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Second Reading Amendments <br />Ordinance No. 1888, Series 2024 is revised to read as follows (second reading <br />amendments are shown in bold underline and ): <br />ORDINANCE NO. 1888 <br />SERIES 2024 <br />AN ORDINANCE AMENDING THE LOUISVILLE MUNICIPAL CODE TO ADD A NEW <br />CHAPTER 3.25 REGARDING ENHANCED ASSISTANCE FOR TARGETED <br />BUSINESSES CAPITAL INTENSIVE BUSINESSES <br />WWH-EREAS, theBBoul�Cham�ceonomic Council has identified certain <br />targeted industries that provide significant economic benefits to local <br />co T S Tnlud ng ccrrea h_payinn ploymen�t—dppeTcw itcies, <br />7 <br />d-enh7 anGi-n-thualit7 <br />WHEREAS, the targeted industries in Boulder County are currently <br />aerospace, bioscicncc, cicantcch, IT/software, natural products, and outdoor <br />recreation• and <br />7 <br />WHEREAS, offering incentives to capital intensive businesses within these <br />targeted industries is a way for the City to attract and retain businesses, to encourage <br />business sustainability and growth, and to expand and support a robust and diverse <br />economy; and <br />WHEREAS, the City Council previously adopted Chapter 3.24 of the Louisville <br />Municipal Code, which established a Tax and Fee Business Assistance Program ("BAP") <br />that authorizes the rebate of certain taxes and fees to businesses; and <br />WHEREAS, the City's practice under the BAP has been to rebate up to fifty (50%) <br />of eligible taxes and fees, thus preserving the remainder for City purposes; and <br />WHEREAS, the City Council finds it appropriate to offer enhanced assistance to <br />capital intensive targeted businesses in order to increase the probability such <br />businesses will locate and keep their operations in Louisville; and <br />WHEREAS, the City Council further finds that the enhanced assistance for capital <br />intensive arm businesses should take the form of a rebate of sales and use tax <br />collected on machinery, machinery tools, software, and property used in space flight due <br />to the high -cost and specialized nature of these items; and <br />WHEREAS, the City Council, therefore, desires to amend Title 3 of the City Code <br />to add a new Chapter 3.25 concerning enhanced assistance for capital intensive <br />targeted businesses. <br />Ordinance No. 1888, Series 2024 <br />Page 1 of 8 <br />