Resolution 2011-23 - Laserfiche WebLink

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BUSINESS ASSISTANCE AGREEMENT FOR BAB()I.AT VS NORTH AMERIC,A, INC. IN 1111. CITY OF LA.)t:ISVILLE 111 IS AGREEMENT is made and entered into as of the )6t1i dav of April. 2011. between the (1 OF 1...01,311SV [ELL a Colorado home rule municipal corporation (the "(24"), and 13AII)LAT VS NORTH AMERICA. INC.. a Colorado Corporation. \VI] EREAS_ the City \-k ishes to provide certain assistance to Babolat VS North America. Inc. in connection with the company's tenant finish of approximately 80,612 sR'' e feet of existing ‘aeant space at 1775 Cherry Street in Louisville ((he project): and WI HiRLAS, Babolat VS North America. Inc. plans to occupy the new facility (luring 2011: and \V1 11 Babolat VS North America, Inc, currently occupies space within the Colorado Teelirmlogy Center and, VIII] this move. Would retain primary jobs within the City: and WHEREAS, City Council finds the execution of this Agreement will serve to prcrvide benefit and advance the public interest and welfare of the City and its citifens by securing the location of this economic development project within the City. NOW THEREFORE, in consideration of the mutual promises set forth below. the ('ity and Babolat VS North America, Inc. agree as follows: 1, Building Permit Fee Rebates, The City shall rebate to Babolat VS North „America. Inc. 50'i° of the building related permit fees for the project, required under Louisville Municipal Code, section 15,04,050 and section 108.2 of the International Building Code as adopted by the Cny. 2, Use Tax Rebate-Construction, The City shall rebate to Babolat VS North America. Inc, 509,- of the Construction Use Tax on the building materials for the project, required under Louisville Municipal section 3.20,300, excluding all revenues from the open space tax. 3. Payment of Rebates Cap. The maximum amount of the rebates payable pursuant to 1 and 2 above shall in no e ent exceed the calculation of 50"-'0 of the fees paid. The rebates shall he paid by' the Cny within 120 days following issuance of the Certificate of Occupancy for the project. subject to paragraphs 4 and 5 below. Payment will he submitted to Babolat \'S North America, Inc. at 1775 Cherry Street. No interest shall be paid on amounts subject to rebate, 4. 1...1se of Funds, Funds rebated pursuant to this Agreement shall he used by Babolat VS North America, Inc. solely tOr obligations and or improvements permitted under Louisville Municipal Code section 3.24.060 (a: enacted by Ordinance No. 1507. Series 2007). which may include tenant inyrovements for occupancy of acant space or the expansion or creation of jobs kVithin thc 01). The eligible obligations an(Tor