City Council Agenda and Packet 2025 07 08

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ab. Upon request of the LRC, the City agrees to give reasonable consideration to subordinating its right to repayment of Costs and Expenses to any bonds, loans, advances, indebtedness, or other obligation of the LRC. Notwithstanding the foregoing, the Parties agree that all Costs and Expenses EeCce2i t iktmeA P_mcwat Psluc Ai 1 be paid by the City. 5. Approval of Certain Contracts: Bonds and Other Obligations of the LRC. The Parties agree that the City Council of the City shall provide direction to LRC and oversight of LRC activities as follows: Any proposed expenditure by the LRC whin ham; not been previously approved as part of the LRC budget shall be subject to the prior review and cp oval of the City Council. ab. Except as provided in Section 6 hereunder, Pprior to issuing bonds or any ether Rnmok' obligations or finance oFJ_igtions extending beyond the end of the current fiscal year of the LRC, the LRC shall notify the City Council in writing of its intention to do so, and shall promptly furnish to the City Council such information and documents relating to such bonds er-✓koir ;,r long term financial obligations as the City Council may request. Such bonds shall be subiect to the prior review and approval of the City Council The LRC shall not commit to or proceed with any such bonds or other capital or long term financial obligations unless a majority of the City Cam► k1 has adopted a resolution determining that the City's interests in connection with such bonds or other obligations are adequately protected. be. Allocation of any municipal sales tax increment shall occur only upon City Council approval. For any such requested approval, the LRC shall submit a financing plan outlining the proposed amounts and purpose for which the municipal sales tax increments are proposed to be used. City Council may approve or deny such request in its discretion. 21, Incept as provided in subsection (e), the LRC *all p z -de to the City Council for review and approval any redevelopment agreement or other contract con;` , -te carry to out the purposes of any urban renewal plan or to apply to property in any urban renewal area, prior to the LRC'z f n oplsroval thereof. Any e.lh apprerrui a a l Ix ivy City Council resolution. a The LRC aka/1 cw.brnit. to the City for review and approval any LRC Program. For purposes of this subsection, "LRC Program" means a compreh.m3;-z✓sitiative, in furtherance of the purposes of the Act and tlia I-ligk uy 12 Revitai atk n Ar ,Urbaer. Renewal ai.-wit at b11 w:liai : t1r Lighway 12 Revitalization Area on a large scale (e.g., downtown business facade improvement), which is not of a certain type or types within the Highway 42 Revitalization Area. The LRC's request for a mita! of an LRC Pros dial be aced ed with: (i) „ ,7et..ile,l de cripti n of the r RC 3 11