City Council Minutes 2012 10 16 - Laserfiche WebLink

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City Council Meeting Minutes October 16, 2012 Page 5 of 15 • $150,000 contribution to the creation of a 1,000 square foot community room within the project. City will have free access to the room for a minimum of 10 hours per week. • Incremental assistance would NOT be provided if Alfalfa's has not commenced operation on or before December 31, 2014. • In the event that within 10 years of the commencement of the rebate term, Alfalfa's terminates their business for any reason, Alfalfa's shall pay back 10% of all funds paid from the City for every full year they do not operate in the 10 years of the agreement. City Manager Fleming noted the community room at the proposed Alfalfa's site would alleviate the overbooking of the City's meetings room at the Library and the Arts Center. COUNCIL COMMENTS Council member Loo noted there are room rental fees at the Louisville Recreation Center . She asked if the Library also charges a room rental fee. Library Director Barrett stated the Library rental policy is consistent with the Louisville Recreation Center. Non residents pay an hourly rental fee and businesses are also charged a fee. Local community groups, City Boards and Commissions may book a room at the library. There is no charge for non-profit organizations unless they are a business. Council member Loo asked if the City could charge a fee for the community room at Alfalfa's. City Manager Fleming stated a subsequent agreement would spell out the time the City would be able to book the facility and what fees to charge. Economic Development Director DeJong stated the Business Assistance Agreement does not have any effect on the proposed land use development coming before the Planning Commission. This assistance is merely an incentive for Alfalfa's to locate in Louisville. Fiscal Impact: The rebate to Alfalfa's over a five year period will be $998,500. Revenue to the City in the five year period is estimated at $1,697,000, netting $698,500 in revenue to the City at the end of the five year period. Staff recommended approval of the Business Assistance Agreement for Alfalfa's. He noted Mr. Mark Retzloff, representing Alfalfa's was present to address Council questions. COUNCIL COMMENTS Council member Dalton asked Mr. Retzloff to tell Council about Alfalfa's financial situation, which would give Council confidence Alfalfa's will be around for more than ten years. Mr. Retzloff stated they have financing for their current location and reached the breakeven point before scheduled. Ten months ago he was appointed as CEO and