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L <br />City, + <br />Louisville <br />COLOR A PO •SIN' (: N <br />CITY COUNCIL COMMUNICATION <br />AGENDA ITEM 5E <br />SUBJECT: <br />RESOLUTION NO. 31, SERIES 2014 — A RESOLUTION <br />APPROVING A SECOND AMENDMENT TO THE PURCHASE <br />AND SALE AGREEMENT BETWEEN LOUISVILLE MILL SITE, <br />LLC AND THE CITY OF LOUISVILLE <br />DATE: JUNE 3, 2014 <br />PRESENTED BY: AARON M. DEJONG, ECONOMIC DEVELOPMENT <br />SUMMARY: <br />Staff requests City Council approve a second amendment to the Purchase and Sale <br />Agreement for the Historic Grain Elevator project to align the PUD submittal dates and <br />the anticipated PUD approval process for this project. <br />Specifically, the proposed amendment would make the following changes to the <br />Agreement: <br />1. Seller must submit their PUD documents and subdivision plat within 180 days of the <br />Effective Date of October 22, 2013. <br />Explanation: Louisville Mill Site LLC submitted its PUD and subdivision plat materials <br />on April 3, 2014: thus this amendment would put Louisville Mill Site LLC back into <br />compliance. <br />2. The Closing will occur within 30 days of the Final Plat and PUD are approved by the <br />City Council but no later than February 20, 2015. <br />Explanation: After execution of the Purchase and Sale Agreement, Planning Staff <br />determined the PUD and Plat must go through both preliminary and final review due <br />to the property not being platted within the City. Planning Staff anticipates the <br />preliminary PUD and Plat be to submitted for City Council consideration in August <br />2014, assuming normal review and Planning Commission review periods. Planning <br />Staff anticipates Final PUD and Plat would be submitted for Council consideration in <br />December 2014. <br />Once the Final PUD and Plat are approved by City Council, the legal description for <br />the parcels being landmarked can be finalized. The landmarking documents will be <br />executed prior to closing. <br />BACKGROUND: <br />The Grain Elevator, located on the east side of Front Street and south of Pine, has been <br />listed as a contributing property on the National Register of Historic Places. Built in <br />1908, the Grain Elevator is historically and visually the most significant structure <br />associated with the agricultural history in Louisville. Its frame construction and <br />COUNCIL COMMUNICATION <br />