City Council Minutes 2015 02 17 - Laserfiche WebLink

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City Council Meeting Minutes February 17, 2015 Page 8 of 20 The Boulder County Housing Authority (BCHA) is requesting financial assistance for the affordable housing project at 245 North 96th Street. BCHA signed an IGA in 2012 with the City of Louisville to maintain 146 affordable housing units and create an additional 15 units within 5 years. BCHA purchased a 13.4 acre parcel along Highway 42 in 2013 for an affordable housing project and planned to begin a project in 2017 — 2018. The property annexation approval is beginning and the preliminary PUD documents have been submitted for 207 affordable housing units (senior and family), with commercial opportunities; community non - profit location and a for sale housing parcel. Louisville has provided assistance to previous affordable housing projects: 1) Lydia Morgan in 1995 (100% fee and tax waivers, waiver of the facilities and thorough fare fees and construction funding for water mains and sidewalks) and 2) Sunnyside Place 1996 (100% fee and tax waivers, waiver of the facilities and thoroughfare fees, paving a portion of East Street, and construction funding for a fire hydrant). The BCHA is requesting rebates or waivers of City Plan Review Fees, Rebates or waivers of Construction Use Taxes, Financial assistance with road construction, and waiver of impact fees. The City Plan Review Fees are based on $52 million construction cost and $430,500 in plan review fees. The Construction Use Taxes are based on $52 million construction costs; $780,000 City General; $97,500 Open Space and $32,500 Historic Preservation. The Impact fees are based on $55,890 for the Library; $313,812 for Parks and Trails; $207,207 for Recreation; $71,208 for Municipal Facilities and $30,015 for Transportation. Road Construction Assistance based on regional traffic using the new roads: 45% share of striping costs for the northbound left movement from Kaylix to Hecla ($6,131). 25% share for the southbound right turn lane from Hecla to Kaylix ($30,656). 45% of the construction cost for Hecla ($660,765). 65% of the construction cost for Kaylix ($867,671). 45% of the construction cost for southbound acceleration lane on Highway 42 ($55,181). Staff Recommendation: 100% Rebate of Building Permit Fees $430,500 100% Rebate of Construction Use Taxes $780,000 20% waiver of Parks & Trails Fees $ 62,762 50% waiver of Municipal Facilities Fees 35,604 100% waiver of Transportation Fee 30,015 30% of street construction request 486,121 Total Financial Assistance $1,825,002 Justification: The addition of affordable housing units in Louisville was a main goal in the 2012 IGA with BCHA. The City has a long- standing history of providing assistance for affordable housing in Louisville. Prior City Councils have agreed to similar assistance structures for the Lydia Morgan senior affordable project in 1995 and the Sunnyside affordable project in 1996.