City Council Minutes 2020 03 03 - Laserfiche WebLink

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City Council Meeting Minutes March 3, 2020 Page 8 of 12 diversity in industry sectors and is part of a growing industry; and brings added value to the City through new tax revenue. She reviewed the proposed assistance of a 50% rebate of building permit fees and construction use tax for tenant improvements and a 40% rebate of new consumer use tax over a 5-year period capped at $150,000. The building improvements must be complete by September 30, 2020 and the business must remain in Louisville for seven years. The total impact over five years is estimated at $163,331.57. Public Comments - None Mayor Stolzmann stated this is a company we would like to keep in Louisville. Mayor Pro Tem Maloney moved, Councilmember Lipton second. Voice vote: all in favor. RESOLUTION NO. 19, SERIES 2020 – A RESOLUTION APPROVING A BUSINESS ASSISTANT AGREEMENT WITH CORVUS NIDUS, LLC (DBA THE ROSE AND RAVEN) FOR AN ECONOMIC DEVELOPMENT PROJECT IN THE CITY OF LOUISVILLE Director Pierce stated Corvus Nidus, LLC, dba The Rose and Raven, is a concept for an artisanal cidery production, restaurant, and food truck park. The Company is performing due diligence but has not closed a deal on the property and are also evaluating locations in Lafayette, Erie, and Aurora. They are looking at 511 East South Boulder Road which has been vacant since 2015 and they would either significantly renovate or reconstruct on the existing site, with 8,000 SF for cidery production, food, food truck park, and have potential 3,000 SF for office. They project estimates retail sales at $9.9M over first five years (not including food truck sales) and plans to hire 45-50 employees and grow to 65- 70 employees over five years. She reviewed the Business Assistance criteria noting this application brings high quality development; draws new customers; creates new sales tax; utilizes an existing building; brings new basic jobs to the City; represents job diversity; and brings a new retail outlet. She reviewed the proposed assistance of 50% rebate of building permit fees and construction use tax capped at $80,000 and a 50% rebate of sales tax capped at $160,000. The business must remain in operation for 10 years or a portion of rebates must be repaid and construction must be complete by October 31, 2021. Public Comments – None Joshua Martinsons stated the company would like to be in Louisville and feels it would invigorate the community.