City Council Minutes 2012 01 03 - Laserfiche WebLink

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City Council Meeting Minutes January 3, 2012 Page 8 of 14 been approved by the City. Financial incentives for designated landmarked residential structures are as follows: 1. A one thousand dollar($1,000) incentive, also known as a "signing bonus" with no use conditions. 2. Up to five thousand dollar($5,000) incentive which may be used for preservation, rehabilitation and routine maintenance of the structure. The purpose of Resolution No. 2, Series 2012 is to create a similar program with additional financial incentives for approved landmarked commercial structures in downtown Louisville. The categories for incentives for commercial properties are Designated Commercial Landmark and Designated Structure of Merit. Staff and the HPC revised the proposal as follows: 1. Reduce the commercial signing bonus to $10,000 2. Provide grants of up to $75,000 for construction of new commercial structures or additions to existing structures that 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. 3. Specify maximum grant amount guidelines, condition grant awards on completing a structural assessment ($900 for residential and $6,000 for commercial) to identify priorities, set deadlines for applying for a grant after receiving landmark or structure of merit designation, and clarify what grants may used for. 4. Specify requirements for matching funding. Guidelines for the maximum amounts of grants available are as follows: For landmarked residential properties - $21,900; landmarked commercial properties - $181,000; commercial structures of merit - $141,000 and for new construction $75,000. These limitations may be exceeded with a 100% match upon recommendation by the Historic Preservation Commission to the City Council. Staff projected the HPF will receive $375,000 dollars annually from Sales Tax, State Grants, and miscellaneous funds through 2019. As a result, there is approximately $2.4 million dollars through the life of the fund for grant distribution. For planning purposes approximately 60% could go to residential grants or$1,444,000 and 40% to commercial preservation or$960,000. PUBLIC COMMENT Garrett McCarthy, Owner of the Old Louisville Inn, spoke in support of the commercial incentives for historic buildings in downtown Louisville. It was his desire to make the following improvements to his historic building: new restroom facilities, repairs to the foundation, and insulation. He urged Council to support the resolution. Peter Stewart, Historic Preservation Commission Chairperson, voiced support for the proposed commercial incentives. He stated the business property owners are anxious to make restorations to their buildings. He noted the purpose of Historic Preservation is