City Council Minutes 2004 12 07 - Laserfiche WebLink

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Louisville City Council Meeting December 7, 2004 Page 3 of 11 Mayor Sisk proclaimed December 5 - 11, 2004 as Culture of Giving Week, and presented the proclamation to Conrad Lattes, Vice Chair Person for the Community Foundation serving Boulder County. Mr. Conrad Lattes, 873 8th Street, Boulder, CO accepted the proclamation and thanked the Mayor and City Council. He explained the Culture of Giving is a grass roots organization, which celebrates all the non-profit agencies in Boulder County. RESOLUTION NO. 52, SERIES 2004 - A RESOLUTION APPROVING AN AFFORDABLE HOUSING RESTRICTIVE COVENANT AND AGREEMENT FOR CENTENNIAL PAVILION LOFTS AND WAIVING CERTAIN FEES FOR THE SEVEN AFFORDABLE HOUSING UNITS SUBJECT TO THE COVENANT AND AGREEMENT (continued from 11/16/04) Mayor Sisk requested a Staff presentation. Principal Planner Ken Johnstone reported on the Affordable Housing Agreements for the Centennial Pavilion Lofts project and the Applicants' request that the City waive the fees associated with seven affordable housing condominium units. Council directed Staff to meet with the property owner/developer, members of the Louisville Housing Authority, Boulder County Housing Staff and Council members Marsella and Clabots. Based on the discussion at that November 30 meeting, Staff brought forward an updated Agreement and Resolution. Relative to the request to waive fees, the resolution reflects the Major Thoroughfare fee, Service Expansion Fee, plan check and the building permit fees are waived for the seven affordable units. In an effort to recoup his costs, the developer has requested that one of the designated 2 bedroom affordable units be switched to a one bedroom unit. Combined with the fee waivers proposed in the Resolution, would reduce project costs and lost sales revenues. Another option for the fee reduction would be to defer payment of certain fees to the time of Certificate of Occupancy, rather than at the issuance of the building permit. Changes to the Agreement for the Centennial Pavilion Lofts are as follows: The Duration of Affordability proposes permanent affordability, with the caveat that if the developer or subsequent owners, who are subject to the agreement are unable to sell the unit after a reasonable amount of time, the Affordability Covenant is lifted. The Initial Sale of Unit allows that if the unit is not sold within 120 days of "drywall inspection", the Covenant shall no longer apply and the unit could be sold at market rate. If the unit is unsold at the end of the 120-period term, the City could exercise a first fight of refusal to purchase the affordable unit. If that option is not exercised, the City and the owner/developer would share in the profit achieved above the initial sale price for the affordable unit.