City Council Agenda and Packet 2011 05 03

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vague with respect to displaced people. He questioned whether those people would be specifically from Louisville or other jurisdictions. He inquired about the seizure of food, water and clothing and compensation for those goods. He requested more specific language be added. MOTION: Mayor Sisk moved to continue Ordinance No. 1592, Series 2011 to October 4, 2011, seconded by Councilor Dalton. All were in favor. RESOLUTION No. 23, SERIES 2011 — A RESOLUTION APPROVING A BUSINESS ASSISTANCE AGREEMENT WITH BABOLAT VS NORTH AMERICA, INC. FOR THE OCCUPANCY OF EXISTING VACANT SPACE AT 1775 CHERRY STREET IN THE CITY OF LOUISVILLE Mayor Sisk requested a Staff presentation. City Council Meeting Minutes April 26, 2011 Page 3 of 6 City Manager Fleming explained staff is requesting City Council action on a proposed Economic Development Business Assistance Package (BAP) for Babolat VS North America, Inc, which currently occupies approximately 45,000 square feet in the Colorado Tech Center (CTC) at 650 South Taylor Avenue #8. The expansion option is approximately 80,000 square feet of existing vacant space at 1775 Cherry Street. Babolat has 28 fulltime employees at their current location in CTC and plans to increase to 40 Louisville employees in five years. This proposed assistance is based on occupancy of existing vacant space in the City and retention of basic jobs in the City. The Business Assistance Package is as follows: Building Permit -Fee Rebate - 50% rebate on permit fees for tenant finish $1,350.00 (Excludes tap fees). Building Use Tax Rebate - 50% rebate on Building Use Tax for core and shell and Tenant finish (excludes .375 % Open Space tax and .125% Historic Preservation tax) $2,150.00. The total proposed assistance is $3,500.00. APPLICANT PRESENTATION Jessica Jensen, Babolat Chief Financial Officer, 1050 S. Tyler #B, Louisville, CO explained Babolat has been in Louisville for some time with a distributorship. In 2001, a North American Subsidiary in Louisville was created. In the last three years sales have increased by 30% and the number of employees has grown from 10 to 28. Babolat wants to stay in Louisville and this option provides office and warehouse space. Jim Vasbinder, Etkin Johnson Group, explained the lease would be extended through 2019 and further expansion may occur when a neighboring space becomes available. COUNCIL COMMENTS Mayor Sisk reported speaking with Babolat's legal counsel, Mark Painter relative to the City's incentive program. Mayor Sisk emphasized the City of Louisville does not take 15