Resolution 2019-43 - Laserfiche WebLink

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BUSINESS ASSISTANCE AGREEMENT FOR 1882 VENTURES, LLC IN THE CITY OF LOUISVILLE 4HIS AGREEMENT ("Agreement") is made and entered into as of the _ day of /%Jo i ardoge- , 2019, between the CITY OF LOUISVILLE, a Colorado home rule municipal corporation (the "City"), and 1882 Ventures, LLC, a Colorado limited liability company (the "Company") WHEREAS, the City wishes to provide certain business assistance in connection with the Company's expansion of approximately 1,800 square feet (the "Project") at 640 Main Street, Louisville (the "Project Location"), and WHEREAS, Company plans to complete the Project in 2019, and WHEREAS, Company plans for the Project to generate new sales tax revenue to the City; 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 this economic development 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, Historic Preservation Tax and Recreation Center Tax. 3 Payment of Rebates. The building permit fee and construction use tax rebates described in Sections 1 and 2 above shall be paid by the City within 120 days following issuance of the certificate of occupancy for the Project. 4 Sales Tax Rebates. For a period of five (5) years, the City shall rebate to Company 40% of the incremental sales tax revenues derived from the imposition of the City's 3 0% general sales tax (excluding the City's 375% Open Space Tax, the 125% Historic Preservation Tax, the 15% Recreation center Tax and any new sales taxes for a specific purpose) that is actually collected by the City and attributable to new retail sales occurring at the Project Location over and above the twelve months of sales reported to the Page 1 of 6