Ordinance 2024-1878 - Laserfiche WebLink

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WHEREAS, many of the City's residents affected by the Marshall Fire have learned they may be significantly underinsured and will thus face financial hardships rebuilding their fire -damaged homes; and WHEREAS, the City Council finds that repairing and rebuilding of homes lost to the Marshall Fire is essential to maintaining the fabric of the community, and that providing a use tax exemption for homeowners affected by the Marshall Fire who are underinsured will help those residents return to the City; and WHEREAS, the exemption of construction and building materials from the City's use tax may only be made based upon satisfaction of those criteria set forth herein, to ensure the exemption is provided only to the extent reasonably necessary to facilitate the repair and rebuilding of fire -damaged homes within the community; and WHEREAS, the City Council finds that restoring a vibrant and robust community requires rebuilding to occur within a reasonable amount of time, and that the relief set forth herein afforded those who lost their homes in the Marshall Fire who are experiencing financial hardship is rationally related to the important government function of fostering and maintaining a vibrant and robust community; and WHEREAS, the City Council finds those persons who lost their homes or ability to live in their homes due to the Marshall Fire have experienced and been impacted by a natural disaster of epic proportions, and thus are differently situated from those within the City who choose to repair or remodel an existing residence, or build a new residence; and WHEREAS, by this ordinance, the City Council furthers its established policy of facilitating rebuilding of structures damaged or destroyed by the Marshall Fire as set forth in previous actions of the City Council; and WHEREAS, the City Council recognizes those residents whose homes were damaged or destroyed by the Marshall Fire have suffered great losses and it is the policy of the City to assist and encourage these residents to return to the community; and WHEREAS, it is the intent of the City Council that adoption of this ordinance shall provide only the limited relief under the specific circumstances set forth herein, and the short- term exemption provided shall not alter the property and services taxed in Section 3.20.305 of the Louisville Municipal Code for construction and building materials, and as such will not constitute a new tax, tax increase, or tax policy change directly causing a net tax revenue gain as those terms are used in Article X, Section 20 of the Colorado Constitution (the "Taxpayer's Bill of Rights" or "TABOR") when the conditions for the exemption no longer exist; and Ordinance No. 1878, Series 2024 Page 2 of 5