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RESOLUTION NO. 14 <br />SERIES 2025 <br />A RESOLUTION APPROVING THE BOUNDARIES OF A PROPOSED AREA <br />OF THE CITY OF LOUISVILLE TO BE SUBMITTED FOR DESIGNATION AS A <br />CHIPS ZONE <br />WHEREAS, in 2022, the United States Congress enacted and President <br />Biden signed the "Creating Helpful Incentives for Producing Semiconductors and <br />Science Act" (the "CHIPS Act"); <br />WHEREAS, the CHIPS Act will provide over $50 billion to be spent to <br />strengthen and revitalize the Country's position in semiconductor research, <br />development, and manufacturing; <br />WHEREAS, in May 2023, the Colorado General Assembly adopted House <br />Bill 23-1260 and in it added a new Article 36 to Title 39 of the Colorado Revised <br />Statutes to be known as the CHIPS Zone Act; <br />WHEREAS, the CHIPS Zone Act has been enacted to maximize the <br />opportunity for Colorado business involved in research, development, and <br />manufacturing of semiconductors to access the federal dollars to be spent under <br />the CHIPS Act and to also provide these businesses with certain state tax -credit <br />incentives; <br />WHEREAS, in order for such businesses in the City to obtain the benefits <br />provided under the CHIPS Zone Act, the City must file with the Director of the <br />Colorado Office of Economic Development (the "OED Director") the boundaries of <br />a proposed area within the City to be designated as a "CHIPS Zone" and, with this <br />proposed CHIPS Zone, to submit a development plan for the Zone containing the <br />information required by the CHIPS Zone Act (the "Development Plan"); <br />WHEREAS, the designated CHIPS Zone proposed for the City under the <br />CHIPS Zone Act is the area depicted in CHIPS Zone Map attached as Exhibit "A" <br />and incorporated herein by reference (the "Proposed Zone"); <br />WHEREAS, the CHIPS Zone Act provides that once the Proposed Zone <br />and Development Plan are submitted to the OED Director, the Colorado Economic <br />Development Commission (the "Commission") will then consider whether to <br />approve the Proposed Zone as a designated CHIPS Zone under the CHIPS Zone <br />Act; <br />WHEREAS, the purpose of this Resolution is to approve the boundaries of <br />the Proposed Zone and to direct the City Manager to submit the Proposed Zone <br />to the OED Director and to prepare the Development Plan to also be submitted to <br />Resolution No. 14, Series 2025 <br />Page 1 of 2 <br />