City Council Agenda and Packet 2025 07 08

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allocation or tax increment revenues that may become available pursuant to an urban renewal plan approved by the City Council of the City. 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. 5. Approval of 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: a. Except as provided in Section 6 hereunder, prior to issuing bonds 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 as the City Council may request. Such bonds shall be subject to the prior review and approval of the City Council b. 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. c. The LRC shall comply with applicable City codes, rules, and regulations related to any other urban renewal activities of the LRC. The City Council shall be informed of the activities, functions, operations, and financial condition of the LRC in the form of reports to the City Council not less than quarterly, and at any other time as requested by the City Council. d. The City agrees that it will make reasonable efforts to act within thirty days of a request for review of any document, agreement, obligation, or action required by this Fourth Amended and Restated Cooperation Agreement. Unless otherwise required by law or provided herein, any approval or other action of the City Council shall be by motion or resolution. 6. Independent Authority of the LRC. Consistent with the Urban Renewal Law, the LRC shall have the authority, without prior approval of the City Council, to enter into redevelopment agreements that implement the urban renewal plans of the City by allocating available property tax increment received by the LRC in the special fund of the LRC in accordance with C.R.S. § 31-25-107(9) to those undertakings and activities that are consistent with the urban renewal plans of the City. The Parties acknowledge and agree that such undertakings and activities are "other obligations" of the LRC within the meaning of C.R.S. § 31-25-103(3), but nothing in this Section 6 shall authorize the LRC to issue general or special obligation bonds (including refunding bonds) and temporary bonds pursuant to C.R.S. § 31-25-109 without City Council approval. 3 18