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City Council <br /> Meeting Minutes <br /> October 4, 2011 <br /> • Page 4 of 11 <br /> MOTION: Mayor Sisk moved to table Ordinance No. 1592, Series 2011, seconded by <br /> Councilor Dalton. <br /> City Attorney Light requested a friendly amendment for the Council to take no action on <br /> Ordinance No. 1592, as staff will bring forward a new ordinance in 2012. <br /> MOTION: Mayor Sisk moved to take no action on Ordinance No. 1592, Series 2011, <br /> seconded by Councilor Dalton. Roll call vote was taken. The motion passed by a vote <br /> of 7-0. <br /> RESOLUTION No. 68, SERIES 2011 — A RESOLUTION APPROVING A BUSINESS <br /> ASSISTANCE AGREEMENT WITH REAL GOODS SOLAR CORPORATION FOR <br /> THE OCCUPANCY OF EXISTING SPACE AT 833 W. SOUTH BOULDER IN THE <br /> CITY OF LOUISVILLE <br /> Mayor Sisk requested a staff presentation. <br /> Economic Development Director Star explained City Council action is requested on a <br /> proposed Economic Development Business Assistance Package (BAP) for the <br /> headquarters location of Real Goods Solar Corporation (Real Goods). Real Goods <br /> occupies approximately 1,500 square feet in the building at 833 W. South Boulder <br /> • Road, and are expanding at this site or relocating to other locations outside the City. <br /> The Louisville option is proposed to be just over 28,000 square feet of existing space at <br /> the Gaiam campus on South Boulder Road. The total assistance package is as follows: <br /> • Total Proposed Building Permit Assistance $ 9,048.50 (75%: $13,573) <br /> • Proposed Rebate of Use Tax on Tangible Goods $ 5,925.00 <br /> Total Rebate $14,925 (w/75%: $19,498) <br /> The City can also expedite the building permit processing, per the company request. <br /> The City will review and release the permit a maximum of 10 days after submission of a <br /> complete building permit application. The total fiscal impact would not exceed a total of <br /> 50% permit fee rebates and 50% building use tax rebates (excluding the 0.375 % open <br /> space tax, 0.125% Historic Preservation tax, water and sewer tap fees, and impact <br /> fees), based upon the tenant finish of approximately $590,000 in over 28,000 square <br /> foot commercial space at 833 W. South Boulder Road in the City, plus 50% of the <br /> collected use tax on tangible purchases made over the first 2 years of occupancy. Staff <br /> recommended Council approval of Resolution No. 68, Series 2011. <br /> APPLICANT PRESENTATION <br /> Bill Yearsley, CEO with Real Goods, explained Real Goods is the only public solar <br /> • company in the NASDAQ Stock Exchange. He stated the company has had significant <br /> growth and will be bringing in professional staff, managers and engineers from across <br />