City Council Minutes 2012 04 03 - Laserfiche WebLink

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City Council Meeting Minutes April 3, 2012 Page 4 of 14 Mayor Muckle read the 2012 Arbor Day Proclamation, which proclaimed Thursday, April 19, 2012 as Arbor Day in the City of Louisville. He presented the proclamation to Mike Fronczak,-Chair of the Horticulture and Forestry Advisory Board. Mr. Fronczak explained this year the City's Forestry Division and the Horticulture and Forestry Advisory Board has developed a series of events, which include Louisville Middle School students and staff. RESOLUTION No. 19, SERIES 2012 —A RESOLUTION APPROVING AN AMENDED BUSINESS ASSISTANCE AGREEMENT WITH PEARL IZUMI USA, INC. FOR THE CONSTRUCTION OF A NEW COMMERCIAL BUILDING IN THE COLORADO TECHNOLOGY CENTER IN THE CITY OF LOUISVILLE Mayor Muckle requested a Staff presentation. Economic Development Director Star explained the request before City Council is to amend the Economic Development Business Assistance Package (BAP) for Pearl Izumi USA, Inc. The amendment contains the following changes from and additions to the BAP approved by the City Council on February 7, 2012: 1. The deadline to occupy the new building has been extended until the end of 2014. The approved BAP agreement provided until December 31, 2013 to occupy the new building .This amendment extends the deadline until December 31, 2014. 2. The five-year consumer use tax is not capped at $38,100, as was originally drafted, but will be calculated on 50% of the actual consumer use tax paid to the City by Pearl iZumi during that period. 3. Staff has included a five-year rebate of sales taxes paid to the city, should the future plans of Pearl iZumi include any retail sales on this site. The total fiscal impact would not exceed a total of 50% permit fee rebates and 50% building use tax rebates. Staff recommended the City Council approve Resolution No. 19, Series 2012. Pearl iZumi was also offered a partnership with the Downtown Business Association (DBA). Last year the DBA offered VIP seating at the Street Faire. Pearl iZumi would be the guest of honor and receive free food and beer at the opening night of the Street Faire or any other date of their choosing. . COUNCIL COMMENT Mayor Muckle noted this business assistance package is consistent with other packages recently approved by the Council. MOTION: Councilor Dalton moved to approve Resolution No. 19, Series 2012, seconded by Councilor Keany Roll call vote was taken. The motion carried by a vote of 6-0. Absent: Councilor Yarnell.