Business Retention and Development Committee Agenda and Packet 2016 02 01

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TITLE 3 - REVENUE AND FINANCE Chapter 3.24 TAX AND FEE BUSINESS ASSISTANCE PROGRAM facilities, benches, restrooms, information booths, public meeting facilities, and all necessary, incidental, building facades, architectural enhancements, and appurtenant structures and improvements, together with the relocation, extension, undergrounding or improvement of existing utility lines, and any other improvements of a similar nature which are specifically approved by the city council. C. Nothing in this chapter shall limit the city council from appropriating additional capital improvement funds for capital improvements directly or indirectly affecting the property in question as a part of the city's regular appropriation, capital improvement, or budget process. (Ord. No. 1507 -2007, § 1, 1 -16 -2007) Sec. 3.24.070. BAP payments. A. For BAP agreements utilizing enhanced sales tax incentives, payments shall be made no less than annually and no more than quarterly, as the city and applicant shall agree. For such payments, the base figure (which may be stated as a percentage or fixed dollar amount) shall be divided by the number of agreed -upon payments per year and adjusted for seasonal variations as the parties may agree. If in any period the agreed -upon base figure is not met by applicant and, thus, no enhanced sales taxes are generated for that period, then no funds shall be shared with the applicant for such period and no increment shall be shared until that deficit, and any other cumulative deficit, has been met, so that at the end of any 12 -month cycle, funds in excess of those enhanced sales taxes agreed to be shared shall not have been shared with any applicant. B. For BAP agreements utilizing fees, payments shall be made in either incremental payments or a lump -sum payment as provided in the agreement approved by the city council. Such payments shall commence no earlier than issuance of a certificate of occupancy for the subject location and satisfaction of the requirements of this chapter and of the agreement. C. No interest shall be paid on any amounts shared pursuant to any BAP agreement. (Ord. No. 1507 -2007, § 1, 1 -16 -2007) Sec. 3.24.080. Existing tax revenue sources unaffected. A. It is an overriding consideration and determination of the city council that existing sources of city sales tax and fee revenues shall not be used, impaired or otherwise affected by the BAP. Therefore, it is conclusively determined that only enhanced taxes and fees generated by the properties or businesses described in an approved BAP application shall be subject to division under the BAP. It shall be the affirmative duty of the finance director of the city to collect and hold all such enhanced taxes and fees to be shared in a separate account apart from the taxes and fees generated by and collected from other sources in the city and to provide an accounting system which accomplishes the overriding purpose of this chapter. It is conclusively stated by the city council that this chapter would not be adopted or implemented but for the provision of this section. B. Without limiting the foregoing subsection A of this section, it is conclusively stated that there shall be excluded from the BAP and any BAP agreement all revenues from (i) the temporary three - eighths percent sales and use taxes imposed for the ten -year period beginning on January 1, 2004, to be used for open space and related purposes as authorized by the registered electors of the city and set forth in Chapter 3.20 of this Code; and (ii) the temporary one - eighth of one percent sales tax for historic preservation purposes imposed for the ten -year period beginning on January 1, 2009 as set forth in Section 3.20.605 of this Code. Such revenues shall not be used, impaired or otherwise affected by the BAP. (Ord. No. 1507 -2007, § 1, 1 -16 -2007; Ord. No. 1571 -2010, § 2, 5 -4 -2010) Louisville, Colorado, Code of Ordinances Page 3 18