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ORDINANCE NO. 1639 SERIES 2013 AN ORDINANCE AUTHORIZING THE SALE AND CONVEYANCE OF AN APPROXIMATELY 1.069 -ACRE PARCEL OF LAND OWNED BY THE CITY AND REFERRED TO AS THE LOUISVILLE GRAIN ELEVATOR PROPERTY LOCATED AT 540 AND 544 FRONT STREET WHEREAS, the City of Louisville ( "City ") is the owner of that certain real property totaling 1.069 acres, more or less, commonly referred to as the downtown Louisville Grain Elevator site located at 540 and 544 Front Street, which property is legally described on Exhibit A attached hereto and incorporated herein by reference (the "Property "); and WHEREAS, pursuant to Resolution No. 44 Series 2013, the City approved a Purchase and Sale Agreement ( "Agreement ") between the City and Louisville Mill Site, LLC, ( "LMS ") for the City to sell and LMS to buy the Property; and WHEREAS, the terms, conditions and considerations set forth in the Agreement for the sale of the Property include that (i) LMS pay a purchase price of $200,000; (ii) prior to transfer of the northern portion of the Property, LMS complete stabilization of the Louisville Grain Elevator structure in accordance with a mutually acceptable Scope of Work; (iii) the City contribute up to $500,000 in Historic Preservation Fund_ (HPF) monies for stabilization of the structure; (iv) the Grain Elevator be landmarked and subject to a conservation easement for the preservation of historic resources; (v) the parties process a plat and PUD for the Property and adjoining property prior to closing; (vi) the City provide certain rebates and other incentives in connection the rehabilitation of the Louisville Grain Elevator structure and redevelopment of the Property and adjacent land; (vii) the City and LMS enter into a master lease enabling portions of the Property to be leased prior to closing; and (viii) the parties perform other obligations as further provided in the Agreement; and WHEREAS, the City Council desires to sell the Property upon the terms and conditions of the Agreement and finds that such Agreement with further the City's interest in preservation, stabilization, restoration and rehabilitation of the historic Louisville Grain Elevator; and WHEREAS, pursuant to Ordinance No. 1622, Series 2012, the Property was not acquired for park, open space or governmental purposes, but as a general asset of the City and for potential rehabilitation of the historic Louisville Grain Elevator located on the Property, and such Ordinance 1622 provides that all or portions of the Property, and any interests, licenses, rights or privileges therein, may be sold, leased, conveyed or disposed of, in whole or part, as determined by appropriate action of City Council, without necessity of election, pursuant to the home rule charter of the City; provided, however, that all or portions of the Property sold may be subject to landmarking and/or the granting of a conservation easement for the protection of historic resources; and WHEREAS, the City Council by this Ordinance desire to approve the sale and transfer of the Property as required by Section 4 -8(b) of the home rule charter; and Ordinance 1639, Series 2013 Page 1 of 4