City Council Minutes 2011 06 07 - Laserfiche WebLink

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City Council Meeting Minutes June 7, 2011 Page 7 of 10 George Cavanaugh, President of the Allen Company, explained the company has been in Broomfield since 1971 and started with two or three employees. He complimented the City Staff members on their cooperation and their professionalism. Councilors inquired what type of equipment the Allen Company makes. Mr. Cavanaugh explained they make fly fishing gear. MOTION: Councilor Sackett moved to approve Resolution No. 30, Series 2011, seconded by Councilor Dalton. Roll call vote was taken. The motion carried by a vote of 7 -0. RESOLUTION No. 31, SERIES 2011 A RESOLUTION APPROVING A BUSINESS ASSISTANCE AGREEMENT WITH LINERATE SYSTEMS, INC. FOR THE OCCUPANCY OF EXISTING VACANT SPACE AT 285 CENTURY PLACE IN THE CITY OF LOUISVILLE Mayor Sisk requested a Staff presentation. Economic Development Director Star explained the proposed Business Assistance Package (BAP) is for LineRate Systems, Inc. (LineRate). LineRate is a high paying and fast growing high tech company currently located in Boulder. The assistance would be funded by permit fees and construction use tax from the tenant finish of the existing space, as well as the newly- approved use tax on tangible good purchases. LineRate Systems, Inc. will either relocate to a leased location in the Centennial Valley or to one of three other locations in Boulder. The Louisville option is approximately 8,700 square feet of existing vacant space at 285 Century Place. They have options to take over additional adjacent space in this building in the future as they grow. APPLICANT PRESENTATION Steven Georgis, Chief Executive for LineRate Systems, Inc. explained the company was developed from technology originating from research at the University of Colorado in Boulder. Two researchers had a breakthrough in software technology, which LineRate believes will revolutionize rapid growing datacenters such as Google, Facebook and Amazon.com. The LineRate software allows the large datacenters to economically scale their applications and improve their latency and reliability. The market for the company's products is approximately $2 billion in 2011. The average salary for their LineRate employees is approximately $123,000 per year. Mayor Pro Tem Marsella congratulated City Manager Fleming and Economic Development Director Star for suggesting a rebate of the use tax for this Business Assistance Package. Councilor Sackett reported the BRaD Committee supports this Business Assistance Package.