Resolution 2012-19 - Laserfiche WebLink

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BUSINESS ASSISTANCE AGREEMENT FOR PEARL IZUMI USA, INC. IN THE CITY OF LOUISVILLE THIS AGREEMENT ( "Agreement ") is made and entered into as of the 3rd day of April, 2012, between the CITY OF LOUISVILLE, a Colorado home rule municipal corporation (the "City "), and PEARL IZUMI USA, INC. (Pearl iZumi), a Colorado C Corporation. WHEREAS, the City wishes to provide certain assistance to Pearl - 1Zumi in connection with the company's construction of a new corporate headquarters building of approximately 75,000 to 108,000 square feet on vacant land in the Colorado Technology Center in Louisville (the project); and WHEREAS, Pearl iZumi plans to occupy the new facility in the fourth quarter of 2013; and WHEREAS, Pearl iZumi will retain and expand primary jobs paying more than the average wage in Boulder County to 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 Pearl iZumi agree as follows: 1. Building Permit Fee Rebates. The City shall rebate to Pearl iZumi 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 Pearl iZumi 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 and historic preservation tax. 3. Sales /Use Tax Rebate - Tangible Goods. For the first four years of operation in Louisville, the City shall rebate to Pearl iZumi, 50% of the Use Tax (and in certain circumstances as described below, Sales Tax) paid and collected on tangible goods purchased for the company, as required under Louisville Municipal Code, section 3.20.300, excluding all tax revenues from the open space tax and historic preservation tax. In certain circumstances, Sales Tax may be included in this rebate, when the purchases were from companies with nexus with the City, therefore allowing those companies to remit sales tax to the City. Absent such nexus, Pearl iZumi would have remitted use tax to the City. No rebate shall be issued for goods purchased prior to the date of Pearl iZumi's contract to purchase land for expansion in the Colorado Technology Center. Only those tangible goods purchased for use at the new site in the Colorado Technology Center shall qualify for rebate consideration. Tangible goods include, by