City Council Minutes 2015 07 28 - Laserfiche WebLink

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City Council Meeting Minutes July 28, 2015 Page 7 of 28 Planning and Building Safety Director Russ requested a response from the applicant. Mr. Lipman explained the three prospective tenants are in food sales, but they are looking for other retail businesses He noted the current tenant, Santa Fe Grill has a restaurant and bar, but does not use the all the parking spaces. He will try to get cross - parking agreements; but had concerns relative to getting and keeping tenants with a shared parking requirement in place. He noted a restaurant/bar has a greater parking ratio than a restaurant. Principal Planner McCartney stated the staff agrees with the applicant. City Attorney Light offered the following friendly amendment to the motion and condition to add the following phrase "causing aggregate parking demand for all uses to exceed 91 parking spaces ". Mayor Muckle and Council member Lipton accepted the friendly amendment. VOTE: All were in favor. Absent: Council member Keany. ORDINANCE No. 1698, SERIES 2015 — AN ORDINANCE AUTHORIZING THE SALE AND CONVEYANCE OF PROPERTY OWNED BY THE CITY AND DESCRIBED AS LOTS 1 AND 2, BLOCK 4, TOWN OF LOUISVILLE AND APPROVING A PARKING LEASE AGREEMENT AND REVOCABLE LICENSE AGREEMENT IN CONNECTION WITH SALE — 2nd Reading — Public Hearing Mayor Muckle requested a City Attorney introduction. City Attorney Light introduced Ordinance No. 1698, Series 2015. Mayor Muckle opened the public hearing and requested a staff presentation. Economic Development Director DeJong reviewed the background of the property located at 637 and 611 Front Street. The City purchased the property in 2008 (Lots 1 -6) for $1,500,000. It was leased to the United States Post Office for $83,500 per year until March of 2009. In 2010 the City approved a 10 year lease to Lucky Pie for 637 Front Street. 611 Front Street was leased to Radcliff Upholstery and Alta Alma Organics until May of 2015. Lucky Pie and Sweet Cow are strong additions to downtown and have invested over $300,000 in the building and site. The City expanded the parking in 2012 and will add more parking on Lot 6 in 2015. The owner of Lucky Pie wants to continue to invest in the property, but would like to own the property to feel comfortable about the reinvestment. He plans to improve the kitchen, front of house and the bar area. A commercial appraisal was done in 2013 by Graff Appraisals, who looked at Lots 1 -5 (the purchase is for Lots 1 -2). With the existing lease it was appraised at $1,150,000. If the lease was a market lease at $15 /sf it would be $1,360,000. Recent Downtown Property Sales: The Melting Pot sold in 2014 for $160.53 psf. The