Resolution 2010-21 - Laserfiche WebLink

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BUSINESS ASSISTANCE AGREEMENT FOR MAIN STREET DRINK AND DINE LLC IN THE CITY OF LOUISVILLE THIS AGREEMENT "Agreement is made and entered into as of the 20th day of April, 2010, between the CITY OF LOUISVILLE, a Colorado home rule municipal corporation (the "City and Main Street Drink and Dine LLC, a Colorado limited liability company. WHEREAS, the City wishes to provide certain business assistance in connection with Main Street Drink and Dine LLC's reinvestment in and leasing of approximately 1,600 square feet of a 3,314 square foot building for a Latin "taco lounge" restaurant in Downtown Louisville, at 701 Main Street, Louisville (the project); and WHEREAS, Main Street Drink and Dine LLC plans to improve the exterior facade and interior finish of 701 Main Street by third quarter 2010; and WHEREAS, Main Street Drink and Dine LLC pla ns for the project 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 Restaurant Group agree as follows: 1. Sales Tax Rebates. The City shall rebate to Main Street Drink and Dine LLC, 40% of the incremental sales tax revenues derived from the imposition of the City's 3.0% general sales tax (excluding the City's three eights percent Open Space Tax and the one eighth percent (1/8 Historic Preservation Tax) that is actually collected by the City and attributable to retail sales occurring at the project location of 701 Main Street and generated by a Latin "taco lounge" 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 and /or passage of the final building inspection for Main Street Drink and Dine LLC. Rebates shall not exceed $75,000 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 31st. No interest shall be paid on amounts subject to rebate.