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BUSINESS ASSISTANCE AGREEMENT FOR <br /> 100-MILE MERCANTILE IN THE CITY OF LOUISVILLE <br /> THIS AGREEMENT ("Agreement") is made and entered into as of the 3rd <br /> day of January, 2012, between the CITY OF LOUISVILLE, a Colorado home rule <br /> municipal corporation (the "City"), and 100-Mile Mercantile, Inc. ("100-Mile <br /> Mercantile") a Colorado limited liability company. <br /> WHEREAS, the City wishes to provide certain business assistance in <br /> connection with leasing of approximately 1,900 square feet for a retail store at <br /> 1817 Highway 42, Louisville (the project); and <br /> WHEREAS, John Anthony Renfrow plans to invest $60,000.00 to finish <br /> the interior of 1817 Hwy 42 by 2na quarter 2012; and <br /> WHEREAS, 100-Mile Mercantile plans for the project to generate new <br /> sales tax revenue by the attraction, opening and operation of a grocery and dry <br /> goods store in the City for goods produced within 100 miles; 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 100-Mile Mercantile agree as follows: <br /> 1. Sales Tax Rebates. The City shall rebate to 100-Mile Mercantile 40% <br /> of the incremental sales tax revenues derived from the imposition of the City's <br /> 3.0% general sales tax (excluding the City's three-eights percent (%%) Open <br /> Space Tax and the one-eighth percent (1/8%) Historic Preservation Tax) that are <br /> actually collected by the City and attributable to new retail sales attributable <br /> solely to the project and occurring at the project location of 1817 Highway 42 and <br /> generated by the store for the first three years of its operation. The three-year <br /> rebate period shall commence upon and run continuously from the date of <br /> issuance of the certificate of occupancy for 100-Mile Mercantile. Rebates shall <br /> not exceed $17,000 or three years of operation, 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 subject to rebate. <br /> 3. Use of Funds. Funds rebated pursuant to this Agreement shall be <br /> used by 100-Mile Mercantile solely for obligations and/or improvements permitted <br />