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of the LRC Progzan'c yotential impacts on City staff departments, other City boards and <br />commissions, and the City Council; (iv) a proposed application form; and (v) a proposed standard <br />contract for execution between the LRC and LRC program awardees. Following Council approval <br />of the LRC Program, the LRC shall not be required to seek further CokuNil ayvoval to: (1) utilize <br />City staff, boards and commissions, and City Council time as necessary to carry out the objective:, <br />of the LRC Program; (2) approve LRC Prognin . Jications and enter into contracts with program <br />awardees in substantially the same form as the standard contract; or (3) provide funds to program <br />awardees, subject to the LRC Program budget. Each LRC Program budget shall be submitted <br />annually for City Council approval. <br />€c. The LRC shall comply with applicable City codes, rules, and regulations <br />related to any other urban renewal activities of the LRC. The City Council shall be informed of <br />the activities, functions, operations, and financial condition of the LRC in the form of reports to <br />the City Council not less than quarterly, and at any other time as requested by the City Council. <br />dg. The City agrees that it will make reasonable efforts to act within thirty days <br />of a request for review of any document, agreement, obligation, or action required by this Fourth <br />Amended and Restated Cooperation Agreement. Unless otherwise required by law or provided <br />herein, any approval or other action of the City Council shall be by motion or resolution. <br />6. .Independent Authority of the LRC. Consistent with the Urban Renewal Law, the <br />LRC shall have the authority. without prior approval of the City Council. to enter into <br />redevelopment agreements that implement the urban renewal plans of the City by allocating <br />available property tax increment received by the LRC in the special fund of the LRC in accordance <br />with C.R.S. & 31-25-107(9) to those undertakings and activities that are consistent with the urban <br />renewal plans of the City. The Parties acknowledge and agree that such undertakings and activities <br />are ."other obligations." of the LRC within the meaning of C.R.S. & 31-25-103(3). but nothing in <br />this Section 6 shall authorize the LRC to issue general or special obligation bonds (including <br />refunding bonds) and temporary bonds pursuant to C.R.S. & 31-25-109 without City Council <br />approval. <br />IFormatted: Underline <br />( <br />l Formatted: Underline <br />Formatted: Font: (Default) Times New Roman <br />IFormatted: Font: (Default) Times New Roman <br />7. .Other Powers of the LRC. The Parties acknowledge and agree that as an urban I Formatted: Underline <br />renewal authority created under the Urban Renewal Law. the LRC has the enumerated powers set <br />forth in C.R.S. & 31-25-105. The City specifically directs through this Fourth Amended and <br />Restated Cooperation Agreement that the LRC is empowered to advise the City Council on matters <br />related to the Urban Renewal Law, specifically including advising the City Council regarding <br />potential new urban renewal plan areas pursuant to C.R.S. & 31-25-105(1)(i). <br />4 <br />12 <br />