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TITLE 3 - REVENUE AND FINANCE
<br />Chapter 3.24 TAX AND FEE BUSINESS ASSISTANCE PROGRAM
<br />development agreement executed pursuant to, respectively section 16.12.100 or section 17.28.260
<br />of this code.
<br />B. By way of example and not limitation, eligible obligations and improvements which are public or
<br />public -related in nature include streets, sidewalks, curbs, gutters, pedestrian malls, street lights,
<br />drainage facilities, landscaping, decorative structures, redevelopment of existing properties,
<br />occupancy of existing vacant space, expansion or creation of jobs in the city, public art, fountains,
<br />identification signs, traffic safety devices, bicycle paths, off-street parking facilities, benches,
<br />restrooms, information booths, public meeting facilities, and all necessary, incidental, building
<br />facades, architectural enhancements, and appurtenant structures and improvements, together with
<br />the relocation, extension, undergrounding or improvement of existing utility lines, and any other
<br />improvements of a similar nature which are specifically approved by the city council.
<br />C. Nothing in this chapter shall limit the city council from appropriating additional capital improvement
<br />funds for capital improvements directly or indirectly affecting the property in question as a part of the
<br />city's regular appropriation, capital improvement, or budget process.
<br />(Ord. No. 1507-2007, § 1, 1-16-2007)
<br />Sec. 3.24.070. BAP payments.
<br />A. For BAP agreements utilizing enhanced sales tax incentives, payments shall be made no less than
<br />annually and no more than quarterly, as the city and applicant shall agree. For such payments, the
<br />base figure (which may be stated as a percentage or fixed dollar amount) shall be divided by the
<br />number of agreed -upon payments per year and adjusted for seasonal variations as the parties may
<br />agree. If in any period the agreed -upon base figure is not met by applicant and, thus, no enhanced
<br />sales taxes are generated for that period, then no funds shall be shared with the applicant for such
<br />period and no increment shall be shared until that deficit, and any other cumulative deficit, has been
<br />met, so that at the end of any 12-month cycle, funds in excess of those enhanced sales taxes agreed
<br />to be shared shall not have been shared with any applicant.
<br />B. For BAP agreements utilizing fees, payments shall be made in either incremental payments or a
<br />lump -sum payment as provided in the agreement approved by the city council. Such payments shall
<br />be commence no earlier than issuance of a certificate of occupancy for the subject location and
<br />satisfaction of the requirements of this chapter and of the agreement.
<br />C. No interest shall be paid on any amounts shared pursuant to any BAP agreement.
<br />(Ord. No. 1507-2007, § 1, 1-16-2007)
<br />Sec. 3.24.080. Existing tax revenue sources unaffected.
<br />A. It is an overriding consideration and determination of the city council that existing sources of city
<br />sales tax and fee revenues shall not be used, impaired or otherwise affected by the BAP. Therefore,
<br />it is conclusively determined that only enhanced sales taxes and fees generated by the properties or
<br />businesses described in an approved BAP application shall be subject to division under the BAP. It
<br />shall be the affirmative duty of the finance director of the city to collect and hold all such enhanced
<br />sales taxes and fees to be shared in a separate account apart from the sales taxes and fees
<br />generated by and collected from other sources in the city and to provide an accounting system which
<br />accomplishes the overriding purpose of this chapter. It is conclusively stated by the city council that
<br />this chapter would not be adopted or implemented but for the provision of this section.
<br />B. Without limiting the foregoing subsection A of this section, it is conclusively stated that there shall be
<br />excluded from the BAP and any BAP agreement all revenues from (i) the temporary three -eighths
<br />percent sales and use taxes imposed for the ten-year period beginning on January 1, 2004, to be
<br />used for open space and related purposes as authorized by the registered electors of the city and set
<br />Louisville, Colorado, Code of Ordinances Page 3
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