Revitalization Commission Agenda and Packet 2019 12 09

Home Browse Search

Revitalization Commission Minutes November 18, 2019 Page 2 of 3 Reports of Commission None Business Matters of Commission • Resolution No. 19-02 Adopting the Annual Budget and Appropriating Expenditures for Fiscal Year 2020 for the Louisville Revitalization Commission Finance Director Kevin Watson said there was one small change to the budget that was previously discussed and that is the amount of interest paid on bonds. After discussion with bond counsel, it was agreed that principal of $206K will be paid. This was a very minor change. This was approved by City Council. Motion to adopt the 2020 budget was made my Commissioner Adler. Motion was seconded by Commissioner Tofte. All Commissioners were in favor. Approved. • Resolution No. 19-03 — Approving a Property Tax Rebate Agreement with 712 Main Street LLC and 722 Main Street LLC Finance Director Watson said Council wants the base valuation within the rebate calculation to be adjusted for an estimated increase due to the biennial reassessment years. Rebate projections that were approximately $923,000 have been adjusted down to approximately $848,000. Commissioner Baskett said she, Chair Fisher and Commissioner Adler attended the Council meeting in support of the Resolution. Neighbors of the property also spoke in favor. Chair Fisher made a motion to approve the Resolution. Commissioner Adler seconded the motion. Chair Fisher — yes Commissioner Adler — yes Commissioner Baskett — yes Commissioner Bradfield — no Commissioner Grosevski — yes Commissioner Tofte — yes Commissioner Bradfield feels this is a subsidy for an office building. In terms of visionary use, this will be marginally more attractive but no real change and should not be subsidized. • Approval of Bylaws Amendments Regarding Regular Meeting Date and Time, Commission Checks and Personnel of the Commission