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BUSINESS ASSISTANCE AGREEMENT FOR <br /> RICCO'S BURRITOS, INC. IN THE CITY OF LOUISVILLE <br /> THIS AGREEMENT "Agreement is made and entered into as of the 5th <br /> day of July, 2011, between the CITY OF LOUISVILLE, a Colorado home rule <br /> municipal corporation (the "City and Ricco's Burritos, Inc., a Colorado limited <br /> liability company. <br /> WHEREAS, the City wishes to provide certain business assistance in <br /> connection with leasing of approximately 1,400 square feet for a Ricco's Burritos <br /> restaurant at 318 South McCaslin Boulevard, Louisville (the project); and <br /> WHEREAS, Rick LaRouche plans to invest $7,000.00 to remodel the <br /> interior finish of 318 South McCaslin by 3 quarter 2011; and <br /> WHEREAS, Ricco's Burritos, Inc. plans for the project to generate new <br /> sales tax revenue by the attraction, opening and operation of a burrito restaurant <br /> in the City; and <br /> WHEREAS, City Council finds the execution of this Agreement will serve <br /> to provide benefit and advance the public interest and welfare of the City and its <br /> citizens by securing the location of this economic development project within the <br /> City. <br /> NOW THEREFORE, in consideration of the mutual promises set forth <br /> below, the City and Ricco's Burritos, Inc. agree as follows: <br /> 1. Sales Tax Rebates. The City shall rebate to Ricco's Burritos, Inc. <br /> 40% of the incremental sales tax revenues derived from the imposition of the <br /> City's 3.0% general sales tax (excluding the City's three eights percent <br /> Open Space Tax and the one eighth percent (1/8 Historic Preservation Tax) <br /> that are actually collected by the City and attributable to new retail sales <br /> attributable solely to the project and occurring at the project location of 318 South <br /> McCaslin Boulevard and generated by a burrito restaurant for the first two years <br /> of its operation. The two -year rebate period shall commence upon and run <br /> continuously from the date of issuance of the certificate of occupancy for Ricco's <br /> Burritos, Inc.. Rebates shall not exceed $7,500 or two years of operation, <br /> whichever comes first. <br /> 2. Payment of Rebates. The sales tax rebates shall be paid by the City in <br /> annual installments and shall) be made on or before January 31st. No interest <br /> shall be paid on amounts subjject to rebate. <br /> 3. Use of Funds. Funds rebated pursuant to this Agreement shall be <br /> used by Ricco's Burritos, Inc. solely for obligations and /or improvements <br />