Finance Committee Agenda and Packet 2019 06 07

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TITLE 3 - REVENUE AND FINANCE Chapter 3.24 TAX AND FEE BUSINESS ASSISTANCE PROGRAM the city council, which base amount shall never be lower than the amount of sales taxes collected by the city at the property in question in the previous 12 months. Fees means the amount of building permit fees and construction use taxes collected by the city during the construction permitting process for initial construction of a project participating in the BAP created under this chapter. Operator means the owner or potential owner of a business that is eligible for inclusion in the BAP created by this chapter. Owner means the record owner or potential record owner of real property upon which one or more business is operated. (Ord. No. 1507-2007, § 1, 1-16-2007; Ord. No. 1571-2010, § 1, 5-4-2010) Sec. 3.24.040. Basis for participation. Participation in the BAP shall be based upon approval by a majority of the entire city council, and in some cases the City Manager, exercising its_ legiclative discretion in good faith. Any owner or operator of a proposed business, or the owner or operator of an existing business which proposes to expand substantially, may apply to the city for inclusion within the BAP, provided that the proposed new or expanded business is reasonably likely to generate enhanced or increased sales taxes, permit fees and/or construction use taxes within the city in the first year of operation. Application for inclusion in the BAP must be made prior to the proposed opening, acquisition or expansion. (Ord. No. 1507-2007, § 1, 1-16-2007) Sec. 3.24.050. Approval of agreement; conditions; effect. Approval by the city council, or in some cases the City Manager, of an agreement implementing the BAP shall entitle the successful applicant to share in enhanced sales taxes and fees derived from the applicant's property or business in an amount which shall not exceed that amount specified in the agreement required by section 3.24.100• provided, however, that the applicant may use said amounts only for public or public -related improvements such as those specified in section 3.24.060 and which are expressly approved by the city council at the time of consideration of the application. The time period in which said enhanced sales taxes or fees may be shared shall not commence until all public or public - related improvements are completed and meet city standards, and shall be limited by the city council, in its discretion, to a specified time, which shall not exceed ten years, or until a specified amount is reached. The City Manager may approve a business's participation in the BAP if the following conditions are present within a single city budget year: 1. The estimated assistance for the business is less than $XXXXXXXXXXXXX for the duration• of the BAP. 2. The City Manager has not approved BAPs in a single budget year in which the aggregate total of estimated incentives are greater than $xxxxxxxxxxxxxxx. (Ord. No. 1507-2007, § 1, 1-16-2007) Sec. 3.24.060. Permitted use of funds. A. The uses to which said shared enhanced sales taxes or fees may be put by an applicant shall be strictly limited to obligations and/or improvements which are public or public -related in nature, and which are specifically identified as eligible for BAP funding as part of the agreement required by section 3.24.100 and which, if required by the city, are subject to a subdivision agreement or Louisville, Colorado, Code of Ordinances Page 2 Formatted: Numbered + Level: 1 + Numbering Style: 1, 2, 3, ... + Start at: 1 + Alignment: Left + Aligned at: 0.55" + Indent at: 0.8" 15