Resolution 2012-17 - Laserfiche WebLink

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BUSINESS ASSISTANCE AGREEMENT FOR BUILDING 1960 CHERRY LLC IN THE CITY OF LOUISVILLE THIS AGREEMENT ("Agreement") is made and entered into as of the 21st day of February, 2012, between the CITY OF LOUISVILLE, a Colorado home rule municipal corporation (the "City"), and BUILDING 1960 CHERRY LLC (Etkin Johnson), a Colorado limited liability company. WHEREAS, the City wishes to provide certain assistance to Etkin Johnson in connection with the company's construction of an industrial building totaling approximately 59,000 square feet in Louisville(the project); and WHEREAS, Etkin Johnson plans to begin construction of the project prior to or during 2014; and WHEREAS, Etkin Johnson will seek to bring new jobs to, and/or retain primary jobs in the City; and WHEREAS, City Council finds the execution of this Agreement will serve to provide benefit and advance the public interest and welfare of the City and its citizens by securing the location of this economic development project within the City. NOW THEREFORE, in consideration of the mutual promises set forth below, the City and Etkin Johnson agree as follows: 1. Building Permit Fee Rebates. The City shall rebate to Etkin Johnson 50% of the building related permit fees for the project, required under Louisville Municipal Code, section 15.04.050 and section 108.2 of the International Building Code as adopted by the City. 2. Use Tax Rebate-Construction. The City shall rebate to Etkin Johnson 50% of the Construction Use Tax on the building materials for the project, required under Louisville Municipal Code, section 3.20.300, excluding all revenues from the open space tax. 3. Payment of Rebates Cap. The maximum amount of the rebates payable pursuant to I and 2 above shall in no event exceed the calculation of 50% of the fees paid. The rebates shall be paid by the City within 120 days following issuance of the Certificate of Occupancy for the project, subject to paragraphs 4 and 5 below. Payment will be submitted to Etkin Johnson at the address assigned by the City on the building permit. No interest shall be paid on amounts subject to rebate. 4. Use of Funds. Funds rebated pursuant to this Agreement shall be used by Etkin Johnson solely for obligations and/or improvements permitted under Louisville Municipal Code section 3.24.060 (as enacted by Ordinance No. 1507, Series 2007), which may include construction of new industrial buildings in the Colorado Technology Center for the creation of jobs within the City. The eligible obligations and/or improvements to vacant land in the Colorado Technological Center shall be fully satisfied