City Council Agenda and Packet 2015 04 21

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City Council Meeting Minutes April 7, 2015 Page 10 of 26 Staff Justification: The project is consistent with IGA to encourage additional affordable housing. It continues the City's long standing history of providing assistance for affordable housing in Louisville (Lydia Morgan and Sunnyside) and helps BCHA secure additional assistance from Federal and State funding programs. It is mostly consistent with the City's Comprehensive Plan policies and principles on affordable housing. It supports Louisville businesses that see affordable housing as an obstacle in recruiting and retaining employees. It delivers portions of the street network identified in the 2013 Comprehensive Plan and Highway 42 Transportation Plan. Staff recommendation: Approve Resolution No. 17, Series 2015, which approves the Financial Assistance Agreement with BCHA for affordable housing in Louisville. COUNCIL COMMENTS Council member Loo thanked the City staff and the Boulder County staff for their work on the financial agreement. She felt this project would be a good value for the City of Louisville. Council member Lipton addressed the market based project and asked if there would be any property tax. Norrie Boyd, Boulder County Housing Authority, explained the market project will help support their low income housing project. Economic Development Director DeJong noted the market housing project would likely pay property taxes. Council member Lipton wanted to ensure public funds are not used for the market based property and suggested the resolution include such language. He was not sure the County got maximum value for the land they sold to the artist housing project. He felt the land should have been subdivided and developed by a developer and the development money used to pay for the subsidized component of the housing project. Norrie Boyd, Boulder County Housing Authority, explained the County does not have a purchase contract with the Artist Group. The County did issue an RFP to provide some financial assistance to facilitate the affordable housing development, but without the annexation they cannot parcel the property. She explained Boulder County cannot afford to build the affordable housing if they offer a deal to a market based commercial or residential development. She stressed the County must get cash for the market component in order to facilitate the affordable housing project. Council member Lipton agreed, but was bothered the County may not have gotten maximum value for the land. Council member Leh supported the proposed financial assistance. He felt the project was responsive to the community's need and was pleased with the agreement for the 38