City Council Minutes 2014 06 03 - Laserfiche WebLink

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City Council Meeting Minutes June 3, 2014 Page 4 of 26 Economic Development Director DeJong requested City Council action on a proposed Economic Development Business Assistance Package (BAP) for the location of a new facility for Tusaar Corp. The proposed business assistance is similar in nature 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). Tusaar was established in 2009 to commercialize technology invented and patented at the University of Colorado in Boulder. The development and research has been funded by the U.S. National Science Foundation and the U.S. Department of Energy. Tusaar's technology is a process, which involves the surface treatment and permeation of granulated activated carbon with environmentally friendly organic compounds to remove metals and other materials from water, recycled materials, and ores. The technology keeps metals and materials out of the waste stream. Tusaar is proposing to establish their first pilot plant to commercialize their technology. They currently have laboratory space in Lafayette and will maintain this operation and location. They are looking for a second location. The project will employ 10 new jobs earning a salary above the Boulder County Average Wage of approximately $59,000 per year. Tusaar is also evaluating locations in Boulder and Gunbarrel. Staff estimates Tusaar 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 $100,000 for the tenant improvements. Approximately $500 of that amount is fees designated for Open Space and Historic Preservation purposes. Assistance Offered: 50% rebate of City Building Permit Fees and 50% rebate of Construct Use Taxes. The incentives are capped at $3,000. Staff recommended City Council approval of Resolution No. 32, Series 2014, a Business Assistance Agreement with Tusaar Corporation for tenant improvements at 385 South Pierce Avenue in the Colorado Technology Center in the City of Louisville. APPLICANT PRESENTATION Gautam Khanna, Tusaar Corporation President, 720 Johnson Street, Louisville, CO, explained Tusaar uses CU technology for water treatment, nuclear waste management and the extraction of valuable metals from recycled materials. They will not bring any radioactive materials into Louisville or Lafayette. He explained Tusaar is proposing to establish their first pilot plant to commercialize their technology in Louisville. Their lab is currently in Lafayette and will maintain at this location. Their first project is the recycling of light bulbs. MOTION: Council member Loo moved to approve Resolution No. 32, Series 2014, seconded by Mayor Pro Tem Dalton.