Resolution 2020-43 - Laserfiche WebLink

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BUSINESS ASSISTANCE AGREEMENT FOR LOXO ONCOLOGY, INC. IN THE CITY OF LOUISVILLE THIS AGREEMENT ("Agreement") is made and entered into as of the 2nd day of June , 2020, between the CITY OF LOUISVILLE, a Colorado home rule municipal corporation (the "City"), and LOXO ONCOLOGY, INC. (the "Company"), a Delaware corporation. WHEREAS, the City wishes to provide certain business assistance in connection with the Company's expansion (the "Project"), for which Louisville, Colorado is being considered (the "Project Location"); and WHEREAS, the Company is seeking approximately 70,000 square feet at a site to be determined in order to construct laboratory and office space; and WHEREAS, the Company expects to employ over 100 full-time equivalent employees at the Project space within two years of build -out; and WHEREAS, the Company not only plans to construct a new building but also to make significant capital and equipment purchases that will be subject to the City's Use Tax; and WHEREAS, the Company plans to make a decision on the selected location in June 2020 and then break ground the same year; and WHEREAS, the 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 the 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, for the period from execution of this Agreement and ending January 1, 2022. 2. Use Tax Rebate -Construction. The City shall rebate to the Company 50% of the Construction Use Tax on the construction 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 for the Project, for the period from execution of this Agreement and ending January 1, 2022. Page 1 of 6