City Council Agenda and Packet 2015 04 21

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City Council Meeting Minutes April 7, 2015 Page 11 of 26 number of affordable housing units. He felt the impacts about density and traffic would be addressed. He was disappointed the issues did not get resolved earlier. Council member Stolzmann supported the project because of the changes made. She suggested in the future, if all information is not available, the matter be delayed. She understood the urgency to get the federal funds. Mayor Muckle asked City Attorney Light to address the clauses in the agreement, which prohibit the financial assistance from being used in the market rate housing project. City Attorney Light explained the Financial Assistance Agreement stipulates Building Permit Fee and Impact Fee Rebates are provided only for affordable units and affordable units is defined as income and age restricted. Also the income and age restrictive project excludes market rate units. Council member Lipton inquired whether there could be a condition in the resolution, which stipulates Louisville's public funds cannot be used for the project's private component. City Attorney Light stated it could be stated through a recital or a condition of intent, but if Council wants to add language that the County agrees to abide by, it should be added in the contract. RESOLUTION No. 17, SERIES 2015 MOTION: Mayor Muckle moved to approve Resolution No. 17, Series 2015, and direct the City Attorney and authorize the Mayor to sign a resolution with an intent clause, which provides the City's public money will not be used for market based housing, seconded by Mayor Pro Tem Dalton. City Attorney Light offered the following revisions to the resolution: 1) Add a new fourth to last Whereas clause to read as follows: WHEREAS, the City Council intends and the Agreement provides that such assistance is limited in use to support the construction and long -term affordability of affordable units and age- restricted units and not to be used for development or other costs for units that are not affordable or age- restricted units. 2) Add a new number 1 in the body of resolution after the Now, Therefore clause and renumber items 1 -4 to 2 -5. The new item 1 would read as follows: 1. The foregoing recitals are incorporated herein and made a part of this Resolution. Council member Lipton noted Exhibit A should be "A copy of the Financial Agreement" instead of a "Business Assistance Agreement ". VOTE: Roll call vote was taken. The motion carried by a vote of 6 -0. Absent: Council member Keany. 39