Laserfiche WebLink
BUSINESS ASSISTANCE AGREEMENT FOR <br />SHAMROCK FOODS COMPANY IN THE CITY OF LOUISVILLE <br />THIS AGREEMENT ("Agreement") is made and entered into as of the <br />11th day of July , 2023, between the CITY OF <br />LOUISVILLE, a Colorado home rule municipal corporation (the "City"), and <br />SHAMROCK FOODS COMPANY, an Arizona Corporation. (the "Company"), <br />doing business as Shamrock Foods Company. <br />WHEREAS, the City wishes to provide certain business assistance in <br />connection with the Company's desire to open a new business in Louisville (the <br />"Project"); and <br />WHEREAS, the Company seeks to occupy 28,190 square feet of existing <br />retail space at 785 E South Boulder Road; and <br />WHEREAS, the Company will bring new basic jobs to the City, as well as <br />generate new fee and tax revenues; and <br />WHEREAS, the City Council finds the execution of this Agreement will serve <br />to provide a benefit and advance the public interest and welfare of the City and its <br />citizens by securing this economic development project within the City; and <br />WHEREAS, pursuant to Chapter 3.24 of the Louisville Municipal Code, <br />sales tax rebates must be limited to the amount of sales tax collected by the City <br />over and above a base amount negotiated by, and agreed upon by, the applicant <br />and the City, and which base amount shall never be lower than the amount of sales <br />taxes collected by the City at the property in question in the previous 12 months; <br />and <br />WHEREAS, no sales tax has been generated at the Project location in the <br />previous 12 months, and thus the City and the Company desire, for purpose of this <br />Agreement, to set the sales tax base at zero dollars ($0), and that the sales tax <br />rebate under this Agreement shall be limited to fifty percent (50%) of sales tax <br />actually collected by the City and attributable solely to new retail sales generated <br />by operation of the Project and occurring at the Project location for the period <br />described, and subject to the exceptions, restrictions, and limitations set forth, in <br />this Agreement; and <br />WHEREAS, for the reasons set forth above, the City desires to provide <br />certain other rebates to Company as further described, and subject to the <br />exceptions, restrictions, and limitations as set forth, in this Agreement. <br />NOW THEREFORE, in consideration of the mutual promises set forth <br />below, the City and Company agree as follows: <br />107501216 / 1 } 1 <br />