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City„ <br />Louisville <br />COLORADO • SINCE 1878 <br />CITY COUNCIL COMMUNICATION <br />AGENDA ITEM 5D <br />SUBJECT: <br />RESOLUTION NO. 5, SERIES 2015 - A RESOLUTION <br />APPROVING A THIRD AMENDMENT TO THE PURCHASE AND <br />SALE AGREEMENT BETWEEN LOUISVILLE MILL SITE, LLC <br />AND THE CITY OF LOUISVILLE <br />DATE: FEBRUARY 3, 2015 <br />PRESENTED BY: AARON M. DEJONG, ECONOMIC DEVELOPMENT <br />SUMMARY: <br />Staff is requesting City Council approve a third amendment to the Purchase and Sale <br />Agreement for the Historic Grain Elevator project. The modifications made by this third <br />amendment align the PUD submittal dates and the anticipated PUD approval process. <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 />functional design illustrate an important architectural resource associated with <br />agriculture. The Grain Elevator is in the historic Old Town Louisville area defined in the <br />Historic Preservation Fund ballot measure and consequently is eligible for Historic <br />Preservation Fund grant funding. The site consists of 1.069 acres, contains the Grain <br />Elevator, a 3,360 SF retail building in which Tilt! Pinball, a pinball arcade, is located, and <br />one small storage building. <br />The City Council approved Resolution No. 3 Series 2013 approving a Purchase and <br />Sale Agreement with Louisville Mill Site LLC, and entity owned by Randy Caranci and <br />Erik Hartronft. The Agreement outlines the terms and conditions between the parties to <br />stabilize the Historic Grain Elevator, sell the property to Louisville Mill Site, LLC, and <br />provide incentives for stabilization and redevelopment of the area. <br />DISCUSSION: <br />This third amendment makes the following changes to the Agreement: <br />1) The Closing shall occur thirty (30) calendar days after the receipt of the <br />Approvals but no later than June 30, 2015. <br />Extending the closing date to June 30, 2015 will allow enough time for the property PUD <br />approvals and landmarking hearings to occur. The PUD is currently scheduled for <br />consideration by City Council in April or May 2015. <br />2) Extend the date to complete the stabilization Scope of Work from December 31, <br />2014 to October 31, 2015. <br />COUNCIL COMMUNICATION <br />