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SUBJECT: RESOLUTION 64, SERIES 2020 <br />DATE: AUGUST 25, 2020 PAGE 2 OF 4 <br />Staff believes the company meets the general criteria by which assistance may be <br />granted in accordance with the Business Assistance Policy in Section 3.24 of the <br />Louisville Municipal Code. The City's Business Assistance Program Criteria and <br />Application are also included as Attachment #3 for reference. The main criteria this <br />project meets are: <br />• Brings high quality development; <br />• Creates new basic jobs within the City; and <br />• Draws new customers/visitors to the area, without detracting from other existing <br />businesses. <br />Based on the estimates provided by The COplex LLC, staff recommends a 50% rebate <br />of the Building Permit Fees and Construction Use Tax, in addition to a 40% rebate of <br />Consumer Use Tax on eligible purchases (for fixtures to develop the club and recreation <br />areas). As outlined in the attached Agreement, staff proposes the 50% rebates on <br />Building Permit Fees and Construction Use Tax be capped at $84,000 and the 40% <br />rebate on Consumer Use Tax be capped at $6,000 The assistance would be funded by <br />Permit Fees, as well as Construction Use Tax and Consumer Use Tax revenues <br />generated. Per our Criteria, the rebates exclude the City's Open Space, Historic <br />Preservation, and Recreation Center Taxes. <br />Eligible project costs <br />Building Permit Fee- 50% Detail of Taxes <br />$ 4,300,000.00 <br />Amount Paid <br />Rebate % <br />Rebate Amount <br />Combination Building <br />$ <br />19,200.00 <br />50% <br />$ <br />9,600.00 <br />Plan Check Fees <br />$ <br />12,480.00 <br />50% <br />$ <br />6,240.00 <br />Combination Electric <br />$ <br />3,840.00 <br />50% <br />$ <br />1,920.00 <br />Combination Mechanical <br />$ <br />1,920.00 <br />50% <br />$ <br />960.00 <br />Combination Plumbing <br />$ <br />1,920.00 <br />50% <br />$ <br />960.00 <br />Subtotal <br />$ <br />37,440.00 <br />$ <br />18,720.00 <br />Eligible project costs <br />$ <br />4,300,000.00 <br />Construction Use Tax- 50% Detail of Taxes <br />Amount <br />Paid Rebate % <br />Rebate Amount <br />City Use- 3% <br />$ <br />129,000.00 50% <br />$ 64,500.00 <br />Open Space- .375% <br />$ <br />16,125.00 <br />$ - <br />Historic Preservation- .125% <br />$ <br />5,375.00 <br />$ - <br />RecreationCenter-.150% <br />$ <br />6,450.00 <br />$ - <br />Subtotal <br />950.00 <br />500.00 <br />CITY COUNCIL COMMUNICATION <br />3 <br />