City Council Minutes 2009 10 06 - Laserfiche WebLink

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City Council Meeting Minutes October 6, 2009 Page 8 of 16 MOTION: Mayor Sisk moved to set a public hearing on the 2010 Proposed Budget for Tuesday, October :20,2009, seconded by Councilor Sackett. All in favor. Deputy City Manager Balser reminded Council of the special meeting on Tuesday, October 13, for Council direction to Staff on the 2010 budget. RESOLUTION No. 31, SERIES 2009 - A RESOLUTION APPROVING A BUSINESS ASSISTANCE AGREEMENT WITH BOULDER CREEK RESTAURANT GROUP FOR REINVESTMENT AND ATTRACTION OF A NEW RESTAURANT AT 808 MAIN STREET IN THE CITY OF LOUISVILLE Mayor Sisk requested a Staff presentation. Economic Development Director Star explained Resolution No. 31, Series 2009, if approved, would authorize an economic development business assistance package (BAP) for Boulder Cn:~ek Restaurant Group for building renovations and establishment of a new restaurant occupying 3,400 SF located at 808 Main Street The applicant is Lenny Martinelli of Boulder Creek Restaurant Group, who proposes to renovate and re-open the former TuLiens restaurant space as a full service Italian restaurant. The project meets the general criteria in the City's Business Assistance Policy. According to the BAP, the City would rebate 40% of the incremental sales tax revenues derived from the imposition of the City's 3.0% general sales tax (excluding the City's 5/8% Open Space Tax and 1/8 % Historic Preservation Tax, for the first four years of operation). The conditions are as follows: · Incremental assistance would not be provided if Boulder Creek Restaurant Group has not commenced operation on or before April 1, 2010. · Total assistance would be capped at $70,000. · The City would receive full benefits from permit fees and construction use tax. · The maximum four-year rebate would run concurrently with the opening and first four years of operation of the restaurant. · If the restaurant terminates business for any reason within the 5-years of the commencement of the rebate term, Boulder Creek Restaurant Group would pay back the total amount of sales tax rebated by the City. Mayor Sisk asked if the applicant would like to address the City Council. Mr. Lenny Martinelli, a 16-year resident of Louisville, explained his plan to revitalize the downtown area by bringing in a new Italian restaurant.