Resolution 2021-17 - Laserfiche WebLink

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BUSINESS ASSISTANCE AGREEMENT FOR 824 SOUTH INC. IN THE CITY OF LOUISVILLE THIS AGREEMENT ("Agreement") is made and entered into as of the 16t" day of March , 2021, between the CITY OF LOUISVILLE, a Colorado home rule municipal corporation (the "City"), and 824 SOUTH INC. (the "Company"), a Colorado corporation. WHEREAS, the City wishes to provide certain business assistance in connection with the Company's redevelopment at 957 Main Street and 824 South Street (the "Project") which creates two new commercial properties in Downtown Louisville, Colorado; and WHEREAS, the Company's redevelopment provides 12,258 square feet of space for future tenants that will likely attract customers to Downtown and generate new sales tax revenue for the City; 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 October 30, 2021. 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 October 30, 2021. 3. Payment of Rebates; Cap; Inspection. The maximum amount of the rebates payable pursuant to Sections 1 and 2 above shall in no event exceed the calculation of 50% of the fees or taxes described in Sections 1 and 2 paid to the City and a not to exceed cap of sixty-one thousand dollars ($61,000). The building permit fee and construction use tax rebates in Sections 1 and 2 pertaining to each phase of the Project shall be paid by the City to Company within 120 days following issuance of the certificate of occupancy or final inspection for the applicable portion of the Project work, as reasonably determined by the City, subject to Sections 5 and 6 below. All Page 1 of 5