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NOW THEREFORE, in consideration of the foregoing and the following terms and <br />conditions, the Parties agree as follows: <br />1. Advance of Operating Funds by the City. The City may annually advance to the <br />LRC an amount of operating funds (Operating Funds) to be determined by appropriation by the <br />City Council of the City. Operating Funds shall be used by the LRC for operating, administrative, <br />consulting and other costs incurred by the LRC in accordance with the Act, including, without <br />limitation, the costs and expenses of Support Services described in Section 2, below. Operating <br />Funds shall be paid directly to the LRC to be used in accordance with the Act, this Fourth Amended <br />and Restated Cooperation Agreement and the City prvita l-LRC budget. <br />2. Support Services. The City agrees to provide administrative and legal support <br />services (Support Services) to the LRC in connection with its operations. The City Manager shall <br />serve as Director of the LRC as provided in the Act and shall have discretion to employ those City <br />staff members as may be required to carry out the duties and operations of the LRC. Support <br />Services may include, without limitation, planning, financing and accounting, engineering, legal, <br />and administrative and outside consulting services. <br />3. LRC Budget. By December 31 of each year, the LRC shall adopt a budget (the <br />LRC Budget) for the ensuing fiscal year (which shall be the calendar year), which LRC Budget <br />shall be submitted to the City for review and approval prior to LRC adoption. and no later than <br />November 1 of each calendar year. The City shall provide anv comments to the LRC by December <br />1 of each year to allow the LRC to timely adopt the LRC Budget in accordance with the Local <br />Government Budget Law of Colorado, C.R.S.29-1-101,.etsea. The LRC Budget shall contain <br />a statement of sources and uses of all funds that are available or that the LRC reasonably expects <br />to become available to LRC to finance its activities, undertakings, and obligations for each budget <br />year. It is the intention of the Parties that the LRC shall use its reasonable best efforts to use other <br />sources of revenue available under the Act as the primary source of its Operating Funds and <br />payment for Support Services as such revenue becomes available to the LRC. Such revenue shall <br />include, without limitation, tax allocation or tax increment revenues that may become available <br />pursuant to any urban renewal plan approved by the City Council of the City. <br />4. Reimbursement for Operating Funds and Support Services. The Parties shall <br />establish a procedure for documenting the reasonable costs and expenses (the Costs and Expenses) <br />related to the Operating Funds and Support Services provided by the City. The Costs and Expenses <br />shall constitute an indebtedness of the LRC to be repaid to the City from sources of revenue <br />available under the Act as such revenue becomes available to the LRC. Such revenue shall include, <br />without limitation, tax allocation or tax increment revenues that may become available pursuant <br />to an urban renewal plan approved by the City Council of the City. <br />a. It is agreed that the Cart aimed Fx;pcnscs incurred by the City up to and <br />including expcmcw on December 31, 2011 total $9.891.00 . At the election of the City, such <br />amount may be evidenced by a notc aplv:cira1 by the Parties and executed by LRC. <br />2 <br />Formatted: Font: (Default) Times New Roman <br />Formatted: Font: Italic <br />10 <br />