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RESOLUTION NO. 85 SERIES 2021 A RESOLUTION APPROVING A FIRST AMENDMENT TO BUSINESS ASSISTANCE AGREEMENT WITH 824 SOUTH INC. FOR AN ECONOMIC DEVELOPMENT PROJECT IN THE CITY OF LOUISVILLE WHEREAS, the successful attraction and retention of quality development to the City of Louisville provides employment opportunities and increased revenue for citizen services and is therefore an important public purpose; and WHEREAS, it is important for the City of Louisville to attract new jobs and remain competitive with other local governments in creating assistance for occupancy of commercial space in the City; and WHEREAS, 824 South Inc. is redeveloping a residential property into two new commercial buildings at the northern gateway to Downtown Louisville, which creates opportunities for several new businesses to locate and generate tax revenues; and WHEREAS, by Resolution No. 17, Series 2021, the City Council approved a Business Assistance Agreement between the City and 824 South Inc. (the "Agreement"); and WHEREAS, due to a delay in obtaining required approvals, 824 South Inc. has requested the Agreement be amended as set forth in the First Amendment to Business Assistance Agreement, a copy of which is attached hereto as Exhibit A ("First Amendment"); and WHEREAS, the City Council finds that the proposed Business Assistance Agreement is consistent with and in furtherance of the business assistance policies of the City, and desires to approve the Agreement and authorize its execution and implementation. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO THAT: 1. The proposed First Amendment to Business Assistance Agreement between the City of Louisville and 824 South Inc. (the "First Amendment") is hereby approved in essentially the same form as the copy accompanying this Resolution. 2. The Mayor is hereby authorized to execute the First Amendment on behalf of the City Council of the City of Louisville, except that the Mayor is hereby granted the authority to negotiate and approve such revisions to said First Amendment as the Mayor determines are necessary or desirable for the protection of the City, so long as the essential terms and conditions of the First Amendment are not altered. 3. City staff is hereby authorized to do all things necessary on behalf of the City to perform the obligations of the City under the Agreement, as amended by the First Resolution No. 85, Series 2021 Page 1 of 3