City Council Agenda and Packet 2007 09 04

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City Council Meeting Minutes August 21, 2007 Page 5 of 9 Mayor Sisk explained the City is encouraging economic development in Louisville and the BRaD Committee wa:: formed to cultivate business development and retention. Mayor Pro Tem Brown stated the BRaD Committee could schedule a formal site visit to Mrs. Manzanares' businness. The purpose of the Business Assistance Package is to assist business in investing in their businesses. The BRaD Committee makes site visits to businesses to discuss issues and determine what opportunities are available for the business owners and the City. Council directed Staff to proceed with a presentation. 3) PROJECT GLORY - Proposes a startup retail restaurant, desiring to occupy 4,800 SF of existing space. The capital investment is $55,000, with a potential to bring in 35 new jobs and up toy 50 people over the first five years of operation. Staff recommended a Busine~;s Assistance Package of $18,480, which is based on 40% of incremental new sales tax revenue (excluding open space tax). Council member Muckle stated he is less supportive of an incentive package for a business who has already decided to move to Louisville. Council member Yarnell asked when the 40% rebate begins. Ms. Hogan explained this incentive package is not acash-in-advance program. The restaurant must first pay the sales tax in order to get a rebate. She stated this company was referred to the City by Waterloo Icehouse, who also received a 40% sales tax rebate incentivE: package. She explained both restaurant businesses are startup companies who wish to locate in downtown Louisville. She noted both restaurants will bring diversity to the downtown area. The DBA supports more businesses in 1:he downtown area. Council member Muckle asked if this company was recommended by Waterloo Icehouse for purposes of obtaining a business incentive package. Ms. Hogan explained the applicant spoke to downtown business owners about establishing a restaurant business in the area. Mayor Sisk stated this incentive is similar to the Waterloo Icehouse. He felt the new restaurants would create new enthusiasm for downtown Louisville. He supported the proposal. Council Clabots stated he wanted the sales tax to come back to Louisville. Council member Marsella stai:ed the proposal is just what the City needs and stressed this is new tax generation. She wanted the businesses to succeed. PUBLIC COMMENT