Resolution 2009-32 - Laserfiche WebLink

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BUSINESS ASSISTANCE AGREEMENT FOR INTERTEK IN THE CITY OF LOUISVILLE THIS AGREEMENT ("Agreement") is made and entered into as of the day of , 2009, between the CITY OF LOUISVILLE, a Colorado home rule municipal corporation (the "City"), and INTERTEK, a Colorado corporation. WHEREAS, the City wishes to provide certain assistance to Intertek in connection with the company's tenant finish of approximately 30,000 square feet of newly constructed space at 195 CTC Boulevard in Colorado Tech Center in Louisville (the project); and WHEREAS, Intertek plans to open in the new facility by first quarter 2010; and WHEREAS, Intertek pllans to provide additional primary job creation within the City; and WHEREAS, 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 the location of this economic development project within the City. NOW THEREFORE, in consideration of the mutual promises set forth below, the City and Intertek agree as follows: 1. Building Permit Fee Rebates. The City shall rebate to Intertek 50% of the building related permit fees for the project, required under Louisville Municipal Code, section 15.04.050 and section 108.2 of the International Building Code as adopted by the City. 2. Use Tax Rebate-Construction. The City shall rebate to Intertek 50% of the Construction Use Tax on the building materials for the project, required under Louisville Municipal Code, section 3.20.300, excluding all revenues from the open space tax. 3. Payment of Rebates Cap. The maximum amount of the rebates payable pursuant to 1 and 2 above shall in no event exceed $14,950.00. The rebates shall be paid by the City within 120 days following issuance of the Certificate of Occupancy for the project, subject to 4, below. Payment will be submitted to Intertek's designated financial institution. No interest shall be paid on amounts subject to rebate. 4. Use of Funds. Funds rebated pursuant to this Agreement shall be used by Intertek solely for obligations and/or improvements permitted under Louisville Municipal Code section 3.24.060 (as enacted by Ordinance No. 1507, Series 2007), which may include tenant improvements for occupancy of vacant space or the expansion or creation of jobs within the City. The eligible obligations and/or improvements to 195 CTC Boulevard shall be fully satisfied and/or completed prior to payment to Intertek of any rebate pursuant to this Agreement.