City Council Minutes 2021 08 24 - Laserfiche WebLink

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City Council Meeting Minutes August 24, 2021 Page 3 of 10 Director Pierce stated the rebates of Building Permit Fees and Construction Use Tax total $4,688, but are off -set by anticipated revenues of $10,513. Based on the estimates provided by the applicant, the business would pay $174,000 in Sales Taxes over the five- year period; it is estimated $87,000 would be rebated by the City for a total impact over five years for a total fiscal impact of $91,688. Staff recommends approval of the resolution. Public Comments — None. MOTION: Councilmember Dickinson moved to approve Resolution No. 59; Councilmember Leh seconded the motion. VOTE: Motion passed by unanimous roll call vote. RESOLUTION NO. 60, SERIES 2021 — A RESOLUTION APPROVING A BUSINESS ASSISTANCE AGREEMENT WITH AMP ROBOTICS CORPORATION FOR AN ECONOMIC DEVELOPMENT PROJECT IN THE CITY OF LOUISVILLE Director Pierce stated AMP Robotics currently has a facility at 1500 Cherry Street, Suite A, as well as a facility in Broomfield. The company was founded in 2014 and produces world -leading Al and automation hardware and software targeted at the recycling and waste industry. The company plans to consolidate its two existing facilities in this area into a new corporate headquarters and production facility; both Louisville and Broomfield have been considered for this move. The company is considering an 83,000 SF facility under development in CTC. They have 121 employees working between Louisville and Broomfield. With this project, there would be 200 employees by 2022 and 450 employees by 2026; the average job salary is $119,000. The company desires to develop a headquarters so it will have significant tenant improvements to build -out offices and production facilities at 1875 Taylor. The project meets our assistance criteria by bringing high quality development; bringing new jobs to the City, with average salaries well above the County's average wage; representing job diversity in industry sectors and is part of a growing industry; and bringing a value added result to the City by retaining an existing business that needs capacity to continue their growth trajectory. This includes a proposed 50% rebate of Building Permit Fees and Construction Use Tax, capped at $45,000. The proposed 50% rebate on Consumer Use Tax over a five-year period is capped at $85,000. The project must be completed by December 31, 2022 and the business must remain in Louisville for a period of seven years or a percentage of rebates received must be repaid.