City Council Minutes 2016 07 05 - Laserfiche WebLink

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City Council Meeting Minutes July 5, 2016 Page 8 of 10 in very low on the priority list. She would rather put in on the ballot when a good case can be built for the museum. She added Boulder County is likely to put tax questions on the ballot and if there is a long ballot with a number of tax questions it lowers the chances of this passing. When it passes, she wants overwhelming support for it. She also is reluctant to put anything on the ballot without unanimous Council support, which it might not have this year but likely would have in 2017. She doesn't want to risk the Rec Center expansion failing if this item is added. Council member Keany noted he received comments from the public not to put it on this year, but no comment asking it be added to the ballot. He stated the museum plan needs to be finished before trying to explain to the public the need for the tax. He stated in 2016 there is support for the Rec Expansion and he doesn't want to risk that question. He noted there is no urgency in passing this in 2016 and the Council should wait until 2017 for the Historic Preservation tax. Council member Stolzmann stated she could support an extension of the tax, but there is no harm in waiting and putting the time and effort into knowing how to repurpose the tax and knowing how the museum plan fits into the question and how the funding will be changed. Muckle stated it was clear there was no support for putting this on the ballot in 2016. EXERCISE SOLAR PV EQUIPMENT FIVE YEAR PURCHASE OPTION WITH ZIONS CREDIT CORPORATION Mayor Muckle called for a staff presentation. Public Works Director Kowar noted this concerned buying out a lease with Zions Credit Corporation. The City of Louisville purchased and installed three solar panels in 2011 at the water and wastewater treatment plants. Approximately 50% of the installation costs were reimbursed through Xcel rebates for the Solar PV installations. The systems were leased rather than purchased outright due to a federal tax credit of 30% that was available to commercial businesses but not local governments. The lease agreement with Zions has a provision for a five -year, ten -year and 12 -year purchase option. The five -year mark has been reached on the leases and budget is available within the current Capital Improvement Program in both the Water Fund and Wastewater Funds. To accomplish the buyout on a net present value with various percentages applied, it was about $70,000 advantageous to do it now versus waiting for the ten -year buyout. Staff recommended Council approve exercising the five -year purchase option with Zions Credit Corporation noting the solar panels have performed up to the original projection and staff believes it would be a good use of the City's money. MOTION