Historic Preservation Commission Agenda and Packet 2009 06 15

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landmarked, then future alterations to the structure shall be determined in compliance with Louisville Municipal Code Chapter 15.36. The divestment by the City of any conservation easement granted to it shall require an affirmative vote of at least two-thirds (2/3) of the entire City Council. No divestiture may be approved prior to 15 years after the granting of the easement. f. In the first year of the existence of the HPF, 50% of the incentives funds shall be set aside for residential projects. Any allocations thereafter shall be as determined by City Council. The HPC may provide recommendations on allocations of incentive funds on an annual basis. Section 4. Acquisitions Funds: Use of Acquisition funds of the HPF shall include, but not be limited to: a. The purchase of historic properties or properties which contribute to the character of historic Old Town Louisville. These properties, if eligible, shall be landmarked pursuant to 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 or other historical attributes of the structure or site. Prior to the purchase of any property, a financial risk analysis shall be conducted, although City Council may base its approval on considerations other than financial. The City may perform any restoration or rehabilitation work necessary on properties the City acquires, subject to availability of funds therefor, and may then sell the properties unless retained for a municipal purpose. A conservation easement for historic preservation purposes may be placed on the property prior to or in connection with any sale. Any loss and any costs resulting from the acquisition, rehabilitation and sale of the property shall be charged to the HPF, while any profits shall be deposited to the HPF; and b. The purchase of conservation easements to protect the appearance of structures that contribute to the character of historic Old Town Louisville. Easements funded by the City may be held solely by the City or jointly with another governmental entity or a third-party non-profit preservation organization. Section 5. Contingency/Emergency Reserve Funds: In the first year of the existence of the HPF, 20% of the funds of the HPF shall be placed in a Contingency/Emergency Reserve. On an annual basis, the HPC and City Council shall reevaluate how much should be allocated to this Reserve. These funds shall be accessed only for incentives or acquisitions that become necessary due to exigent circumstances, upon the recommendation of the HPC and approval of City Council. "Exigent circumstances" for purposes of this section shall mean that the HPC has determined, with concurrence of City Council, that without urgent action, significant damage will be done to the historic fabric or character of Louisville. 5