City Council Agenda and Packet 2007 09 18

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City Council Meeting Minutes September 4, 2007 Page 6 of 15 Council member Marsella asked for clarification on the Assistance Package. Ms. Hogan explained the applicant is requesting assistance based upon utilization of existing space and creation of new sales tax to the City. The assistance will be funded by new incremental sales tax generated to the City, less the base amount established by the previous 12 months. PUBLIC COMMENT Carole Hill, 233 Jackson Circle, Louisville, CO opposed the business incentives. She asked why the City is giving incentives to businesses, and considering repealing the senior's property tax rebates. Mayor Pro Tem Brown addressed Ms. Hill's concerns. He explained the City's sales tax has declined, and the City is making an effort to revive sales tax. He noted there is no out-of-pocket dollars with this proposal, only new incremental sales tax would be rebated. Council member Muckle voicE:d his support for the downtown project. MOTION: Mayor Pro Tem Brown moved to approve Resolution No. 47, Series 2007, seconded by Council member Sackett. Roll call vote was taken. The motion carried by a vote of 7-0. RESOLUTION No. 48, SERIES 2007 - A RESOLUTION APPROVING A BUSINESS ASSISTANCE AGREEMENT WITH ALCHEMY TECHNOLOGIES, INC. FOR THE OCCUPANCY OF EXISTING SPACE AT 1558 CHERRY STREET IN THE COLORADO TECH CENTER IN THE CITY OF LOUISVILLE Becky Hogan, EDge Consulting, 52 Steele Street, Denver, CO presented the business assistance package (BAP) for Alchemy Technologies, Inc. The BAP is based upon primary job creatiion, job diversity in an industry sector, and occupancy of existing space in the City. The assistance will be funded by permit fees and construction use tax from the tenant finish of existing space. The proposed assistance is $1,880.00 (50%) in building permit fee rebates and $1,875.00 in building use tax rebates (50%) for a total BAP package not to exceed $3,755.00. Bret Moore, President of Alchemy Technologies, Inc. explained Alchemy, an advanced design manufacturing and a product assembly company, plans to relocate its businesses. The company plans to lease approximately 24, 710 square feet in existing vacant space at 1558 Cherry Street in the Colorado Tech Center in Louisville and will baring two businesses from Loveland and one from Broomfield to the Louisville site. MOTION: Council member Sackett moved to approve Resolution No. 48, Series 2007, seconded by Council member Yarnell. Roll call vote was taken. The motion carried by a vote of 7-0.