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City Council Meeting Minutes April 20, 2021 Page 4 of 14 very effective in keeping people from getting as sick and being hospitalized. He encouraged masking indoors and physical distancing. Dr. Nolan stated the County will be cautious moving forward as there are serious outbreaks in other countries and also that some children do get very sick from the virus so we need to be vigilant. Mayor Stolzmann asked if the County would encourage any stronger restrictions on the local level. Dr. Nolan stated some of the County regulations are designed to align with other regional regulations, but if any city feels it needs stronger regulations it should approve regulations specific to the needs of that community. RESOLUTION NO. 28, SERIES 2021 — A RESOLUTION APPROVING A BUSINESS ASSISTANCE AGREEMENT WITH LOUISVILLE CYCLERY LLC FOR AN ECONOMIC DEVELOPMENT PROJECT IN THE CITY OF LOUISVILLE Director Pierce stated this application is from Louisville Cyclery and gave some background on the business. Their current building has been sold as a result of a pending redevelopment project and the business wishes to expand its operations and stay within its Louisville market area. Their current location is 2,500 square feet; the proposed new location would allow business to occupy 3,086 square feet. They currently employ 12 people and hope to be to 20 employees with the expansion. They will likely make renovations over the first year at the new location, around $200,000 in scope. The additional store space will allow business to increase gross retail sales and produce additional revenue to City. Director Pierce reviewed how the application meets the business assistance criteria by retaining basic jobs and sales tax and expanding the current retail outlet. She reviewed the proposed assistance of a 50% rebate of Building Permit Fees and Construction Use Tax (for tenant finish work) that would be capped at $3,000; and a 50% rebate on new Sales Tax over a five-year period, capped at $58,000. The project must be completed by August 30, 2022 and the business must remain in Louisville for a period of five years or a percentage of rebates received must be repaid. The fiscal impact of the application includes rebates of Building Permit Fees and Construction Use Tax totaling $2,820 are off -set by anticipated revenues of $6,290. Based on the estimates of retail sales provided by the applicant, the business would pay $228,941 in Sales Tax over the five-year period. The total impact over five years is anticipated to be $59,633 Staff recommends approval of the resolution. Public Comments — None.