City Council Minutes 2015 03 17 - Laserfiche WebLink

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City Council Meeting Minutes March 17, 2015 Page 13 of 31 Council member Loo asked if there were not any flood displaced victims housed in the Louisville project, would the $8 Million still be available. Mr. Alexander stated the $8 Million funding would backfill the 4% tax credits and that funding will occur regardless of who moves into the project once it is completed. He explained Community Disaster Recovery funds are designed to comprehensively and financially resuscitate a community's recovery. Council member Lipton shared concern over getting the fiscal analysis tonight.. He addressed the issue of ongoing $129,000 per year deficit and noted the owners of these facilities will be exempt from property tax. He stated it is hard to tum positive retum without property tax payments. He felt the annexation and zoning were in order and the housing needs were being met.. He was concerned about the one -time capital cost of $667,000 deficit, which does not include the assistance package. He voiced his concem over the fiscal models moving forward as this has not been discussed in the City's budget process. He did want to use public funds to support market based housing or linking to a particular segment of the community. He supported the affordable housing and senior housing. He did not support linking market based housing with any occupational group. He wanted to see a local assistance condition tied to the market based housing product, for the purpose of demonstrating transparency. He supported moving forward with the annexation and zoning, but felt more discussion was needed on the local assistance for this project. Council member Keany felt his questions from previous meetings had been met regarding the density and guarantees those properties will remain affordable housing even if it changes hands in the future. He supported the project and felt the City's contribution was small even though building fees will be waived. He noted the ongoing contributions will affect the City's budget and asked staff to help explain the funding details. He felt the local support was low and supported going forward with this project.. He appreciated Council member Stolzmann's creative analysis on accounting for matching contributions. He was not concemed about selling a portion of the property for the artists housing as long as it sold at fair market value and not being subsidized by the City or County. Mayor Pro Tem Dalton felt this iteration was much clearer. He recommended the County present the next iteration as they desire. He was satisfied with the transparency provided by the County for the portion being developed by others. He agreed with providing the actual costs of the project's components. Council member Leh felt his concems had been addressed and the Council could vote on the annexation and zoning. He was pleased staff negotiated a higher percentage of senior and affordable housing. His constituents expressed a desire to have smaller homes in their senior years and the ability to afford such homes. He was not in favor of voting on the financial agreement this evening. He felt the Council's concem centered