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grading. Local property owners and businesses <br /> will apply to a Joint Loan Comsitt** for funding <br /> based on their need. CDBG funds will be combined <br /> with market rat* loans from local banks to <br /> effectively reduce interest rates to the borrowers. <br /> Mayor Fauson opened the Public Rearing and several <br /> people including Committee Members spoke in favor <br /> of Council approving the application and commended <br /> the efforts of staff, the committer 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 Hank of Lafayette who agreed to <br /> participate in this program. <br /> In response to Carnival'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 /> Unan imous. <br /> ESTABLISH BH PARKS AND <br /> RECREATION TASK FORCE Hundley explained that to help teat 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) analyse what the trade-offs are with <br /> respect to the proposed recreation center and the <br /> oompl*lion 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 sake specific recommendations to Council <br /> regarding whether or not Council should proceed <br /> with the recreation center proposal. <br /> 3 <br />