Economic Vitality Committee Agenda and Packet 2021 09 24

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v FCONOMIC VITALITY BUSINESS ASSISTANCE PROGRAM VITALITY o One time rebate • Rebates of General Sales Tax (40 — 50%) o May be one time or over a period of years • Rebates of Consumer Use Tax (40 — 50%) o May be one time or over a period of years • Vacancy Bonus Incentive ($ amount TBD) to a business that occupies a commercial space that was previously occupied by a licensed business and has been vacant for two or more years • A Standard Incentive may be available to existing Louisville businesses that are eligible for less than $5,000 considering the tools listed above. The Standard Incentive is $5,000 Please note that rebates of the City's General Sales Tax, Construction Use Tax, and Consumer Use Tax are made based on 3% tax. These rebates exclude the City's Open Space Tax (0.375%), Historic Preservation Tax (0.125%), and Recreation Center Tax (0.150%). Business Assistance Criteria The eligibility of a business to receive incentives will also be considered based on how the proposed project aligns with the City's program criteria, including: • Company will bring a high quality development project to the City • Project will bring new or retains basic jobs to the City • Company generates existing Sales or Use Tax to the City or will generate new Sales or Use Tax to the City • Company will draw new customers to Louisville and is not expected to draw a large percentage of its customers from other businesses • Project will occupy an existing building or vacant commercial space • Company will bring new, basic jobs to the City, with average salaries above the County's average wage ($73,961 in 2020) • Company will bring high quality and/or diverse jobs to the City, which may be part of existing industries or a growing industry • Company represents a new retail outlet or expansion of an existing retail outlet • Project brings a value added result to the City, such as opening of a corporate headquarters or leadership in a transformative industry or field Approval Process • Business submits completed application • Staff reviews application for completeness; produces estimate of available incentives • If business wishes to pursue assistance, staff seeks City Manager approval of recommended incentives • Staff develops Assistance Agreement in consultation with the City Attorney; applicant agrees -to and executes agreement City of Louisville 749 Main Street, Louisville CO 80027 www.louisvilleco.gov Agenda Packet P. 22