1. Definitions: As used in this subsection A:

OTHER RIVERWALK IMPROVEMENTS: An improvement constructed on private property within the Riverwalk which is not a Riverwalk compatible improvement.

RIVERWALK: The area bounded by Ski Hill Road on the north, South Park Avenue on the south, Main Street on the east and the easterly bank of the Blue River on the west where the town has constructed or intends to construct public improvements in order to make the area more attractive for use by the residents of, and visitors to the town.

RIVERWALK COMPATIBLE IMPROVEMENT: An improvement constructed on private property which is necessary or useful in order to provide greater visibility of or pedestrian access to the Riverwalk, and which helps a building to achieve a functional and aesthetic compatibility with the Riverwalk. Examples include, without limitation, a rear entry improvement, such as a porch; door; vestibule; window; landscaping; outdoor seating area or public gathering place, such as a deck or patio; or other decorative features consistent with design policies appropriate for the area. (Ord. 18, Series 2005; amd. Ord. 1, Series 2019)

2. Limitation Concerning On Site Parking: An applicant for a project with an existing commercial use may not locate new or additional parking on site.

3. Credit For Voluntarily Abandoned Parking Spaces: The parking requirement for any property within this area will be reduced to the extent of the number of functional parking spaces voluntarily abandoned by the property owner.

4. Parking Requirement For Riverwalk Compatible Improvement: No additional parking shall be required as a result of the construction of a Riverwalk compatible improvement.

5. Loss Of Parking Space Resulting From Construction Of Riverwalk Compatible Improvement: Where an applicant can demonstrate that one or more functional parking spaces could have been provided on land which has been used for the construction of a Riverwalk compatible improvement, the town shall waive the parking requirement for the number of functional parking spaces which were lost as a result of the construction of such Riverwalk compatible improvement.

6. Development Agreement For Density Bonus: Notwithstanding anything contained in this chapter, the town council may, by development agreement, authorize the planning commission to review and approve (subject to compliance with all other applicable development policies of the town) a development permit containing a density bonus for qualifying development occurring within the Riverwalk under the following circumstances. The provisions of chapter 9 of this title shall apply to any application for a development agreement submitted under this subsection A(6); provided, however, that no application fee normally required under section 9-9-8 of this title shall be required to be submitted in connection with such application.

1. The provisions of this subsection B shall apply only to commercial development.

2. The provisions of this subsection B shall apply only to an application for a development permit to construct a Riverwalk compatible improvement for nonleasable floor area which could not otherwise be approved because the site of the proposed development: a) is over the allowed aboveground density and overall density/mass allowed by section 9-1-19-5A, "Policy 5 (Absolute) Architectural Compatibility", of this chapter as of May 1, 2005, or b) lacks sufficient remaining aboveground density to allow for the construction of the proposed Riverwalk compatible improvement.

3. Subject to the other provisions of this subsection B, an aboveground density bonus for nonleasable floor area may be allowed for the construction of a Riverwalk compatible improvement.

4. For the density bonus described in subsection B(3) of this section to be allowed, an applicant shall demonstrate that: a) there are no Riverwalk compatible improvements already located on the property, or b) if there are existing Riverwalk compatible improvements on the property, 1) such improvements are insufficient to provide adequate visibility of or pedestrian access to the Riverwalk, or to adequately allow the building to achieve a functional and aesthetic compatibility with the Riverwalk; and 2) the construction of the proposed Riverwalk compatible improvement is necessary in order to provide greater visibility of or pedestrian access to the Riverwalk, and to help the building achieve a functional and aesthetic compatibility with the Riverwalk.

5. The amount of any aboveground density bonus for nonleasable floor area granted pursuant to this subsection B shall be limited to the amount of density needed to create a functional Riverwalk compatible improvement as determined by the town council.

1. The provisions of this subsection C shall apply only to commercial development.

2. Within the Riverwalk, the town may allow the construction of additional density for leasable floor area that is not a Riverwalk compatible improvement, subject to the following conditions:

a. Such additional density for leasable floor area shall be approved only in connection with the concurrent approval of a new Riverwalk compatible improvement;

b. Such additional density shall be allowed only if the Riverwalk compatible improvement is constructed concurrently with or prior to the construction of such additional density; and

c. The applicant must provide a substantial public benefit to the town in connection with the approval of such additional density. Such public benefit must be contained on the property upon which the additional density will be developed, and shall, in the judgment of the town council, significantly further the town's established goals for the development of the Riverwalk. An example of an acceptable public benefit shall include, without limitation, the granting of a nonexclusive public easement for use of private property to the town for Riverwalk compatible improvements in addition to the pedestrian easement to allow for public ingress and egress for the Riverwalk. Any such easement shall be subject to the approval of the town attorney. Public benefits provided under this subsection C(2)c, may, in the discretion of the town council, suffice for the commitments described in section 9-9-4 of this title.

d. The amount of additional density allowed under this subsection C(2) for the construction of an improvement that is not a Riverwalk compatible improvement shall not exceed the amount of density allowed on the property under the land use guidelines, and shall be roughly proportional to the public benefit provided by the applicant as determined by the town council; and