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City Council <br /> Meeting Minutes <br /> April 26, 2011 <br /> Page 3of6 <br /> vague with respect to displaced people. He questioned whether those people would be <br /> specifically from Louisville or other jurisdictions. He inquired about the seizure of food, <br /> water and clothing and compensation for those goods. He requested more specific <br /> language be added. <br /> MOTION: Mayor Sisk moved to continue Ordinance No. 1592, Series 2011 to October <br /> 4, 2011, seconded by Councilor Dalton. All were in favor. <br /> RESOLUTION No. 23, SERIES 2011 A RESOLUTION APPROVING A BUSINESS <br /> ASSISTANCE AGREEMENT WITH BABOLAT VS NORTH AMERICA, INC. FOR THE <br /> OCCUPANCY OF EXISTING VACANT SPACE AT 1775 CHERRY STREET IN THE <br /> CITY OF LOUISVILLE <br /> Mayor Sisk requested a Staff presentation. <br /> City Manager Fleming explained staff is requesting City Council action on a proposed <br /> Economic Development Business Assistance Package (BAP) for Babolat VS North <br /> America, Inc, which currently occupies approximately 45,000 square feet in the <br /> Colorado Tech Center (CTC) at 650 South Taylor Avenue #8. The expansion option is <br /> approximately 80,000 square feet of existing vacant space at 1775 Cherry Street. <br /> Babolat has 28 fulltime employees at their current location in CTC and plans to increase <br /> to 40 Louisville employees in five years. <br /> This proposed assistance is based on occupancy of existing vacant space in the City <br /> and retention of basic jobs in the City. The Business Assistance Package is as follows: <br /> Building Permit -Fee Rebate 50% rebate on permit fees for tenant finish $1,350.00 <br /> (Excludes tap fees). Building Use Tax Rebate 50% rebate on Building Use Tax for <br /> core and shell and Tenant finish (excludes .375 Open Space tax and .125% Historic <br /> Preservation tax) $2,150.00. The total proposed assistance is $3,500.00. <br /> APPLICANT PRESENTATION <br /> Jessica Jensen, Babolat Chief Financial Officer, 1050 S. Tyler #B, Louisville, CO <br /> explained Babolat has been in Louisville for some time with a distributorship. In 2001, a <br /> North American Subsidiary in Louisville was created. In the last three years sales have <br /> increased by 30% and the number of employees has grown from 10 to 28. Babolat <br /> wants to stay in Louisville and this option provides office and warehouse space. <br /> Jim Vasbinder, Etkin Johnson Group, explained the lease would be extended through <br /> 2019 and further expansion may occur when a neighboring space becomes available. <br /> COUNCIL COMMENTS <br /> Mayor Sisk reported speaking with Babolat's legal counsel, Mark Painter relative to the <br /> City's incentive program. Mayor Sisk emphasized the City of Louisville does not take <br />