City Council Minutes 2011 07 05 - Laserfiche WebLink

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City Council Meeting Minutes July 5, 2011 Page 8 of 15 biomedical company currently located in Broomfield. Biodesix applies the principles of complex data analysis and mass spectrometry (MS) to the discovery and development of improved multivariate tests that give physicians' better information to understand the patient and their disease. Biodesix is relocating and one of the sites in contention is 371 Centennial Parkway, a 3,000 SF leased location in the Centennial Valley. Biodesix plans to make a location decision in August and will occupy in phases starting January 2012, ending March 2012. The City estimates that Biodesix, Inc. will generate new revenue of $19,725.00 from building permit fees directly to the City in the first year of operation. Based upon the estimated revenue projection, staff recommends the following: Building Permit -Fee Rebate Value 50% rebate on permit fees for tenant finish $4,600.00 (Excludes tap fees) Building Use Tax Rebate 50% rebate on Building Use Tax for core and shell and Tenant finish (excludes .375 Open Space tax and .125% Historic Preservation tax) $5,250.00 Rebate of Tax Paid on Tangible Goods. Biodesix is requesting a rebate of use tax paid on tangible goods over the first five years and estimate taxable purchases on goods, such as furniture, computer, electronics, machinery, etc., over this time period to be over $8,000,000, resulting in a 3.5% use tax revenue for the City of over $280,000. Staff believes the designated portion for Open Space and Historic Preservation should not be part of any rebate calculation. Total Proposed Building Permit Assistance 9,850 Proposed Rebate of Use Tax on Tangible Goods $120,000 Total Rebate $129,850 APPLICANT PRESENTATION Nicole Grabsztul, Staff Accountant for Biodesix, thanked Council for their consideration on this assistance package. MOTION: Councilor Sackett moved to approve Resolution No. 36, Series 2011, seconded by Councilor Dalton. Roll call vote was taken. The motion carried by a vote of 6 -0. Absent: Councilor Clabots. RESOLUTION No. 37, SERIES 2011 A RESOLUTION APPROVING A BUSINESS ASSISTANCE AGREEMENT WITH RICCO'S BURRITOS FOR REINVESTMENT AND ATTRACTION OF A NEW RETAIL OUTLET AT 318 SOUTH MCCASLIN BOULEVARD IN THE CITY OF LOUISVILLE Mayor Sisk requested a staff presentation.