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BUSINESS ASSISTANCE AGREEMENT FOR <br />LOUISVILLE CYCLERY LLC IN THE CITY OF LOUISVILLE <br />THIS AGREEMENT ("Agreement") is made and entered into as of the <br />20th day of April , 2021, between the CITY OF <br />LOUISVILLE, a Colorado home rule municipal corporation (the "City"), and <br />LOUISVILLE CYCLERY LLC (the "Company"), a Colorado limited liability <br />company. <br />WHEREAS, the City wishes to provide certain business assistance in <br />connection with the Company's desire to expand its existing business, which has <br />been operating in Louisville since 1980; and <br />WHEREAS, the Company will occupy 3,086 square feet of vacant <br />commercial space at 889 E. South Boulder Road (the "Project Location") because <br />its current space is likely to be redeveloped and growing the business requires <br />additional space; and <br />WHEREAS, the Company will retain existing jobs within the City and hopes <br />to add new jobs, as well as increase Sales Tax Revenue to the City with its <br />expanded operations; and <br />WHEREAS, the City Council finds the execution of this Agreement will serve <br />to provide benefit and advance the public interest and welfare of the City and its <br />citizens by securing this economic development project within the City. <br />NOW THEREFORE, in consideration of the mutual promises set forth <br />below, the City and Company agree as follows: <br />1. Building Permit Fee Rebates. The City shall rebate to the Company 50% <br />of the building related permit fees for the Project, required under Louisville <br />Municipal Code, section 15.04.050 and section 108.2 of the International <br />Building Code as adopted by the City, for the period from execution of this <br />Agreement and ending August 30, 2022. <br />2. Use Tax Rebate -Construction. The City shall rebate to the Company 50% <br />of the Construction Use Tax on the construction materials for the Project, <br />required under Louisville Municipal Code, section 3.20.300, excluding all <br />revenues from the Open Space Tax, Historic Preservation Tax, and <br />Recreation Center Tax for the Project, for the period from execution of this <br />Agreement and ending August 30, 2022. <br />3. Sales Tax Rebates. The City shall rebate to the Company 50% of the Sales <br />Tax revenues derived from the imposition of the City's 3.0% General Sales <br />Tax (excluding the City's .375% Open Space Tax, the .125% Historic <br />Preservation Tax, the .15% Recreation Center Tax, and any new sales <br />Page 1 of 6 <br />