City Council Minutes 2021 08 03 - Laserfiche WebLink

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City Council Meeting Minutes August 3, 2021 Page 3 of 11 The proposed assistance package includes a 50% rebate of Building Permit Fees and Construction Use Tax (capped at $500,000) and a 40% rebate on Use Tax over a 5-year period (capped at $900,000). The project must be completed by May 31, 2023 and the business must remain in Louisville for a period of 10 years or a percentage of rebates received must be repaid. The financial impact over five years is estimated to be $1,325,717. Staff recommends approval. Public Comments — None. MOTION: Councilmember Brown moved to approve Resolution No. 55, Series 2021; seconded by Councilmember Leh. VOTE: Motion passed by unanimous roll call vote. RESOLUTION NO. 56, SERIES 2021 — A RESOLUTION APPROVING A BUSINESS ASSISTANCE AGREEMENT WITH LULU'S LOW COUNTRY KITCHEN, LLC FOR AN ECONOMIC DEVELOPMENT PROJECT IN THE CITY OF LOUISVILLE Director Pierce stated LuLu's Low Country Kitchen is looking at space in Louisville to open a new restaurant concept. The company is interested in leasing property at 988 W. Dillon Road, but has not yet executed a lease. The project would occupy commercial space that has been vacant for several months. The applicant does anticipate doing some minor renovations at the site and hopes to open in fall of 2021. They are expecting to have 15 employees to start with an average salary of $60,000. This project will retain basic jobs to the city; will draw new customers, without drawing a large percentage of its business from existing businesses; creates new Sales Tax for the city; and utilizes an existing building. The proposed assistance is a 50% rebate of Building Permit Fees and Construction Use Tax (capped at $1,000) and a 50% rebate on new Sales Tax over a 5-year period (capped at $140,000). The project must be completed by March 31, 2022 and remain in Louisville for 7 years or a percentage of rebates received must be repaid. The financial impact over 5 years is estimated at $135,953. Staff recommends approval. Public Comments — None. MOTION: Councilmember Leh moved to approve Resolution No. 56, Series 2021; seconded by Councilmember Dickinson. VOTE: Motion passed by unanimous roll call vote.