City Council Agenda and Packet 2021 08 24

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LL 1ty.�f CITY COUNCIL COMMUNICATION Louis idle AGENDA ITEM 4 COLORADO • SINCE 1.878 SUBJECT: RESOLUTION NO. 59, SERIES 2021 — A RESOLUTION APPROVING A BUSINESS ASSISTANCE AGREEMENT WITH SNARF'S LOUISVILLE LLC (DBA SNARF'S SANDWICHES) FOR AN ECONOMIC DEVELOPMENT PROJECT IN THE CITY OF LOUISVILLE DATE: AUGUST 24, 2021 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: Staff requests City Council action on a proposed Business Assistance Package (BAP) for Snarf's Louisville LLC (DBA Snarf's Sandwiches) which proposes to open a new business within the City of Louisville. DISCUSSION: Jimmy Seidel is the CEO of Snarf's Sandwiches. The sandwich shop was started in Boulder in 1996. Today the company has 24 locations and continues to grow and develop new stores. The company is currently considering a lease at 1110 E. South Boulder Road. This commercial space was most recently occupied by My Nature Lab between February 2018 and December 2020. The space has been vacant since My Nature Lab moved to Pine Street in Downtown. More information about Snarf's Sandwiches is available on the company's website: https://www.eatsnarfs.com/. The project location is 2,400 square feet that Snarf's Sandwiches would remodel for its sandwich shop concept. The company indicates they have been considering a Louisville location for some time and have been looking for an appropriate space. Staff has confirmed a lease has not yet been executed. The company hopes to make a decision on the lease in mid -September and would anticipate opening before the end of the year. Snarf's Sandwiches anticipates approximately $350,000 in tenant improvements for the new shop. At move -in, the company is expected to have about 20 employees and this employment number would remain fairly consistent. The average job salaries at the business are estimated to be $30,000. The applicant estimates the business would generate $5,800,000 in gross retail sales over the next five years —including $1,000,000 in year one and $1,200,000 per year for the next four years. There has not been a Sales Tax generating business in this commercial space for many years. 7 Eleven occupied the space from 1977 to 2002, but otherwise there has only been one other retail tenant, a home furnishing store, which was there between July 2004 and December 2005. Staff finds that the business meets the general criteria by which assistance may be granted in accordance with the Business Assistance Policy in Section 3.24 of the CITY COUNCIL COMMUNICATION q