Resolution 2014-06 - Laserfiche WebLink

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BUSINESS ASSISTANCE AGREEMENT FOR HISTORIC 740 FRONT STREET,LLC IN THE CITY OF LOUISVILLE THIS AGREEMENT ("Agreement") is made and entered into as of the 114 day of 1 brua r y , 2014, between the CITY OF LOUISVILLE, a Colorado home rule municipal dorporation (the "City"), and HISTORIC 740 FRONT STREET, LLC ("Company"), a Colorado Limited Liability Company. WHEREAS, the City wishes to provide certain assistance to Company in connection with the Company's stabilization and renovation of approximately 2,100 square feet of existing space and expansion of 990 square feet at 740 Front Street in Louisville (the "Project"); and WHEREAS, Company plans to complete the Project in 2014; and WHEREAS, Company will be expanding an existing retail location to increase the viability of the Project for future use; and WHEREAS, Company will be preserving a historic structure within Old Town Louisville; and WHEREAS, City Council finds the execution of this Agreement will serve to provide benefit and advance the public interest and welfare of the City and its citizens by securing the location of this economic development and historic preservation project within the City. NOW THEREFORE, in consideration of the mutual promises set forth below, the City and Company agree as follows: 1. Building Permit Fee Rebates. The City shall rebate to Company 50% of the building related permit fees for the Project, required under Louisville Municipal Code, section 15.04.050 and section 108.2 of the International Building Code as adopted by the City. 2. Use Tax Rebate-Construction. The City shall rebate to Company 50% of the Construction Use Tax on the building materials for the Project, required under Louisville Municipal Code, section 3.20.300, excluding all revenues from the open space tax and historic preservation tax. 3. Payment of Rebates. The maximum amount of the rebates payable pursuant to 1, and 2 above shall in no event exceed the calculation of 50% of the fees paid to the City. The building permit fee and use tax rebates shall be paid by the City within 120 days following issuance of the certificate of occupancy for the Project, subject to paragraphs 4 and 5 below. No interest shall be paid on any amounts subject to rebate. 4. Use of Funds. Funds rebated pursuant to this Agreement shall be used by Company solely for obligations, improvements and/or purposes permitted under Louisville Municipal Code section 3.24.060, which may include stabilization, building