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Reroute pipes
<br />$4,000
<br />no
<br />$4,000
<br />Fire line
<br />$32,600
<br />no
<br />$32,600
<br />Fire alarm
<br />$6,500
<br />no
<br />$6,500
<br />Hood duct
<br />$6,000
<br />no
<br />$6,000
<br />Total
<br />$321,945
<br />$65,000
<br />$100,000
<br />$156,945
<br />Eligible items that could not be funded and ineligible items are counted towards the
<br />match required for the focused grant. In total, the eligible grant requests exceed the
<br />allowed funding total, so staff recommends grants be awarded at the maximum level of
<br />$165,000.
<br />Section 6 of Resolution No. 2, Series 2012 allows for grants for "additions to existing
<br />structures... to limit mass, scale, and number of stories; to preserve setbacks, to
<br />preserve pedestrian walkways between buildings; and to utilize materials typical of
<br />historic buildings, above mandatory requirements." New construction grants may be
<br />awarded up to $75,000.
<br />The proposed addition is one story, where three is allowed, and set back from the
<br />existing building. The addition will also use similar materials to the existing building.
<br />Staff believes the proposed addition qualifies for a new construction grant, and
<br />recommends an award of $75,000. The estimated cost of the addition is $220,500.
<br />The recommended focused, flexible, and new construction grants, along with the
<br />signing bonus and structural assessment grant, result in a total recommended grant
<br />amount of $256,000. The applicant will be investing more than the required $100,000
<br />match into the project.
<br />FISCAL IMPACT:
<br />Expenditure of up to $256,000 from the Historic Preservation Fund for work at 740 Front
<br />Street. The current fund balance of the HPF is $1,781,416. There is $1,250,000 in
<br />outstanding debt to the general fund, and an additional $442,000 remaining to be paid
<br />out of the $500,000 committed to the Grain Elevator. Expected revenue over the
<br />remaining five years of the historic preservation tax is approximately $2,250,000.
<br />ALTERATION CERTIFICATE:
<br />The applicant is requesting an alteration certificate to allow for the restoration and
<br />rehabilitation work to be completed on the existing building, and to allow the addition on
<br />the south side of the building. Under Section 15.36.120 of the Louisville Municipal
<br />Code, the HPC must find "the proposed alteration to be visually compatible with
<br />designated historic structures located on the property in terms of design, finish, material,
<br />scale, mass, and height" in order to approve an alteration certificate.
<br />The proposed changes to the existing building will enhance its historic character.
<br />Existing materials will be rehabilitated or replaced with like materials where necessary.
<br />The front door and windows will be brought back to their original design. Flashing and
<br />other elements will be added to ensure the preservation of the building.
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