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HomeMy WebLinkAboutResolution 2013-0033CITY OF WHEAT RIDGE, COLORADO RESOLUTION NO. 33 Series of 2013 TITLE: A RESOLUTION AUTHORIZING THE EXECUTION OF AN AGREEMENT WITH A TASTE OF HOME COOKING, LLC AND WINE NOT, LLC FOR PARTICIPATION IN THE ENHANCED SALES TAX INCENTIVE PROGRAM REBATING 50% OF THE ENHANCED SALES TAX FOR A PERIOD OF FIVE YEARS FOR THE CONSTRUCTION OF A RESTAURANT AND WINE BAR AT 4101 AND 4111 KIPLING STREET IN AN AMOUNT NOT TO EXCEED $73,694 WHEREAS , the City has adopted as a portion of the Wheat Ridge Code of Laws ("Code") Chapter 22 , Division 4 , "Enhanced Sales Ta x Incentive Program " (the Program) to encourage, in part, continued development and expansion of opportunities for employment in the private sector in the City ; and WHEREAS , A Taste of Home Cooking , LLC and Wine Not, LLC (A Taste of Home Cooking) has applied to participate in the Program and a public hearing was posted and conducted ; and WHEREAS, A Taste of Home Cooking is the owner and operator of a development site that will serve residents of Wheat Ridge and surrounding communities ; WHEREAS , Owner plans to construct public improvements of approximately $74 ,000 and a total project budget of approximately $600,000; and WHEREAS , the project enhances services to the neighborhood and neighboring communities and brings revenue to the City from surrounding communities-a true definition of economic development; and WHEREAS ; the project creates up to thirty restaurant and related jobs, and WHEREAS ; the project spurs reinvestment through remodeling and new construction of a blighted structure, thus enhancing and preserving its economic viability in the City ; and WHEREAS , cost-sharing at the rate prescribed herein will serve to aid the Owner in that it will alleviate a portion of the public improvement costs associated with the expansion. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Wheat Ridge, Colorado, as follows: An Agreement to participate in the City of Wheat R idge Enhanced Sales Tax Incentive Program with A Taste of Home Cooking , LLC and Wine Not, LLC is hereby approved wherein an amount of 50 % of enhanced sales tax generated for a period of five years , not-to-exceed $73 ,694 , will be rebated to A Taste of Home Cooking , LLCIVVine Not, LLC . Ilia, Mayor ATTEST: