City Council Minutes 2014 02 04 - Laserfiche WebLink

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City Council Meeting Minutes February 4, 2014 Page 7 of 28 The total fiscal impact would not exceed a total of 50% of the City's permit fee rebates and 50% building use tax rebates based on the stabilization work of approximately $322,000 and expansion work of approximately $221,000 at 740 Front Street. Staff recommended approval of the Business Assistance Agreement with Historic 740 Front Street for stabilization and expansion of the building at 740 Front Street. APPLICANT PRESENTATION Steve Sims, Boulder, CO introduced his partners, John Gstalder, Garrett McCartney, Dr. Hale Kell and Mark Jarman. They have joined together to preserve the Old Louisville Inn. They will make a presentation for the landmarking and grant request. COUNCIL COMMENTS Council member Stolzmann asked if the Louisville Revitalization Commission considered participating on this property. Economic Development Director DeJong stated the applicant did not submit an application to the LRC. He noted the structure is in the revitalization area and would be eligible for investment. The LRC looks for public infrastructure, however there is very little in this project. Council member Stolzmann valued the project but stated the City Council decided business assistances packages to downtown restaurants has been maxed out and she could not support the funding from economic development. She felt it would be a disincentive to other businesses. Mr. Sims stated they are not adding a new restaurant, they are adding on to one of the existing restaurants in the downtown area to make the property more viable. They will be installing larger bathrooms and adding more seating. Economic Development Director DeJong stated the site is troubled and making the major investment does make the economic viability of this property much stronger. The City approved a similar BAP for the Blue Parrot. Council member Jasiak stated BAPs to the Blue Parrot and Twelve Degree improved the space in the long term for the economic viability. She voiced her support of the Business Assistance Package. Council member Keany asked for the order of the agenda and asked if there should be a specific order. City Attorney Light stated the business assistance does not have to come before the preservation items. The other agenda items include the PUD, landmarking and restoration grant request. He stated Council may take action on all the items and if the project does not go forward the business assistance would not go forward. Some projects want a sense of certainty of a Business Assistance Package before they incur any expense.