City Council Minutes 2011 12 20 - Laserfiche WebLink

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City Council Meeting Minutes • December 20, 2011 Page 4 of 18 Matt Robbins, Colorado Lottery Community Relations Specialist explained the proceeds of the profits of the Colorado Lottery go to parks and recreation and the protection of open space. Colorado is the only state that uses the funds for those purposes. Over the history of the Lottery, over $2.3 billion dollars has been devoted to that cause and $4.7 million dollars, specifically, to the City of Louisville. They rely on their partners Great Outdoors Colorado, the Conservation Trust Fund and the Colorado State Parks to distribute the funds. The Starburst Award project began in 1992 to recognize the use of Lottery funds. In this case, funds were provided for much needed improvements to Memory Square Park. He announced the Award at the Colorado Parks & Recreation Association Annual Conference and provided a poster of the renovated park. He presented the Starburst Award and a poster to Mayor Muckle. RESOLUTION No. 87, SERIES 2011 —A RESOLUTION APPROVING A BUSINESS ASSISTANCE AGREEMENT WITH BOULDER WIND POWER, INC. FOR THE OCCUPANCY OF EXISTING VACANT SPACE AT 1812 BOXELDER STREET IN THE CITY OF LOUISVILLE Mayor Muckle requested a Staff presentation. City Manager Fleming explained Resolution No. 87, Series 2011, proposes an Economic Development Business Assistance Package (BAP)for Boulder Wind Power, ID Inc. Boulder Wind Power Representative Chip Corboy, met with the City in November to discuss a Business Assistance Package to relocate their business to a new facility in Louisville. Boulder Wind Power is developing wind technology, which has many advantages. The initial proposal included in the City Council packet and on the Web site had two components 1)for building permits and building use tax in the amount of one-half the permit fees and use tax (less HPC tax and Opens Space tax)for an amount of$14,000 and 2) a proposed rebate on the use tax used by the company. There was some confusion on the dollar amount of the taxable purchase subject to the use tax of about $1.4 million dollars. It was later clarified the dollar amount of their anticipated purchases subject to use tax would be approximately $35.4 million dollars. For that reason the information in the packet did not reflect the higher dollar amounts. In that regard, if Boulder Wind Power paid use tax in the amount of$1,239,000 dollars; 0.375% or$132,750 would go to the for the Conservation Trust Land Acquisition Fund; 0.125 % or$44,250 would go to the Historic Preservation Fund; 1.0% or$354,000 would go to the Capital Project Fund and 2.0% would go to the General Fund. Estimated revenue projections are $34.5 million dollars and based on those estimated revenue projections, staff recommends the following: Building Permit-Fee Rebate 50% rebate on proposed Building Permit Assistance $ 14,810 • Building Use Tax Rebate