Resolution 2021-66 - Laserfiche WebLink

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BUSINESS ASSISTANCE AGREEMENT FOR PIZZA ON PURPOSE INC. IN THE CITY OF LOUISVILLE THIS AGREEMENT ("Agreement") is made and entered into as of the 21St day of September , 2021, between the CITY OF LOUISVILLE, a Colorado home rule municipal corporation (the "City"), and Pizza On Purpose Inc. (the "Company"), a Colorado corporation, doing business as Double D's Sourdough Pizzeria & Taphouse. WHEREAS, the City wishes to provide certain business assistance in connection with the Company's desire to open one of its local pizzeria concepts in Louisville (the "Project"); and WHEREAS, the Company seeks to occupy 1,200 square feet of vacant commercial space at 577 E. South Boulder Road (the "Project Location"), which has not housed a Sales Tax generating use since the fourth quarter of 2019; and WHEREAS, the Company will bring new basic jobs to the City, as well as generate new Sales Tax revenue; and WHEREAS, the City Council finds the execution of this Agreement will serve to provide benefit and advance the public interest and welfare of the City and its citizens by securing this economic development project within the City. NOW THEREFORE, in consideration of the mutual promises set forth below, the City and Company agree as follows: 1. Sales Tax Rebates. The City shall rebate to the Company 50% of the Sales Tax revenues derived from the imposition of the City's 3.0% General Sales Tax (excluding the City's 0.375% Open Space Tax, the 0.125% Historic Preservation Tax, the 0.15% Recreation Center Tax, and any new sales taxes) that is actually collected by the City and attributable solely to new retail sales generated by operation of the Project and occurring at the Project Location. The rebates apply to the first five (5) years of its operation commencing on the first day of the month following the day the Company begins retail sales to the public from the Project Location ("the Commencement Date"). The five-year rebate period shall commence upon and run continuously from the Commencement Date. 2. Payment of Sales Tax Rebates; Cap. The sales tax rebates shall be paid by the City in annual installments and shall be made in arrears on or before February 28th. No interest shall be paid on amounts subject to rebate. Sales tax rebates pursuant to Section 1 shall terminate when the Company has received from the City the last rebate payment under this Agreement for the five-year rebate period or when the Company has received $60,000 in rebate payments, whichever first occurs. Page 1 of 5