City Council Minutes 2020 06 02 - Laserfiche WebLink

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City Council Meeting Minutes June 2, 2020 Page 6 of 13 Councilmember Lipton moved to approve resolution 40; seconded by Councilmember Dickinson. Mayor Stolzmann closed the public hearing. Roll Call Vote: Resolution passed by unanimous roll call vote. Councilmember Lipton moved to approve resolution 41; seconded by Councilmember Fahey. Roll Call Vote: Resolution passed by unanimous roll call vote. RESOLUTION NO. 42, SERIES 2020 — A RESOLUTION APPROVING A BUSINESS ASSISTANCE AGREEMENT WITH EMERGY, INC. FOR AN ECONOMIC DEVELOPMENT PROJECT IN THE CITY OF LOUISVILLE Mayor Stolzmann introduced the item. Director Pierce stated Emergy Foods is a spin -out of the University of Colorado Boulder and they manufacture alternative protein products. They are currently looking at sites in the CTC to expand to. They are also considering two other Colorado cities for this project location. They plan to employ 25 people at move -in and grow the employee base to 85 people within 5 years The company meets the program criteria by bringing quality development and creating new jobs in the City. It also represents job diversity and is part of a growing industry. Director Pierce stated this is a proposed 50% rebate of Building Permit Fees and Construction Use Tax, capped at $46,000 and a proposed 40% rebate on new Consumer Use Tax, capped at $181,000. The agreement stipulates the project must be completed by March 31, 2022 and it must remain in Louisville for 7 years. Staff recommends approval. Mayor Pro Tern Maloney asked why staff is recommending a seven-year requirement to stay in town. Director Pierce stated she based that on the amount of money the City would be investing in the company. This is a substantial investment from us. The company has agreed to these terms. Councilmember Lipton moved to approve the resolution; seconded by Councilmember Dickinson. Public Comments — None. Roll Call Vote: Resolution passed by unanimous roll call vote.