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Sessic~ 1654, Minutes Page 4 November 6, 1995 but the oo~t w-4s astronomical ar~ could not su~0ort what current offJoe rents are in the Loc~. Early c~, the Louis Izxzk~ group was ask_~d__ if they wd~ _~hed_ to ~ part owners of the property hut they declined. When the bid cm a three-story building was rsoeived, Inuis In,kin was informed that rents wuuld have to be at market, and they again decl' _/r~d~__. Mr. Rothschild originated the idea of sellin~ air rights above the building, and Louis Iz~_~__m~_ could build the second and third floors as (%xx~oe, paying only the difference in coet be- tween the bid for a three story as c~ to the project now under consider- ation. ~y refused to take part. Another alternative involved sellin~ or developing land c~ Kin~sland for them--that was also refused. Mr. Edwards said they have worked hard to develop the plan before Oouncil, and with this k~/lding ho~ed to add some vitality to the w~st end of the Loop. He noted the k~lild/n~ looks like a t~o-story frc~ D~_]mmr, but eve~ though a o~e-story, it has high ceilings. Also, the proposed Jupiter sculpture c~ top of the building w~uld add to the height. He said they were ready to proceed. Mayor Majerus ~=nfirmed that this site has been vacant for some years, and although a numbmr of plans have been presented previously, none have worked out. As the last piece of developable land in the Loop, she felt Council needs to look very seriously at this plan. Mr. Sdmocm~_r said there is a dilemma--the I~A and UC~A say the sits should have a b,{ld{w whose height and mass is in accord with adjoining buildings-- at least three stories. Also, earlier prcpoeals for smaller buildings were out. Mr. S~ho~mer felt it would not be a first class use and preferred a along the same lines as the Louis London and Tivoli buildings--five years at full abatement with gradual increases to full taxes paid at 10 years. Re- gardless of what the I~A wished for, he felt this is a good design that will fit the mood of the Loop. He would have preferred a three-story, but he and his partner could not finance it. cial straits of the School District. He was assured that the Council was only approvin~ the site plan, not tax abatement or anything else. Mr. Schocmer no~ed there are residential units in the building w~st of the site and he wanted to know if sound buffering was part of the site plan. Mr. Smith returned and said the buildir~ to the ~ _b~m a courtyard frc~ the second to the f~urth floor that faces the proposed building, but the top of the new build/n~ will be below the courtyard level and it was believed no sound buffering was ncuded. Mayor Majerus suggested this might be explored further. Mrs. f~m~uman agreed, noting a site plan ~ust be approved for the restaurant, and it could be ascertained then if noise buffering is required. Mr. Ootton moved approval with all oonditicms, and Mrs. Schuman seconded the motion. Mr. Scho~mr suggested that the property owners consult with the