City Council Minutes 2014 10 21 - Laserfiche WebLink

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City Council Meeting Minutes October 21, 2014 Page 18 of 24 Council still reserves their right to approve or disapprove the zoning hearing. There is no promise those approvals will be given and if they are not given the seller has the ability to exit the contract. Council member Lipton asked City Attorney Light if there was anything specific in the contract which stipulates the owner would have to go through the normal, customary land use approval process. He asked if the language in the contract should be strengthened. City Attorney Light stated there is language in the contract relative to approvals, which says the seller is responsible for submitting and receiving approval for a plat application and a rezoning application. He stated there is a timeline of 180 days and provisions where the City agrees to waive certain application fees as well as future application fees. This means the seller has to go through the normal application and referral process. There is acknowledgement the Planning Commission and the City Council still can exercise their discretion through the land use process. There is also an acknowledgement the time schedule for processing the approvals is beyond the control of the purchaser and seller. Within 180 days either party can extend the closing for an additional 30 days. He stated the contract does not promise a short cut of the process. Council member Keany supported the acquisition of the property and felt there were adequate protections in the PUD process. He voiced his belief the downtown gateway will get built and the parking will be utilized. He stated if the Louisville Revitalization Commission had funds available, he would ask they purchase the property. Council member Loo did not believe a public project could use TIF funds, so the Louisville Revitalization could not purchase this property. She supported the land acquisition. City Attorney Light addressed the TIF process and explained this property is in the core area and if new taxable construction occurs as a result of the Tebo proposed development, it will create TIF revenue for the urban renewal authority. The development of the public parking lot is tax exempt and would not receive TIF revenue. He explained if the Tebo development is a vertical development it creates value and more revenue pledged as TIF revenue for the bond issue. Mayor Muckle inquired whether TIF revenues could be used for building a parking facility. City Attorney Light responded yes. City Manager Fleming explained TIF revenue is being used to partially off -set the cost of the part of the gateway which is a public infrastructure. He explained TIF revenue could also be used for public parking. City Attorney Light explained urban renewal funds can be authorized for the construction of a public parking lot. There would have to be an agreement between the City and the Louisville Revitalization Commission (LRC). TIF revenue generated by new construction on the Tebo parcel is part of the pledged revenue for the bond. Excess revenue throughout the urban renewal district could be put toward public parking, if the LRC agreed through a cooperation agreement.