Title
Resolution approving 2013 Commerce City Business and Development Incentives Program.
Body
The Commerce City Incentives Program was originally adopted by City Council May 24, 2010. The program was based on recommendations of the Business Advancement Task Force and provided certain rebates and benefits for economic development in the City. Since then, the program has been revised and extended, and has become a powerful tool for economic development success. The current incentives program will expire December 31, 2012. Economic Development staff will present recommendations to further refine and continue the incentives program.
Based on discussion during the City Council study session December 10, following is clarification on incentives to developers:
· A 10% rebate of the City sales and use tax for capital improvements
· A 50% rebate of City building permit and plan check fees associated with the specific capital improvement.
These are the same incentives offered to prospective businesses. Instead of offering these incentives to the end user (a business), Economic Development staff is seeking approval to extend these incentives to developers for construction of a building for a target industry business. These incentives are intended to assist in closing the project gap.
Staff Responsible (Department Head): Walter Williams
Staff Member Presenting: Walter Williams
Financial Impact: Actual financial impact will be determined at a later date based on incentives rebates paid for capital investment or job creation.
Funding Source: The incentives program is funded by rebates of a portion of sales and/or use tax, and/or building permit and plan check fees for approved capital investments.
Staff Recommendation: Staff recommends approval of the 2013 Commerce City Business and Development Incentives Program.
Suggested Motion: I move approval of Resolution 2012-82, establishing the 2013 Commerce City Business and Development Incentives Program.