City Council Minutes 2008 05 06 - Laserfiche WebLink

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City Council Meeting Minutes May 6, 2008 Page 5 of 17 Mr. Tom McKenzie, Broomfield, CO, business owner in Louisville since 1997, explained they represent invE:stors from California. The project goal is to be a gateway to downtown Louisviille. He noted Louisville can compete with Boulder's Walnut and Pearl Street and Canyon Boulevard's residential lofts because of the close proximity of FasTracks. He stated they are committed to the project and want to name it in recognitions of Louisville's history. Ms. Hogan explained Staff is recommending the assistance be funded by incremental new sales tax from the retail portion of the project. The City would rebate 40% of the incremental sales tax revenue from new retail sales, up to a maximum of $90,000 or four 'years. City Manager Fleming stated the key questions for any BAP are first whether the project is something the Council wants to see happen in the City and second whether they believe the project will happen-at least in a timely manner- without aBAP. He noted the Council unanimously voted to approve this proposal in August. He explained the proposal will generate sales tax revenue and the BAP has a provision providing a return of sales tax revenue rebate if retail is converted to office or residential. Mayor Sisk requested public comment. There were no comments. COUNCIL COMMENT Councilor Yarnell asked the applicant to address how the end users will benefit from the BAP. Mr. Lehman e;~plained there will be rent incentives for the first year to permit the businesses to grow. Mayor Pro Tem Marsella and Councilor Dalton voiced their support of the BAP. Councilor Muckle voiced his concern over empty buildings and asked if retail space is so difficult to lease, ;shouldn't this project wait until FasTracks. Mr. Lehman stated the building would not be vacant because, if necessary, the market would force them to lower rents until they are able to attract tenants. Councilor Muckle asked why 80% of the number is utilized in the BAP should that percent of 15, 000 square feE;t be converted to non-retail generating uses. Ms. Hogan stated it was basE;d on the advice of the City Attorney, and is consistent with the Koebel & Company Business Assistance Package, where the incentives went to the developer, who then provided incentives to the tenants. Mayor Sisk supported the project and noted this will bring new businesses and parking to the downtown. Hey stressed the importance of the Council letting retailers know the City of Louisville is open for business.