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grading. Local property owners and businesses <br />will apply to a Joint Loan Committee for funding <br />based on their need. CDBG funds will be combined <br />with market rate loans from local banks to <br />effectively reduce interest rates to the borrowers. <br />Mayor Fauson opened the Public Hearing and several <br />people including Committee Members spoke in favor <br />of Council approving the application and commended <br />the efforts of staff, the committee and also the <br />cooperation of the two cities in this very <br />important project. Wanush also commended the <br />cooperation of the local banks, First National <br />Bank of Louisville, the Bank of Louisville and <br />First National Bank of Lafayette who agreed to <br />participate in thi:~ program. <br />In response to Carn.ival's question, Wanush stated <br />that although it is difficult to speculate, he <br />feels that this joint effort may be received very <br />favorably. <br />There will be three members from each City <br />appointed by their respective City Councils to <br />serve on the Loan Committee should the funds be <br />granted. <br />Mayor Fauson closed. the Public Hearing and asked <br />for a motion. <br />Steve Anderson moved that Council approve the <br />joint application to the State of Colorado for <br />funding through the CDBG Program. Mohr seconded. <br />Unanimous. <br />ESTABLISH PARKS AND <br />RECREATION TASK FORCE Hundley explained that to help meet Council's <br />goals, staff recommend that a 7-9 member Parks and <br />Recreation Task Force be established to study the <br />feasibility of a proposed community recreation <br />center. The proposed mission of this Task Force <br />would be 1) to determine where the City of <br />Louisville stands in comparison to other <br />communities in parks and recreation facilities and <br />programs; 2) analyze what the trade-offs are with <br />respect to the proposed recreation center and the <br />completion of the existing parks and recreation <br />master plan projects; 3) examine the long-range <br />operation and maintenance costs of a proposed <br />recreation facility for the City of Louisville; 4) <br />explore different financing alternatives to <br />finance the construction and operation and <br />maintenance of a proposed recreation facility; and <br />5) to make specific recommendations to Council <br />regarding whether or not Council should proceed <br />with the recreation center proposal. <br />3 <br />