Resolution 2024-02 - Needs Agreement

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RESOLUTION NO. 2 SERIES 2024 A RESOLUTION APPROVING A SECOND AMENDMENT TO THE SALES TAX REVENUE SHARING INTERGOVERNMENTAL AGREEMENT WITH THE TOWN OF SUPERIOR REGARDING A TEMPORARY WAIVER OF TAX REVENUES DUE TO THE CITY FOR PURPOSES OF PROVIDING A BUSINESS INCENTIVE WHEREAS, Louisville and Superior are parties to that certain Intergovernmental Agreement, executed July 21, 1997, and effective upon ratification by the voters of Louisville and Superior at the jurisdictions' respective elections in November 1997, as amended by that certain First Amendment to Intergovernmental Agreement, dated February 15, 2005 (collectively, the "IGA"); and WHEREAS, under the IGA, Superior agreed, inter alia, to share with Louisville fifty percent (50%) of the revenues generated from Superior's existing 2.7% sales tax imposed upon taxable transactions within the South Property (as such term is defined in the IGA); and WHEREAS, in the summer of 2023, Superior adopted an Enhanced Sales Tax Incentive Program ("ESTIP"), for the purpose of encouraging the establishment and substantial expansion of retail sales tax generating businesses within Superior, with an emphasis on Downtown Superior; and WHEREAS, following its adoption of the ESTIP, in June 2023, Superior entered into an incentive agreement ("Incentive Agreement") with Bigsby's Folly Winery & Restaurant (the "Company"), which Incentive Agreement will provide a rebate of Superior's portion of enhanced sales tax revenues collected from the Company until the earlier of (i) 10 years after issuance of the certificate of occupancy, or (ii) the total sum of rebates under the Incentive Agreement reaches $1,000,000 (the "Rebate Period"); and WHEREAS, the Company plans to purchase the property known as "Block 4" in Downtown Superior (the "Project Location") and construct a 7,500 square foot, event - based restaurant concept (the "Project"), at an estimated cost of $6,700,000; and WHEREAS, the Company anticipates the Project will be a regional draw, and create 45 new jobs with an average wage of $30—$65 per hour; and WHEREAS, Superior has requested that Louisville temporarily waive its right to receive up to 100% of the City's portion of enhanced sales tax revenues collected from the Company in connection with the Project during the Rebate Period, so that enhanced sales tax revenues subject to such temporary waiver may be rebated to the Company by Superior pursuant to the terms and conditions of the Incentive Agreement; and Resolution No. 2, Series 2024 Page 1 of 2