Resolution 2010-38 - Laserfiche WebLink

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BUSINESS ASSISTANCE AGREEMENT FOR VESTAS TECHNOLOGY R D AMERICAS, INC. IN THE CITY OF LOUISVILLE THIS AGREEMENT "Agreement is made and entered into as of the 6th day of July, 2010, between the CITY OF LOUISVILLE, a Colorado home rule municipal corporation (the "City and VESTAS TECHNOLOGY R D AMERICAS, INC., a Delaware corporation. WHEREAS, the City wishes to provide certain assistance to Vestas Technology R D Americas, Inc. in connection with the company's tenant finish of approximately 47,000 square feet of existing vacant space at 361 Centennial Parkway in Louisville (the project); and WHEREAS, Vestas Technology R D Americas, Inc. plans to open a new research and development division in a Louisville facility by fourth quarter 2010; and WHEREAS, Vestas Technology R D Americas, Inc. 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 Vestas Technology R D Americas, Inc. agree as follows: 1. Use Tax Rebate Construction. The City shall rebate to Vestas Technology R D Americas, Inc. 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. 2. Payment of Rebates Cap. The maximum amount of the rebates payable pursuant to 1 above shall in no event exceed $5,500. Upon written request by Vestas Technology R D Americas, Inc., the rebates shall be paid by the City within 30 days following issuance of the Certificate of Occupancy for the project, subject to provisions 3 and 4 below. Payment will be submitted to Vestas Technology R D Americas, Inc.'s designated financial institution. No interest shall be paid on amounts subject to rebate. 3. Use of Funds. Funds rebated pursuant to this Agreement shall be used by Vestas Technology R D Americas, Inc. 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 361 Centennial Parkway shall be fully satisfied and/or completed prior to payment to Vestas Technology R D Americas, Inc. of any rebate pursuant to this Agreement. 4. Future Fees. The rebates provided for under this Agreement are solely for the initial construction on the project. Any subsequent construction activities shall be subject to payment without rebate of all applicable building permit fees and construction use taxes. 1