Resolution 2010-18 - Laserfiche WebLink

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BUSINESS ASSISTANCE AGREEMENT FOR IMAGINE NATION BOOKS, LTD IN THE CITY OF LOUISVILLE THIS AGREEMENT "Agreement is made and entered into as of the Z,th day of April, 2010, between the CITY OF LOUISVILLE, a Colorado home rule municipal corporation (the "City and IMAGINE NATION BOOKS, LTD, a Colorado limited liability company. WHEREAS, the City wishes to provide certain assistance to Imagine Nation Books, Ltd in connection with the company's tenant finish of approximately 25,000 square feet of existing vacant space at 282 Century Drive in Louisville (the project); and WHEREAS, Imagine Nation Books, Ltd plans to open in the new facility by third quarter 2010; and WHEREAS, Imagine Nation Books, Ltd plans 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 Imagine Nation Books, Ltd agree as follows: 1. Building Permit Fee Rebatek. The City shall rebate to Imagine Nation Books, Ltd 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 Imagine Nation Books, Ltd 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. Pavment of Rebates Cad. The maximum amount of the rebates payable pursuant to 1 and 2 above shall in no event exceed $13,750. Upon written request by Imagine Nation Books, Ltd., the rebates shall be paid by the City within 30 days following issuance of the Certificate of Occupancy for the project, subject to provisions 4 and 5 below. Payment will be submitted to Imagine Nation Books, Ltd'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 Imagine Nation Books, Ltd 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 282 Century Drive shall be fully satisfied and/or completed prior to payment to Imagine Nation Books, Ltd of any rebate pursuant to this Agreement. 1