Resolution 2009-31 - Laserfiche WebLink

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BUSINESS ASSISTANCE AGREEMENT FOR BOULDER CREEK RESTAURANT GROUP IN THE CITY OF LOUISVILLE THIS AGREEMENT ("Agreement") is made and entered into as of the 15th day of October, 2009, between the CITY OF LOUISVILLE, a Colorado home rule municipal corporation (the "City"), and Boulder Creek Restaurant Group, a Colorado limited liability company. WHEREAS, the City wishes to provide certain business assistance in connection with Boulder Creek Restaurant Group's reinvestment in and leasing of approximately 3,400 square feet to a full service Italian restaurant in Downtown Louisville, 808 Maiin Street, Louisville (the project); and WHEREAS, Boulder Creek Restaurant Group plans to improve the exterior fa<;ade and interior finish of 808 Main Street by first quarter 2010; and WHEREAS, Boulder Creek Restaurant Group plans for the project to generate new sales tax revenue by the attraction, opening and operation of a full service Italian restaurant in 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 Boulder RI9staurant Group agree as follows: 1. Sales Tax Rebates. The City shall rebate to Boulder Creek Restaurant Group, 40% of the incremental sales tax revenues derived from the imposition of the City's 3.0% ~~eneral sales tax (excluding the City's three-eights percent (%%) Open Space Tax and the one-eighth percent (1/8%) Historic Preservation Tax) that are actually collected by the City and attributable to retail sales occurring at the project location of 808 Main Street and generated by a full service Italian restaurant for the first four years of its operation. The four-year rebate period shall commence upon and run continuously from the date of issuance of the certificate of occupancy for Boulder Creek Restaurant Group. Rebates shall not exceed $85,000 or four years of operation, whichever comes first. 2. Payment of Rebates. The sales tax rebates shall be paid by the City in annual installments and shall be made on or before January 31 st. No interest shall be paid on amounts subject to rebate.