City Council Minutes 2013 05 21 - Laserfiche WebLink

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City Council Meeting Minutes May 21, 2013 Page 14 of 19 similar to others recently granted, including a partial rebate on both the building permit fees and construction use tax for tenant improvements to 385 South Pierce Avenue in the Colorado Technology Center (CTC). Canaima Outdoors, Inc. is the parent company to Gibbon Slacklines, a slackline kit manufacturer. The sport of slacklining is increasing in popularity and the demand for Gibbon Slacklines has followed suit. Canaima became the U.S. distributor for the slackline design branded Gibbon Slacklines. The Company not only sells the product, it is the main promoter of the sport. Canaima Outdoors is considering moving their headquarters from Boulder to 385 South Pierce Avenue in the Colorado Technology Center. Construction costs for the tenant improvement are estimated at $180,000 for 22,300 square feet within the building. Canaima currently has 12 employees and anticipates growing to 30 employees within 5 years. Canaima meets the general criteria by which assistance may be granted in accordance with the Business Assistance Policy. Staff estimated Canaima will generate new revenue of approximately $6,000 from building permit fees and construction use taxes directly to the City in the first year of operation, given an investment of $180,000 for the tenant improvements. The Company estimates $200,000 per year of retail sales at the facility from customers. These sales would generate $7,000 per year of sales tax revenue. Based upon the estimated revenue projection, staff recommended the following assistance: Building Permit -Fee Rebate 50% rebate on permit fees for tenant finish Building Use Tax Rebate 50% rebate on Building Use Tax for core /shell/Tenant finish Total Estimated Assistance APPLICANT PRESENTATION $1,500 $ 1,500 $ 3,000 Ricardo Bottome, President of Canaima Outdoors, explained the business started four years ago in Boulder, with 2 employees and now there are now 12 full -time employees. They are distributing slacklines in Mexico, Canada and the US. They have outgrown their current facility and would like to relocate to Louisville. COUNCIL COMMENT Council member Jasiak and Mayor Muckle expressed their thanks to Mr. Bottome for considering Louisville.