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City Council Meeting Minutes July 13, 2021 Page 3 of 11 GARDEN) FOR AN ECONOMIC DEVELOPMENT PROJECT IN THE CITY OF LOUISVILLE Director Pierce stated C2X Group LLC is currently seeking a flagship location for their Rocky Mountain beer garden concept and is doing business as "Louisville Beer Garden." The company is interested in leasing the former Growler USA space at 1069/1071 Courtesy Road. C2X Group LLC is evaluating other potential locations, including Fort Collins, Johnstown, and Dillon. The project would occupy 3,204 indoor commercial space that has been vacant for almost three years and is expected to have between 16 and 24 employees with average job salaries of approximately $45,000. She stated the application meets the business assistance package criteria by drawing new customers, creating new sales tax, utilizing an existing building, and bringing new basic jobs to the City. The proposed 50% rebate of Building Permit Fees and Construction Use Tax for tenant finish work would be capped at $3,000. The proposed 50% rebate on new Sales Tax over a five (5) year period would be capped at $190,000. It must be completed by June 30, 2022 and must remain in Louisville for a period of seven years or a percentage of rebates received must be repaid. Rebates of Building Permit Fees and Construction Use Tax total $2,820, but are off -set by anticipated revenues of $6,290. Based on the estimates provided by the applicant, the business would pay $459,900 in Sales Taxes over the five-year period; it is estimated $189,000 would be rebated. The total impact over five years would be $191,820. Staff recommends approval of the resolution. Public Comments - None MOTION: Councilmember Brown moved to approve Resolution No. 44, Series 2021; Mayor Stolzmann seconded them motion. Councilmember Brown noted this would be a good project and a good use of that space. Mayor Stolzmann agreed. VOTE: Motion passed by unanimous roll call vote. RESOLUTION NO. 45, SERIES 2021 — A RESOLUTION APPROVING A BUSINESS ASSISTANCE AGREEMENT WITH STUDIO SHED ACQUISITION LLC FOR AN ECONOMIC DEVELOPMENT PROJECT IN THE CITY OF LOUISVILLE Director Pierce stated Studio Shed is currently located in the Colorado Technology Center; the company has operated in Louisville for over a decade. It designs and produces panelized buildings. Their products are produced in Louisville and shipped all over the world. Adjacent commercial space has become available in Studio Shed's current building. They have been seeking new space to accommodate their growth, and have pursued a potential relocation to Broomfield. Their current space is 18,500 square