City Council Agenda and Packet 2007 09 18

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City Council Meeting Minutes September 4, 2007 Page 7 of 15 RESOLULTION No. 49, SERIES 2007 - A RESOLUTION APPROVING A BUSINESS ASSISTANCE AGREEMENT WITH CV282 CENTURY PLACE, LLC, FOR THE CONSTRUCTION OF NEW SPACE AT THE SOUTHEAST CORNER OF CENTURY DRIVE AND CENTURY PLACE IN CENTENNIAL VALLEY IN THE CITY OF LOUISVILLE Becky Hogan, EDge Consulting, 52 Steele Street, Denver, CO presented the business assistance package (BAP) for CV 282 Century Place, LLC. Koelbel and Company is requesting assistance based upon quality development and creation of space for primary job relocation. This assistance will be funded by way of a rebate of permit fees and construction use tax from the construction of a new office building. CV 282 could accommodate up to 250 additional employees that will contribute to increased revenues for the City. It is anticipated from permit fees along, CV 282, LL.C will generate over $247,282 of new revenue directly to the City in the first year of operation. Walter "Buz" Koelbel, President of Koelbel and Company voiced his appreciation to Council for considering this Business Assistance Agreement. He noted Koelbel has not constructed a building in Louisville since 2001. He stated the market is improving and therefore could support a 62,350 SF multi-tenant single story office building in the City at the southeast corner of Century Drive and Century Place in Centennial Valley. He supported the incentives ultimately being directed to the tenants. He applauded the City for their Business Assistance Package program and requested Council support. COUNCIL COMMENT Mayor Pro Tem Brown asked the difference between a company coming in to CTC without an incentive, anti Mr. Koelbel's request. Ms. Hogan stated the Koelbel proposal provides multi-tenants opposed to an office use at CTC. More employees per square foot increase the number of employees at this facility. Mayor Sisk favored the incentives ultimately going to the tenants. Council member Muckle recognized there are more opportunities for retail sales along Centennial Valley as o~-posed to CTC. Council member Sackett noted new employees would spend dollars in Louisville generating new sales tax, anti the building project will increase the property tax. Council member Clabots supported the increased sales tax with this project. Council member Yarnell asked for clarification on how the rebate will filter down to the tenants. Ms. Hogan stated the language can be crafted to assign a dollar amount per square foot.