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City Council Meeting Minutes January 3, 2017 Page 4 of 7 RESOLUTION NO. 73, SERIES 2016 — A RESOLUTION APPROVING A CONTRACT TO EXCHANGE REAL ESTATE BETWEEN THE CITY OF LOUISVILLE AND 608 STUDIOS, LLC FOR THE EXCHANGE OF PORTIONS OF PROPERTIES LOCATED AT 608, 612, AND 624 MAIN STREET — continued from 12/06/16 and 12/20/16 Attorney Light introduced the item by title noting this public hearing is being continued from 12/20/16. He noted the Ordinance and Resolution are both a part of the land swap Mayor Muckle reopened the public hearing. Director DeJong stated City staff and 608 Studios, LLC have negotiated a contract to Exchange Real Estate in the 600 block of Main Street The land exchange would better align the property for a Main Street oriented retail and commercial building for the building owner and for the City and it would accommodate an east -west onented parking structure within the block, should that ever be something City Council desires. He noted the Council received a redlined version of this ordinance with changes from the December 20 discussion. Since December 20 the Mayor and Mayor Pro Tem have helped negotiate this proposal. He went through the changes. 1. The building permit fee and construction use tax credit of $35,000 for 608 Studios was removed from the contract. 2. The parking improvement fee cap was increased from $5000 per space to $7500 per space. Eric Fowles, 608 Studios, stated he hoped the Council was supportive of the changes and he thinks this is a good move for the City in the long term. Andy Johnson, 922A Main Street, stated he supports the proposal as it positions the City in a good way to address parking downtown. It could create more efficient parking which is a huge benefit. It also fills a hole in downtown with a productive building. This is a good project for Louisville. Councilmember Stolzmann stated she thinks there is space for a parking structure on the City's existing property without completing the land swap. She showed photos of some similar properties in other cities that have parking structures on them She is concerned that a new parking structure on this site would impact the use of the alley She stated she doesn't think the land swap is needed to do a parking structure. She feels this land swap diminishes the City's position should the City ever want to sell the existing parking lot. She stated the land swap devalues the property sufficiently. Mayor Muckle stated he supports the land swap. It gives the City more flexibility in the long run He is happy with the changes to the contract. Councilmember Keany likes the changes to the contract and supports the land swap as it maximizes the City's choices on future uses of the property.