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Aerospace business means a business engaged in the research, <br />development, and manufacture of aircraft, vehicles, and equipment to be <br />sent into space. <br />Applicant means the owner(s) of real property upon which an <br />aerospace business is operated or proposed, or the operator of an <br />aerospace business located or proposed to be located within the city. <br />Enhanced assistance means a rebate up to one hundred percent <br />(100%) of sales and use taxes collected by the city from an aerospace <br />business meeting the eligibility criteria set forth in this chapter, for a period <br />of up to ten (10) years, pursuant to an agreement approved by the city <br />council; except that, enhanced assistance shall exclude all revenues <br />derived from the City's 0.375% Open Space Tax, the 0.125% Historic <br />Preservation Tax, the 0.15% Recreation Center Tax, and any future special <br />sales or use taxes imposed following the effective date of the EAP <br />agreement between the city and the applicant. <br />Operator means the owner or potential owner of an aerospace <br />business that is eligible for inclusion in the EAP created by this chapter. <br />Owner means the record owner or potential record owner of real <br />property upon which one or more aerospace business is operated. <br />Sec. 3.25.040.- Basis for participation. <br />A. Any owner or operator of a proposed aerospace business, or <br />the owner or operator of an existing aerospace business which proposes to <br />expand substantially, may apply to the city for inclusion within the EAP, <br />provided that the proposed new or expanded aerospace business meets <br />the eligibility criteria set forth in subsection B. Application for inclusion in the <br />EAP must be made prior to the proposed opening, acquisition or expansion. <br />B. To be eligible for enhanced assistance under this section, an <br />aerospace business must meet each of the following criteria- <br />1 . Invest at least fifty million dollars ($50M) in the <br />business's Louisville operation over the 5-year period following approval of <br />the BAP agreement; and <br />2. Create a minimum of one hundred (100) jobs over the <br />five (year) period immediately following commencement of the aerospace <br />business's operation in Louisville, with an average annual wage above <br />100% of the annual wage of Boulder County, not including the value of any <br />employee benefits. <br />Ordinance No. 1857, Series 2023 <br />Page 6 of 11 <br />