City Council Minutes 2014 01 21 - Laserfiche WebLink

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City Council Meeting Minutes January 21, 2014 Page 5 of 30 the applicant. The loan would be secured by a lien on the subject property, and any outstanding loan balance would be due upon sale or transfer of the property.. Under the proposed resolution, the City would contract with another firm to administer the loans. The costs of initiating, administering, and collecting the loans, along with any costs associated with initial setup of the program, would be charged to the HPF. The City would issue a request for proposals for loan administration services and select the proposal most advantageous to the City. The HPC reviewed the proposed resolution at their December 16, 2013 meeting and moved to recommend the draft resolution 6-0. The Commission determined the loan program would provide another tool to incentivize the preservation of historic resources and help extend the life of the HPF. The fiscal impact of this resolution would depend on how many applicants took advantage of its provisions. Because the proposed interest rate on the loans is greater than the average rate of return for the HPF, making loans would have a positive fiscal impact in nominal terms. There would also be unknown costs associated with administering the loan program. COUNCIL COMMENTS Council member Keany inquired how much it would cost to service the loans. Planner II Robinson stated they will research the service used by the City of Fort Collins. The RFP will make sure the City partners with a satisfactory administrator. Council member Keany wanted to make sure the service cost is not more than what the fund is making in interest. Mayor Pro Tern Dalton addressed the resolution, reflected using Historic Preservation Funds and stated his assumption the loan administrator would manage the fund and there would not be co-mingling of funds. Planner II Robinson confirmed there would be no co-mingling of funds. Council member Loo thanked the City staff and the Historic Preservation Commission and Commissioner Mike Koertje for their work on the loan program. Mayor Muckle also expressed his thanks to the City staff and the Historic Preservation Commission. MOTION: Council member Jasiak moved to approve Resolution No. 4, Series 2014, seconded by Mayor Pro Tern Dalton. All were favor. DISCUSSION/DIRECTION — SOUTH BOULDER ROAD SMALL AREA PLAN — PROJECT APPROACH Mayor Muckle requested a staff presentation.