Resolution 2021-52 - need fully executed agreement

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BUSINESS ASSISTANCE AGREEMENT FOR YOGA JUNCTION LLC IN THE CITY OF LOUISVILLE THIS AGREEMENT ("Agreement") is made and entered into as of the 271" day of July , 2021, between the CITY OF LOUISVILLE, a Colorado home rule municipal corporation (the "City"), and YOGA JUNCTION LLC (the "Company"), a Colorado limited liability company. WHEREAS, the City wishes to provide certain business assistance in connection with the Company's desire to expand its existing business, which has been operating in Louisville for over 10 years; and WHEREAS, the Company intends to occupy 1,497 square feet of vacant commercial space at 950 Spruce Street, Ste 1 (the "Project Location") because its current building has been sold and will be occupied by a different tenant; and WHEREAS, the Company will retain its presence in Downtown Louisville while expanding its commercial space, maintaining jobs, and adding more retail element to the studio; 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 December 31, 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 December 31, 2021. 3. Sales Tax Rebates. The City shall rebate to the Company 50% of the Sales Tax revenues derived from the imposition of the City's 3.0% General Sales Tax (excluding the City's .375% Open Space Tax, the .125% Historic Preservation Tax, the .15% Recreation Center Tax, and any new sales taxes) that is actually collected by the City and attributable solely to new retail sales generated by operation of the Project and occurring at the Page 1 of 6