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City Council Meeting Minutes April 2, 2013 Page 10 of 21 ceiling and a thorough cleaning and basic stabilization of the foundation and interior structure to attract potential community minded, grant funding partners. Jean Morgan, 1131 Spruce Street, Louisville, CO stated she had a great deal of respect for the Historic Preservation Fund and supported the City directing the cleaning and stabilization operations of the grain elevator. Once cleaned, stabilized and landmarked, the grain elevator can go through the RFP process with more certainty for the developer of the property. She felt it wise and fiscally sound for the structure to be put back on the market once it is clean and stabilized. She did not support giving the City's investment away. She urged Council to preserve the historic preservation funds. COUNCIL COMMENTS Council member Keany thought the first Hartronft/Amterre proposal was very similar to The Olde Town proposal. Economic Development Director DeJong felt The Olde Town Group proposal gave more credence to the grain elevator portion, while the Amterre proposal looked at the entire property as opposed to the grain elevator. Council member Keany asked what the City's contribution would be under the Olde Town Group. Economic Development Director DeJong stated the acquisition is the same ($950,000), stabilization on the Amterre proposal was not capped and the assistance on the adaptive use was up to $450,000, dollar per dollar match. He stated financially they were very similar. Council member Keany inquired whether Mr. DeJong thought this proposal would result in a referendum. Economic Development Director DeJong stated a referendum petition is possible if the City decides to dispose of the property. City dispositions of property must be done by Ordinance. Council member Keany did not see any difference between the Amterre proposal and The Olde Town proposal. Economic Development Director DeJong explained the referendum was filed against Ordinance No. 1618, Series 2012, for the $1.5 Million Dollar interfundlLoan from the General Fund to the Historic Preservation Fund. Ordinance No. 1622, Series 2012 resolved the funding issue. Council member Keany asked if both proposals were presented to the Historic Preservation Commission. Economic Development Director DeJong stated he only invited The Olde Town Group to present their proposal to the Historic Preservation Commission, as they were the recommended proposal. Council member Keany inquired whether Alternatives 1 and 2 of the Hartronft proposal should be evaluated. Economic Development Director DeJong stated it could be a part of the scope of work. He stated if Council is looking for more analysis he would recommend a new RFP.