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City Council <br /> Meeting Minutes <br /> February 7, 2012 <br /> Page 7 of 16 <br /> headquarters location of Pearl iZumi USA, Inc., which is a sports apparel manufacturer <br /> located in Louisville. They are reducing warehouse operations and increasing office- <br /> based operations, necessitating a new headquarters location. The proposed assistance <br /> includes a partial rebate on both the building permit fees for tenant finish and a use tax <br /> rebate on tangible goods for four years. <br /> Pearl iZumi is an international distributor of athletic apparel, which moved into the US <br /> market in 1981 and currently distributes to 14 countries. They occupy 91,570 square <br /> feet in the building located at 1886 Prairie Way in the Colorado Technology Center. <br /> They want to build a signature corporate headquarters building and are considering <br /> sites in CTC, Lafayette, and Erie. The Louisville site under consideration in CTC is on <br /> Taylor adjacent to Highway 42 and has a beautiful view of the mountains and the valley. <br /> The incentive package includes building permit rebates and use tax on tangible goods <br /> over a period of years. Their investment on this building would be 10 million dollars. <br /> With an estimated revenue projection of$613,000 from building permit fees, staff <br /> recommends the following assistance: <br /> Total Proposed Building Permit Assistance $118,100 <br /> Proposed Rebate of Use Tax on Tangible Goods $ 38,100 <br /> Total Rebate $156,200 <br /> Beyond the financial rebates, the City can offer expedited building permit processing. <br /> The commitment is to complete the permit review a maximum of ten business days after <br /> submission of a complete building permit application. Staff recommended City Council <br /> approval of Resolution No. 9, Series 2012. <br /> APPLICANT PRESENTATION <br /> William Gary, Pearl iZumi Buyer Agent, 2696 S.4696 Colorado Boulevard, Suite 587, <br /> Denver, CO stated he is currently working with the Project Manager Bill Mascarenaz. <br /> Pearl iZumi is committed to keeping their core operations in Louisville. They prefer to <br /> own their own building and investing in the community. <br /> COUNCIL COMMENT <br /> Councilor Dalton asked when they will move into their new facility. Mr. Gary stated they <br /> propose to be relocated by September of 2013. <br /> MOTION: Councilor Dalton moved to approve Resolution No. 9, Series 2012, seconded <br /> by Councilor Jasiak. Roll call vote was taken. The motion carried by a vote of 6-0. <br /> Absent: Councilor Keany. <br /> BI-MONTHLY ECONOMIC DEVELOPMENT UPDATE <br />