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City Council Meeting Minutes March 16, 2021 Page 3 of 13 REGULAR BUSINESS BUSINESS ASSISTANCE PACKAGES FOR REDEVELOPMENT OF 957 MAIN STREET/824 SOUTH STREET RESOLUTION NO. 17, SERIES 2021 — A RESOLUTION APPROVING A BUSINESS ASSISTANT AGREEMENT WITH 824 SOUTH INC. FOR AN ECONOMIC DEVELOPMENT PROJECT IN THE CITY OF LOUISVILLE RESOLUTION NO. 18, SERIES 2021 — A RESOLUTION APPROVING A BUSINESS ASSISTANT AGREEMENT WITH SOUTH STREET MARKET LLC FOR AN ECONOMIC DEVELOPMENT PROJECT IN THE CITY OF LOUISVILLE Director Pierce stated this item includes two separate Business Assistance Agreements BAPs), both of which relate to the redevelopment of 957 Main/824 South Street in Downtown. Previously this was a residential property. 824 South Inc. is the owner of the buildings; South Street Market LLC is the proposed tenant for 824 South Street. The project is still in the process of recruiting tenants for the 957 Main Street building. The project will add 12,258 square feet of commercial real estate to the downtown market. The proposed South Street Market is to be a small neighborhood market providing prepared, nutritious food at 824 South Street. This is a new sales tax generating use in Downtown. She reviewed sales and employment projections They anticipate opening in May 2021. She also reviewed how the projects meet the BAP criteria. The proposed assistance for 824 South includes a 50% rebate of Building Permit Fees and Construction Use Tax, including core and shell of both properties, as well as the tenant finishes for 824 South Street. It is capped at $61,000; the project must be completed by October 30, 2021 and the owner must remain in Louisville for five years or repay a percentage of rebates received. The proposed assistance for South Street Market includes a 40% rebate of new Sales Tax revenue over 5-year period capped at $40,000. The project must be completed by August 31, 2021 and must remain in Louisville for five years or repay a percentage of rebates received. She reviewed the fiscal impact noting the rebates should be offset by anticipated revenues to the City. Staff recommends approval of both agreements. Public Comments — None