City Council Minutes 2024 01 02 - Laserfiche WebLink

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City Council Meeting Minutes January 2, 2024 Page 4 of 8 retail sales over its first five years of operation. When accounting for the City's 50% share of the 2.7% sales tax rate, the company would owe approximately $274,500 in taxes to the City over this time period. Under the proposed IGA amendment, Louisville would collect $137,250 in retail sales tax while waiving the remaining $137,250 during this initial 5-year period. Staff recommends approval of the resolution. Councilmember Hamlington asked if Superior has a business assistance program. Jill Mendoza, Town of Superior, stated they offer incentives on a case by case basis. Mayor Leh stated the Superior Board of Trustees had asked the City to rebate more than our BAP program allows. Council gave staff direction to bring this back today at the same level at which BAP assistance is given to Louisville businesses. Applicant Presentation, Chad and Marla Yetka, owners of Bigsby's Folly, gave the history of the restaurant in Denver and an overview of their expansion plans in Superior. They started working on this project in 2019 and since then both construction and financing costs have gone up significantly. Public Comments Sherry Sommer, Louisville, stated the City should not give more in rebates to a business in Superior than it gives to businesses in Louisville. George Colbert, Louisville, stated he is a regular customer of the RINO location and he supports rebates to help bring people to the area who will stay here and spend money. Councilmember Kern stated this is the kind of business people here would like to see and it would help to revitalize the McCaslin corridor. She thinks it would be a great addition to the area. Councilmember Hoefner asked for clarification of the amounts that could be rebated. Brown stated the Louisville program typically rebates 50% of the Louisville sales tax in a BAP. For this project we would rebate 50% of our portion of the sales tax. Mayor Pro Tem Dickinson stated Superior is saying this is a special tenant which is important to the area. Currently we are getting half of nothing, so giving back half of the sales tax we would get is more than we get now. To him this a very reasonable deal for us and he supports it. He stated he would support a 100% rebate of the Louisville portion as it would still be smaller than the amount we generally rebate for a Louisville business. Councilmember Hoefner stated he is comfortable with the rebate as presented this evening.