City Council Minutes 2011 10 18 - Laserfiche WebLink

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City Council Meeting Minutes October 18, 2011 • Page 3 of 17 Mayor Sisk noted the Finance Committee reviewed the CIP Projects and requested a compilation of projects, which will be completed in 2011 and which will be carried over to 2012. He reported on recent Metro Mayors' meetings and discussions with DRCOG, on ballot language for the additional sales tax needed to complete the FasTracks system, including the Northwest Rail Corridor. REGULAR BUSINESS RESOLUTION No. 70, SERIES 2011 — A RESOLUTION ESTABLISHING ADDITIONAL INCENTIVES FOR THE HISTORIC PRESERVATION FUND TO ENCOURAGE HISTORIC LANDMARK DESIGNATIONS AND NEW BUILDINGS OF CHARACTER FOR COMMERCIAL PROPERTIES IN THE CITY OF LOUISVILLE Mayor Sisk requested a staff presentation. Principal Planner McCartney explained in 2008 Louisville voters approved a one-eighth of one percent (1/8%) sales tax and the creation of a Historic Preservation Fund, which provides incentives for the preservation of historic structures and existing/new buildings of character within Historic Old Town Louisville. Since the beginning of the program, eight (8) houses have been landmarked. The residential incentives are as follows: • A. $1,000 Signing Bonus B. $5,000 Preservation and Restoration Council directed staff to finalize a recommendation for additional incentives eligible from the Historic Preservation Fund (HPF) for the preservation of commercial structures in Downtown Louisville. Staff and HPC recommendations are as follows: A. $25,000 award, without conditions, for obtaining a landmark designation. B. $50,000 grant for preserving, rehabilitating or restoring the landmarked property. Grants would have to be applied for within 18 months of landmark designation. Commercial properties which contribute to the character, historical or architectural merit in downtown Louisville and which are not eligible to be landmarked could receive the following incentives for entering into a conservation easement with the City: A.$25,000 award for obtaining designation of a Structure of Merit from the HPC and entering into a conservation easement approved by the City Council. This award would have no conditions. B.$35,000 award for Structure of Merit preserving, rehabilitating or restoring the property. Grants could be used to offset any costs of preserving the structural merit of a building. These grants would have to be applied for within 18 months • of the property's designation as a Structure of Merit.