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BUSINESS ASSISTANCE AGREEMENT FOR <br /> GRAVITY BREWING LLC IN THE CITY OF LOUISVILLE <br /> THIS AGREEMENT ("Agreement") is made and entered into as of the 7th <br /> day of February, 2012, between the CITY OF LOUISVILLE, a Colorado home <br /> rule municipal corporation (the "City"), and Gravity Brewing LLC, a Colorado <br /> Limited Liability Company. <br /> WHEREAS, the City wishes to provide certain business assistance in <br /> connection with leasing of approximately 3,200 square feet to a beer brewing and <br /> tap room establishment at 1150 Pine Street,tattika, Louisville (the project); and <br /> WHEREAS, John Frazee plans to remodel the interior finish of 1150 Pine <br /> Street, by third quarter 2012; and <br /> WHEREAS, Gravity Brewing LLC plans for the project to generate new <br /> sales tax revenue by the attraction, opening and operation of a tap room in the <br /> City that sells beer for consumption off premise; 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 Gravity Brewing LLC agree as follows: <br /> 1. Sales Tax Rebates. The City shall rebate to Gravity Brewing LLC <br /> 40% of the incremental sales tax revenues derived from the imposition of the <br /> City's 3.0% general sales tax (excluding the City's three-eights percent (3/8%) <br /> Open Space Tax and the one-eighth percent (1/8%) Historic Preservation Tax) <br /> that are actually collected by the City and attributable to new retail sales <br /> attributable solely to the project and occurring at the project location of 1150 Pine <br /> Street, Viand generated by the brewery for the first four years of its <br /> operation TFThe four-year rebate " period shall commence upon and run <br /> continuously from the date of issuance of the certificate of occupancy for Gravity <br /> Brewing LLC. Rebates shall not exceed $3,500 or four years of operation, <br /> whichever comes first. <br /> 2. Payment of Rebates. The sales tax rebates shall be paid by the City <br /> in 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 Gravity Brewing LLC solely for obligations and/or improvements <br />