City Council Minutes 2016 08 16 - Laserfiche WebLink

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City Council Meeting Minutes August 16, 2016 Page 7 of 12 Mayor Muckle stated his support for the project. He stated he would support trying the parking as presented and change it later if needed. ' Director Zuccaro stated music would not be allowed without a change to the SRU and asked if the applicant has an interest in having music at the site. Hartronft stated the applicant will meet whatever the noise/music regulations are currently and in the future if they changed. He stated they did not want to change the SRU to specifically allow music. Mayor Muckle stated he was fine not including music in the SRU at this time, adding the space may not even be a restaurant or something that may want music. It may be a retail or commercial establishment. Councilmember Keany agreed. Mayor Muckle made a motion to approve Resolution No. 43, Series 2016, Councilmember Maloney seconded the motion. All in favor. ORDINANCE NO. 1726, SERIES 2016 — AN ORDINANCE OF THE CITY OF LOUISVILLE, COLORADO AUTHORIZING AND APPROVING A LEASE PURCHASE FINANCING FOR SOLAR PANELS WITH ALPINE BANK AND, IN CONNECTION THEREWITH, CERTAIN RELATED DOCUMENTS AND TRANSACTIONS — 2nd Reading — Public Hearing Mayor Muckle called for a City Attorney introduction. City Attorney Light introduced Ordinance No. 1726, Series 2016. Mayor Muckle opened the public hearing and called for a staff presentation. City Manager Fleming noted this is the second half of the proposal initially discussed with a resolution approved two weeks ago. This ordinance approves a lease -purchase agreement for 199 kW of electrical production capacity from the Clean Energy Collective's (CEC) Boulder #2 array. Staff was able to secure the lower 4.75% interest rate from Alpine Bank for the first five years of the agreement. There is the possibility of it being reduced to 3.75% in the tax financing portion of the agreement. The City is assuming we could do that or buy out the panels at the end of the five years. This is consistent with the agreement approved at the August 2 meeting. The City estimates this will save the City $280,000 over a twenty-year period when combined with the capacity purchase agreement. This would more than double the City's use of renewable resources to generate the power we use. Councilmember Maloney asked where the assumptions for the interest rates come from. City Manager Fleming noted there are conditions in the agreement for transitioning to the lower $3.75% interest rate after the initial term of the agreement. The agreement contains the conditions under which the transition to the lower rate can take