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SUBJECT: SMALL BUSINESS BAP AMENDMENT <br />DATE: MAY 8, 2025 <br />PAGE2OF2 <br />At the time of this staff report, there are 17 retail spaces currently being marketed for <br />rent (Crexi.com), five of which are larger than 3,000 SF. <br />Proposed Incentive: a 5-year agreement with a tiered rebate. This tiered rebate <br />approach will provide these small retail and restaurant businesses a higher rebate upon <br />opening, when costs tend to be the highest. The effective incentive rate at the end of <br />the 5-year term would be a 50% rebate. <br />• Year 1- 90% <br />• Year 2- 70% <br />• Year 3- 50% <br />• Year 4- 30% <br />• Year 5- 10%. <br />Administrative Approval: This BAP amendment would allow for administrative approvals <br />of the agreements, approved by the City Manager. This would support quick timeframes <br />for business needs and eliminate the step of taking the incentive to City Council for <br />approval, also limiting the risk to the business. <br />At the end of the 5-year term, the incentive would terminate and the City would retain all <br />sales tax moving forward. <br />FISCAL IMPACT: <br />Current City of Louisville incentives are all rebate based, they are rebated back to the <br />business from new funds generated by the project. This BAP amendment would also be <br />a rebate of new sales tax revenue. <br />RECOMMENDATION: <br />Staff recommends EVC review and provide feedback. <br />ATTACHMENT(S): <br />1. None. <br />CITY COUNCIL COMMUNICATION <br />