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Davidson stated that there is no formal agreement regarding a sales tax rebate. The discussion <br />centered around providing the developer and WalMart an incentive to exceed the gateway guidelines <br />attached to Parcel 'O' by meeting the more stringent Commercial Design Guidelines standards. <br /> <br />Sisk stated he understood the Commercial Design Guidelines, not the Gateway Guidelines, apply <br />to Parcel 'O'. <br /> <br />Howard moved that Council place the Final Subdivision Replat Centennial Valley, Parcel 'O' and <br />a Final PUD Development Plan for Sam's Club on the agenda for the June 16, 1998 City Council <br />meeting, seconded by Lathrop. All in favor. <br /> <br />Davidson asked Sam Light, City Attomey, to provide an opinion on whether the Gateway Guidelines <br />or the Commercial Design Guidelines apply to Parcel 'O.' <br /> <br />MOTION TO AUTHORIZE THE EXPENDITURE OF $75,000 FOR PURCHASE OF 10 <br /> AFFORDABLE APARTMENTS IN REGAL COURT/REGAL PLACE <br /> <br />Davidson called for staff introduction. <br /> <br />Heather Balser, Assistant to the City Administrator, stated that on April 21, 1998 City Council <br />approved Resolution No. 22, Series 1998- entering into an Intergovernmental Agreement for the <br />purchase of 10 affordable units at Regal Place/Regal Court. Staff recommends approving a motion <br />to authorize the expenditure of $75,000 to purchase these units. <br /> <br />Davidson called for any public comments. <br /> <br />NONE <br /> <br />Davidson called for Council questions and comments. <br /> <br />Sisk questioned why the initial appraisal for this property was lower than the current appraisal. <br /> <br />Michael Reese, Development Director for Boulder County Housing Authority, explained there was <br />a significant omission in the initial appraisal for comparable rental properties in Boulder County and <br />an incorrect representation of the value of below-market financing. The cost approach, which is the <br />cost of building a comparable facility in Louisville at this time, was also omitted. <br /> <br />Sam Light, City Attorney, asked Reese whether a Phase I Environmental Report has been completed. <br /> <br />Reese replied that it has been completed. <br /> <br /> <br />