City Council Study Session Agenda and Packet 2009 02 24

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c. Except as noted below, to receive Incentives funding, the owner must complete an application and submit it to the HPC, together with sufficient building plans, if appropriate. Applications may be submitted at any time. Applications shall initially be reviewed by HPC staff, followed by a recommendation to the HPC. The HPC shall make a recommendation to City Council for final action. Any recommendation and final approval may grant some or all of the requested incentives, and shall be accompanied by conditions which must be met for receipt of the incentives. Priority shall be given to rec{uests for loans, then rebates, then grants, and may be affected by the amount currently and foreseeably in the HPF. Additions to existing structures may qualify for incentives if so determined by the HPC and City Council. d. In all cases, receipt of Incentives funding shall be conditioned on an agreement between the property owner and the City of Louisville that if eligible, the structure shall be landmarked pursuant to the Louisville Municipal Code Chapter 15.36 and if not eligible, the owner shall grant the City a conservation easement to preserve the outside appearance of the structure. If the structure is landmarked, then future alterations to the structure shall be determined in compliance with the Louisville Municipal Code Chapter 15.36. The divestment by the City of any conservation easement shall require approval by a majority of eligible voters. e. In the first year of the existence of the HPF, 50% of the Incentives funds shall be set aside for residential projects. [c~r~ In the first year of the existence of the HPC, 33% of the incentives funds shall be set aside for existing residential resources, 33% shall be set aside for existing commercial or other resources, and 33°/~ shall be set aside for new construction.] Any allocations thereafter shall"be determined on an annual basis, based on current trends and needs. IV. Acquisitions Funds: Use of Acquisition fi:mds of the HPF shall include, but not be limited to: a. The purchase of historic properties or properties which contribute to the character of Old Town Louisville. These properties, if eligible, shall be landmarked pursuant to the Louisville Municipal Code Chapter 15.36 and if not eligible, shall have a conservation. easement placed upon them to preserve the outside appearance of the structure. The City shall perform any restoration or rehabilitation work necessary and then sell the properties. Any loss resulting in the work or sale of the property shall be charged to the HPF, while any profits s}iall be deposited with the HPF; and b. The purchase of conservation easements to protect the appearance of structures that contribute to the character of Old Town. Easements may be held by the City, athird-parry non-profit preservation organization, or both. The divestment by the City of any conservation easement shall require approval by a majority of eligible voters.