Historic Preservation Commission Agenda and Packet 2019 05 20

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Historic Preservation Commission Meeting Minutes April 29, 2019 Page 4 of 6 Dickinson summarized that the commercial grants could include language about limiting the third story and decreasing the FAR by 20% for commercial structures. Dunlap observed that there were a lot of changes being made to the language at this point and that nonspecific language might be better for staff than adding new, detailed language. Zuccaro summarized the proposed changes: • Limit commercial and residential New Construction Grant to landmarked structures or structures with conservation easements. Criteria for commercial grants: • 20% FAR reduction in the Downtown Area • No third story in Downtown Core Criteria for residential grants: • 10% FAR reduction • First 1/3 of your existing structure maintained at existing height • Old Town Overlay standards for anything constructed behind that Dickinson stated that the language for the Revolving Loan Fund might be served by attaching the loan percentage to a lower, fixed rate. In his experience with the loan program, there were not any advantages to going through the City. He still had to go through a third party to secure the loan and the rate was about the same and the process was longer dealing with the City and the outside lender. He noted that the Wall Street Journal Prime Rate was a consistent rate for everyone, but not necessarily the best rate that he as a lessee could get. Klemme noted that if you have better credit you get a better rate and that banks competed with different rates. She thought Commissioner Dickinson's feedback was great as someone who had gone through the process. She did not think the City could pick a fixed rate, but that the percentage rate below could be significantly lower than prime. Dickinson thought that 3% below would have made the process worth it for him. He informed the Commission that he was not going to benefit from any changes at this point. Thomas added a proviso that the rate not go below 1 %. Thomas made a motion to approve staff's recommendation for the Fund as amended in this meeting to reflect the changes in residential density and commercial density in New Construction Grants and to reflect that New Construction Grants can be given for structures that were not landmarked or with conservation easements and that the revolving loan fund be revised to be 3% below prime but not to dip below 1 %.