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Louisville City Council Meeting <br />November 16, 2004 <br />Page 5 of 8 <br /> <br />Mayor Sisk requested a Staff presentation. <br /> <br />Finance Director Patty Leslie explained Resolution No. 51, Series 2004 transfers lodging <br />tax funds collected over and above the estimated $250,000 first year revenue in 2003 <br />from the General Fund to the Water & Wastewater Fund, as required by TABOR. That <br />amount is $4,905. The Resolution also increases the 2004 Appropriations in the Water & <br />Wastewater fund for the expenditures of refunding the excess of $4,905 collected in <br />lodging tax in 2003.The refunding will be made through a credit on all commercial and <br />residential water services accounts. This would amount to approximately a one-time $.76 <br />credit to each account in 2004. <br /> <br />Mayor Sisk opened the public hearing and requested public comment. There were none. <br /> <br />COUNCIL COMMENTS <br /> <br />Council member Brown asked how the credit would be handled. Leslie stated it would <br />appear as a utility billing credit. Mayor Sisk noted the Finance Committee discussed this <br />matter and agreed a credit on utility billing would be the most appropriate way to comply <br />with the TABOR requirement. <br /> <br />MOTION: Council member Levihn moved for Council approval of Resolution No. 51, <br />Series 2004, seconded by Council member Brown. Roll call vote was taken. The motion <br />passed by a vote of 7-0. <br /> <br />RESOLUTION NO. 52, SERIES 2004 - A RESOLUTION APPROVING AN <br />AFFORDABLE HOUSING RESTRICTIVE COVENANT AND AGREEMENT <br />FOR CENTENNIAL PAVILION LOFTS AND WAIVING CERTAIN FEES FOR <br />THE SEVEN AFFORDABLE HOUSING UNITS SUBJECT TO THE COVENANT <br />AND AGREEMENT <br /> <br />Mayor Sisk requested a Staff presentation. <br /> <br />Principal Planner Johnstone reported the Council approved a Special Review Use and <br />Amended Final PUD Development Plan for the Centennial Pavilion Lofts on June 1, <br />2004. The project is a 3-story, 66-unit residential condominium project. One of the <br />conditions of the approval required the applicant to formalize its commitment to make 7 <br />of the 66 units affordable, at an 80 percent of median income standard. City Staff and the <br />City Attorney met with the Applicant to formalize the required affordable housing <br />agreement. Johnstone explained that Staff had researched surrounding communities' <br />policies on affordable housing including the cities of Lafayette, Longrnont, and Denver. <br />Discussion items included the following: Eligible Buyer, Initial Sales Price, Initial term <br />of Covenant and Agreement; Resale; Restriction on Use and Rental; Duration of <br />Covenant; and Designation of Units. The Applicant, Scott Pederson initiated a request for <br />a waiver of all development fees in conjunction with the affordable housing units. Based <br />on past Council actions, Resolution No. 52, Series 2004, proposes to waive the service <br /> <br /> <br />