City Council Minutes 2013 07 02 - Laserfiche WebLink

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City Council Meeting Minutes July 2, 2013 Page 5 of 22 and Broomfield Counties. Support grants are given to those in need. Imagine was established in 1963 and this is their 50th Anniversary. It started when a group of parents, who wanted to establish a program for persons with disabilities. He thanked the City of Louisville for their support. RESOLUTION No. 35, SERIES 2013 — A RESOLUTION APPROVING A BUSINESS ASSISTANCE AGREEMENT WITH BLUE PARROT, INC, FOR IMPROVEMENT TO 640 MAIN STREET IN THE CITY OF LOUISVILLE Mayor Muckle requested a staff presentation. Economic Development Director DeJong presented an Economic Development Business Assistance Package (BAP) for the expansion of the Blue Parrot Restaurant. The Blue Parrot has been a Louisville institution since 1919. Mike and Mary Colacci began serving traditional Italian food and now the 5th generation of the family works at the restaurant. The owners propose to expand the restaurant by constructing an outdoor dining deck on the east side of the building at an estimated cost of $25,000. They also are considering installing a community mural on the top portion of the building facade. To help facilitate the mural, the City may waive the sign review fee charged by the Planning Department and allow access to historic photos at the Historical Museum. The restaurant currently has 23 employees and with the expansion hope to grow to 30 within 5 years. Employee wages are not above the Boulder County average wage, but are typical for retail operations. The Blue Parrot meets the general criteria of the Business Assistance Policy. The assistance would be funded by permit fees, construction use tax, and increased sales tax from the construction and operation of the new deck. The Blue Parrot will generate new revenue of approximately $1,400 from building permit fees and construction use taxes directly to the City in the first year of operation, given $25,000 investment for tenant improvements. They estimate adding $60,000 per year of retail sales, generating $1,800 per year of sales tax revenue. The sales tax rebate is for a three -year period and is not to exceed $25,000. Staff recommended the following assistance: Building Permit -Fee Rebate 50% rebate on permit fees for tenant finish (Excludes tap fees) $450 Building Use Tax Rebate 50% rebate on Building Use Tax for core and shell and Tenant finish (excludes 0.375 % Open Space tax and 0.125% Historic Preservation tax) Sales Tax Rebate 40% rebate of City's General 3% sales tax on increased sales above the previousl2 month period for three years (capped at $25,000) $200 $2000