Resolution 2006-50 - Laserfiche WebLink

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TRI-PARTY AGREEMENT Highway 42 Revitalization Area #> This Agreement (the Agreement) is made as of ~l,~r S ,2006, by and among the LOUISVILLE REVITALIZATION COMMISSION, a body corporate and politic of the State of Colorado (the Commission), the CITY OF LOUISVILLE, a Colorado municipal corporation (the City), and the COUNTY OF BOULDER, a political subdivision of the State of Colorado (the County), collectively, the Parties and individually a Party. RECITALS A. Pursuant to the Colorado Urban Renewal Law, Section 31-25-101, et seq., c.R.S. (the Act), the City C([)Uncil of the City passed and adopted Resolution No. 37 approving the Highway 42 Revitalization Area Urban Renewal Plan (the Plan) to carry out the urban renewal project (the Urban Renewal Project) described in the Plan for the area described therein (the Urban Renewal Area). B. The Act provides, and the Plan contains, a provision authorizing the financing of the Urban Renewal Project (TIP Financing). TIP Financing provides that taxes, if any, levied after the effecti ve da~e of the approval of the Plan upon taxable property in the Urban Renewal Area each year shall be divided for a period not to exceed twenty-five (25) years from the effective date of the Flan and that a portion of said property tax revenues (the TIP Revenue) shall be allocated to .and paid into a special fund of the Commission to pay the principal of, interest on, and any premiums dlte in connection with bonds of, loans or advances to, or indebtedness incurred by, the Commission to carry out the Urban Renewal Project. C. Section 31-25-107(11) of the Act permits and authorizes the Parties to enter into agreements "for allocation of responsibility among the parties to the agreement for payment of the costs of any additional county infrastructure or services necessary to offset the impacts of an urban renewal project and for the sharing of revenues." D. Pursuant to Section 31-25-107(3.5), the City and Commission submitted an urban renewal impact report for the Plan to the County and the County submitted its response thereto, including, as provided in subparagraph (a)(III), information on the estimated impact of the urban renewal plan on county revenues, and the Parties desire to enter into the Agreement to address issues raised in discussion of the urban renewal impact report. AGREEMENT NOW THEREFORE, in consideration of the foregoing the Parties agree as follows: 1. County TIP Account. Commencing on January 1,2015 (the Effective Date), the Commission agrees t<) pay to the City, within ten (10) days of receipt thereof, and the City shall deposit into a separate account created and maintained exclusively for such purpose (the County 1