Economic Vitality Committee Agenda and Packet 2021 09 24

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FCONOVIC VITALITY VITALI Y BUSINESS ASSISTANCE PROGRAM The City of Louisville recognizes the value of providing business assistance to companies seeking to locate in the City as well as to encouraging our existing businesses to relocate or expand within the City. The Business Assistance Program (BAP) supports the City's goal to promote a thriving business climate that provides job opportunities, facilitates investment, and produces reliable revenue to support City services. Program Eligibility • New business considering Louisville as a location • Business considering relocating to the City from another community • Existing Louisville business that is relocating within the City, either to continue operations or to expand • Must be a brick -and -mortar business; home -based businesses are not eligible Process Requirements • A completed Application for Assistance must be submitted to the City and acknowledged by staff before the business signs a lease or closes on a commercial property • Existing business applicants must possess a valid Louisville sales tax license and be current on payments to the City; any approved applicant must establish a sales tax license prior to the issuance of rebate payments • All applicants must have business entities registered with the Colorado Secretary of State and be current on filings and payments • Applicant must agree to and execute an Assistance Agreement prior to City and/or City Council approval • Any applicant estimated to receive more than $50,000 in rebates is required to meet with City tax staff prior to approval of an Assistance Agreement The City does not accept confidential applications. The business entity must be disclosed for an application to be considered. Available Incentives The City has a toolkit of incentives that are considered based on the information supplied in the Applicant for Assistance. Staff reviews the application and makes a recommendation of which tools each applicant is eligible to receive; not all incentives may be available to all applicants. This toolkit includes: • Rebates of in-house Plan Review & Building Permit Fees AND Construction Use Tax (40 — 50%) for permitted work on tenant improvements and/or core & shell construction o Onetime rebate • Rebates of in-house Plan Review & Permit Fees AND Construction Use Tax (50%) for a new signage permit application City of Louisville 749 Main Street, Louisville CO 80027 www.louisvilleco.gov Agenda Packet P. 21