City Council Minutes 2010 04 06 - Laserfiche WebLink

Home Browse Search

City Council Meeting Minutes April 6, 2010 Page 12 of 17 RESOLUTION No. 17, SERIES 2010 - A RESOLUTION AUTHORIZING THE DEFEASANCE OF THE 2002 GENERAL OBLIGATION REFUNDING BONDS, THE CREATION OF AN ESCROW ACCOUNT, AND THE EXECUTION OF AN ESCROW AGREEMENT Mayor Sisk requested a Staff presentation. Finance Director Watson explained Resolution No. 17, Series 2010 authorizes the defeasance of the 2002 Golf Course General Obligation Refunding Bonds, the creation of an escrow account and the execution of an escrow agreement with UMB Bank. The escrow arrangement will be used to pay the remaining three annual payments due on the bonds. MOTION: Councilor Dalton moved to approve Resolution No.17, Series 2010, seconded by Councilor Clabots. Roll call vote was taken. The motion carried by a vote of 7-0. Mayor Sisk commended Finance Director Watson for his work. City Manager Fleming also commended Finance Director Watson and Parks and Recreation Director Stevens for their dedicated work on this project. He noted the Staff will advertise for the Golf Course Advisory Board members. RESOLUTION No. 18, SERIES 2010 - A RESOLUTION APPROVING A BUSINESS ASSISTANCE AGREEMENT WITH IMAGINE NATION BOOKS, LTD FOR THE OCCUPANCY OF EXISTING VACANT SPACE IN CENTENNIAL VALLEY IN THE CITY OF LOUISVILLE Mayor Sisk requested a Staff presentation. Economic Development Director Star presented a Business Assistance Package (BAP) for Imagine Nation Books, Ltd, a family operated wholesaler of books and associated products. This business is considering relocating from Boulder to Louisville and leasing 25,000 SF of space in the Centennial Valley. Imagine Nation is a high wage, stable employer who plans to employ 100 people the first year and 115 within five years. The proposed Business Assistance Package would rebate 50 % of building permit fees and use tax for tenant finish not to exceed $13,750.00. The agreement would be void if Imagine Nation does not move into the Louisville location by December 31,2010, and remain in business at that location for five years. The building permit rebates are applicable for improvements made within five years of the date of this agreement. In the event within 5 years of the rebate term, Imagine Nation terminates their business, they would be subject to pay back the total amount of fees rebated by the City. Economic Development Director Star noted the 2007 Koelbel Business Assistance Package, at 282 Century, had specific requirements that tenants would not have the right to receive any rebates of tenant finish fees. The rebate to Koelbel was for the core