LOUISVILLE — The City Council breathed new life into the historic Louisville Grain Elevator Tuesday night by voting to move ahead with plans to partner with a developer that would salvage the sagging 109-year-old structure and keep it from an imminent date with the wrecking ball.
The proposed deal, which still needs to be finalized, would require the city to give $2.1 million along with tax rebates to Boulder-based Amterre Property Group to buy, stabilize and refurbish the building for commercial or retail use.
The council also approved an ordinance that authorizes the city to purchase the 1.2-acre plot south of downtown on which the elevator sits and to stabilize the building — at a total cost of $1.65 million — should the private-public sector deal not come to fruition.
The three-story grain elevator, which features historic “stacked planking”construction and is the most highly visible link to Louisville’s agricultural past, would almost certainly have met its demise had the council decided against saving it.
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