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City Council Meeting Minutes • December 13, 2011 Page 5 of 18 Proposed Rebate of Sales/Use Tax on Tangible Goods And/or Sale of Prototypes $531,000 over a five-year period Staff suggests the assistance be capped at 50% of the actual Building Use Tax plus Building Permit Fee paid and the City's incentive would be void if Boulder Wind Power Systems, Inc. does not move into the new facility by September 30, 2012, or does not remain in business there for five years. APPLICANT PRESENTATION Chip Corboy, 853 West Mulberry Street, Louisville, CO Director of Finance and Administration for Boulder Wind Power voiced his appreciation for the Council's consideration on an incentive package. He explained Boulder Wind is a two-year old Research and Development Company, with a $35 million in Series B Preferred Stock financing from Molycorp, Inc. and venture capital firm NEA. Boulder Wind Power is developing and commercializing.a new way to power wind turbines. They located in Boulder in 2009, where they occupy 6,000 SF of office space. They also have 25,000 SF of Research and Development space in Montana. Their desire is to house both activities under one roof. They conducted a search to identify what opportunities there are along the front range of Colorado and located a space in the CTC. He stressed the • importance of being located in Boulder County, the University of Colorado and the wind test center. He voiced his excitement over the Louisville location and the cooperation they have received from the City of Louisville. They are pleased with the assistance package and agreement, and would appreciate City Council's approval. Mayor Muckle stated his understanding the revisions made to the Agreement reflect the same principals. City Manager Fleming confirmed the agreement is consistent with the most recently approved agreement with other companies, including the Linerate Systems, the Allen Company, and Biodesix, Inc., and the percentages are identical. He reviewed the minor revisions to the agreement. Mayor Muckle requested public comment. There were no comments. COUNCIL COMMENTS Councilor Sackett is the Chairperson for the BRaD Committee and stated the Committee is delighted to see this company come to Louisville. Councilor Keany asked where the company proposed to test their wind power equipment. Mr. Corboy explained their technology is a generator on an actual turbine and will be tested in the building. Planning Director Russ explained the Planning Division has reviewed the PUD and there are no restrictions on testing the equipment. • Mayor Muckle requested public comment. There were no comments.