban Renewal Area. Tract One, LLC TIF Rebate Agreement: The LRC approved a Property Tax Increment Rebate Agreement with Tract One, LLC, for an amount of $380,000 ($350,000 plus $30,000 for potential cost overruns and delayed repayment). Summary of TIF Agreement: Tract One will construct the improvements; TIF Rebate of revenues received from the value above January 1, 2013 taxable value ($507,500); not 40