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BUSINESS ASSISTANCE AGREEMENT FOR <br /> SJ LEPEEP IN THE CITY OF LOUISVILLE <br /> p-IIS AGREEMENT ("Agreement") is made and entered into as of the <br /> , <br /> — _ day of /VI , 201Z,between the CITY OF LOUISVILLE, a <br /> Colorado home rule mu icipal corporation (the "City"), and SJ LEPEEP (the <br /> "Company") a Colorado S Corporation. <br /> WHEREAS, the City wishes to provide certain business assistance in <br /> connection with leasing of approximately three thousand, sixteen (3,016) square <br /> feet to operate a restaurant (the "Project') located at 390 South McCaslin <br /> Boulevard, Louisville (the "Project Location"); and <br /> WHEREAS, Company plans to remodel the interior finish of the Project <br /> Location; and <br /> WHEREAS, Company plans for the Project to generate new sales tax <br /> revenue by the attraction, opening and operation of the Project within of the City; <br /> 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 this economic development project within the City. <br /> NOW THEREFORE, in consideration of the mutual promises set forth <br /> below, the City and Company agree as follows: <br /> 1. Sales Tax Rebates. The City shall rebate to Company 40% of the <br /> incremental sales tax revenues derived from the imposition of the City's 3.0% <br /> general sales tax (excluding the City's three-eights percent (3/8%) Open Space <br /> Tax and the one-eighth percent (1/8%) Historic Preservation Tax) that is actually <br /> collected by the City and attributable to new retail sales attributable solely to the <br /> project and occurring at the Project Location and generated by the Project for the <br /> first two (2) years of its operation. The two-year rebate period shall commence <br /> upon and run continuously from the date of issuance of the certificate of <br /> occupancy for Company. Rebates shall not exceed $17,000 or two years of <br /> operation, 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. No rebate payments will be made <br /> until Company has provided City with a copy of the registration with the Colorado <br /> Secretary of State. <br /> 3. Use of Funds. Funds rebated pursuant to this Agreement shall be <br /> used by Company solely for obligations and/or improvements permitted under <br /> Page 1 of 4 <br />