City Council Minutes 2011 10 18 - Laserfiche WebLink

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City Council Meeting Minutes October 18, 2011 • Page 4 of 17 The HPF will receive approximately $375,000 annually from Sales Tax, State Grants, and miscellaneous funds through 2019. 12% of the fund is allocated for administrative and 6.5% allocated for professional services, resulting in approximately $300,000 available annually for grant distribution. Approximately $2.4 million will be available for grant funding through the term of the HPF. Staff recommended City Council allocate 60% of the grant funding for residential structures and 40% for commercial structures. $1.4 million would be available for residential properties over the next 8 years, allocating an estimated 64 landmarked structures an average of about $22,500 per residential structure. Allocating 40% of the HPF to commercial structures would result in approximately $975,000 over the next eight years. The recently completed Historic Structure Assessment (HSA) for the Grain Elevator projects approximately $685,000 is needed to make it structurally sound. If 40% of the projected HPF funds are planned for commercial structures, and if $685,000 is devoted to the Grain Elevator project, it would leave approximately $290,000 for other commercial buildings. Staff recommended approval of Resolution 70, Series 2011. PUBLIC COMMENT • Steve Costello, 902 Grove Drive, Louisville, CO voiced his confusion with the calculations presented for incentives and asked if there was a cap. Principal Planner McCartney explained the formula attempts to determine how many properties may be landmarked. Councilor Muckle explained there are not any caps on requests. Mr. Costello voiced his concern over the amount of incentives for commercial property. He noted commercial properties generate revenue for the owners, whereas residential property will not receive on-going revenue for landmarking their property. He was concerned that revenue, which supports the entire historical preservation program, comes from business outside of the downtown area and those businesses would not have the ability to apply for HPC funds. He urged Council to look at the disparity between the incentives and find some common ground. Michael Menaker, 1827 W. Choke Cherry Drive, Louisville, CO also voiced his concern over the proposal for commercial incentives. He explained ballot language for the Historic Preservation outlines four permitted uses for funds: 1) Provide incentives to preserve historic resources; 2) Provide incentives to preserve buildings that contribute to the character but are not deemed to be historic; 3) Staff time necessary to administer the program; 4) Provide incentives for new buildings and developments within Old Town Louisville to limit mass, scale, and number of stories; to preserve setbacks; to preserve pedestrian walkways between buildings and to utilize materials typical of historic buildings, above mandatory requirements. He stated there are opportunities to use the • funds downtown.