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City Council <br />Meeting Minutes <br />December 20, 2016 <br />Page 5 of 11 <br />Fiscal impact <br />- No funds would change hands for the property transfer <br />- $35,000 fee credit to account for City's increased square footage <br />- General Fund or Parking Fund monies will likely need to pay for credited fees <br />Staff recommends approval <br />Eric Fowles, 608 Main Studios, presented their plans for the property He stated it is a <br />good opportunity for both the City and their company He gave some history of his <br />family and company located in Louisville His company, Voltage, has grown significantly <br />in the past nine years and they are looking to create a new building to house their <br />company and to benefit Main Street They really want to keep their jobs and company in <br />Louisville <br />Mayor Muckle called for public comments <br />Laura Steele, Director of Operations at Voltage, noted this is a great project that will <br />benefit the community <br />Angie Layton, 619 Juniper Court, stated her support for the project to keep a great <br />company in Louisville <br />Council comments <br />Mayor Pro Tem Lipton asked what happens if the PUD is not approved in 12 months <br />Director DeJong stated it would then require an amendment or the contract would <br />expire Mayor Pro Tem Lipton asked how that affects the parking cap fee Director <br />DeJong stated the pnce can be locked in when the PUD is submitted or complete and <br />then the fee will be due at issuance of the permit Without both of those the contract <br />would expire <br />Mayor Pro Tem Lipton asked how the $35,000 credit was calculated Director DeJong <br />stated it was a negotiated number based on the 753 sf more the City is getting in the <br />exchange, $46 48 per square foot It was negotiated without an appraisal Mayor Pro <br />Tem Lipton would prefer the fee reimbursement come from the General Fund, not the <br />Parking Fund <br />Councilmember Stolzmann stated her concem with the issue of equity She doesn't <br />think the negotiated fees are equitable and the City will be losing value in the property <br />She added the parking fee in lieu should not be locked in for the new development, it <br />undermines the conversation of what parking costs downtown It should not be in the <br />contract We don't have funding currently to pave this lot The number of spaces gained <br />will be reduced by covenng the parking for the building There has not been enough <br />study to know if this is a good idea She does not support the land exchange <br />