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City Council <br />Meeting Minutes <br />June 2, 2020 <br />Page 7 of 13 <br />RESOLUTION NO. 43, SERIES 2020 — A RESOLUTION APPROVING A BUSINESS <br />ASSISTANCE AGREEMENT WITH LOXO ONCOLOGY, INC. FOR AN ECONOMIC <br />DEVELOPMENT PROJECT IN THE CITY OF LOUISVILLE <br />Mayor Stolzmann introduced the item. Director Pierce stated Loxo Oncology was created <br />in December 2019 and is a biotech and pharma firm developing new medicines for people <br />with cancer. The company was acquired by Lilly in early 2019. Currently they have <br />employees in Boulder and are seeking a site for a new laboratory and office. They are <br />seeking to construct a 70,000 square foot facility for laboratory and office for over 100 <br />FTEs. The company is currently considering two other sites in their nationwide selection <br />process and they anticipate a decision in June. <br />This agreement meets the BAP criteria by bringing high quality development; <br />complementing existing Louisville businesses; creating new jobs in the City, and bringing <br />job diversity. <br />Director Pierce stated this is a proposed 50% rebate of Building Permit Fees and <br />Construction Use Tax capped at $385,000; and a proposed 40% rebate on new <br />Consumer Use Tax capped at $360,000. The project must be completed by January 1, <br />2022 and the business must remain in Louisville for 10 years. <br />=01I O EST, , TIT-Tal M TIT-a01rem <br />Councilmember Brown asked what other cities are being considered. Director Pierce <br />stated locations in Connecticut and Georgia are also being considered. <br />Councilmember Leh asked how important the labor pool is to why they are considering <br />locating here. Director Pierce stated it is probably a major reason they are looking here. <br />Councilmember Lipton moved to approve Resolution No. 43, seconded by <br />Councilmember Leh. <br />Roll Call Vote: Resolution passed by unanimous roll call vote. <br />RESOLUTION NO. 45, SERIES 2020 — A RESOLUTION AMENDING THE 2020 <br />BUDGET BY AMENDING APPROPRIATIONS IN THE GENERAL FUND, OPEN <br />SPACE & PARKS FUND, CONSERVATION TRUST — LOTTERY FUND, CEMETERY <br />FUND, HISTORIC PRESERVATION FUND, RECREATION FUND, CAPITAL <br />PROJECTS FUND, WATER UTILITY FUND, WASTEWATER UTILITY FUND, STORM <br />WATER UTILITY FUND, AND GOLF COURSE FUND FOR CARRY FORWARD OF <br />APPROPRIATIONS AND ADDITIONAL APPROPRIATIONS WITHIN SUCH FUNDS <br />AND ADJUSTING BUDGETED REVENUE IN THE GENERAL FUND, OPEN SPACE & <br />PARKS FUND, AND CAPITAL PROJECTS FUND <br />