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BUSINESS ASSISTANCE AGREEMENT FOR <br />PROPERTY AT 2397 HIGHWAY 42 IN THE CITY OF LOUISVILLE <br />iq »THIS AGR EMENT ( "Agreement ") is made and entered into as of the <br />/ day of uSt 2012, by and among the CITY OF LOUISVILLE, a <br />Colorado home rule unicipal corporation (the "City "), TAKODA PROPERTIES <br />INC., a Colorado Corporation (the "Developer "), CREATIVE ENTERPRISES, <br />LLC, a Colorado limited liability company (the "Landlord ") and VARIETY ARTS <br />OF LOUISVILLE, a Colorado nonprofit corporation (the "Company "). <br />WHEREAS, City wishes to provide certain business assistance in <br />connection with the development of two buildings within the Steel Ranch <br />Community (the "Project ") located at 2397 Highway 42, Louisville (the "Project <br />Location "); and <br />WHEREAS, Developer plans to entitle the Project Location for the <br />construction of two buildings on two separate building lots; and <br />WHEREAS, Landlord will purchase one of the building lots from <br />Developer and construct a building thereon, consisting of approximately 9,000 <br />square feet, for lease to the Company ( "Leased Building "); and <br />WHEREAS, Developer will maintain ownership of the second building lot, <br />and construct a building thereon to provide retail opportunities for new business <br />within the community ( "Retail Building "); and <br />WHEREAS, Company and Developer plan for the Project to create <br />greater opportunity for art promotion, display, and education and generate new <br />sales tax revenue by the attraction, opening and operation of new business <br />within of the City; and <br />WHEREAS, Company is considering other locations outside the City of <br />Louisville; and <br />WHEREAS, City Council finds the execution of this Agreement will serve <br />to provide benefit and advance the public interest and welfare of the City and its <br />citizens by securing the Project as an economic development project within the <br />City. <br />NOW THEREFORE, in consideration of the mutual promises set forth <br />below, the City, Developer, Landlord, and Company agree as follows: <br />1. Building Permit Fee Rebates. The City shall rebate to each of <br />Developer and Landlord, respectively, 50% of the building related permit fees for <br />Retail Building and Leased Building, respectively, required under Louisville <br />Municipal Code, section 15.04.050 and section 108.2 of the International Building <br />Code as adopted by the City. <br />Page 1 of 6 <br />