Resolution 2006-50 - Laserfiche WebLink

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TIP Account), that plDrtion of the TIP Revenue equal to 14.3% of the increase in property tax revenues calculated, produced, and allocated to the Commission from the County's levy on taxable property in the Urban Renewal Area pursuant to and in accordance with the TIP Financing provisions of the Act and the rules and regulations of the Property Tax Administrator of #Ie State of CcWorado. The dep()sits in the County TIP Account are designated as the County TIP Revenue. 2. Paym<rnts to County. Subject to Section 5 and provided this Agreement has not been terminated in accordance with Section 4, commencing on the Effective Date and continuing until the first to occur of (a) the twenty-fifth (25th) anniversary of the date of approval of the Plan, (b) payment to the County of a total of Six Million One Hundred Fifty Thousand Dollars ($6,150,000.00), or (c) a Termination Event described in Section 4 (the Term), the City shall pay to the County on or before the 10th day of each month, all of the County TIP Revenues in the County TIP Account. In no event shall the total of payments of County TIP Revenues to the County exceed $6,150,000.00. 3. Repa~ment Right. The Commission and the City shall have the unrestricted right, but not the obligation, to prepay the County TIP Revenues, in whole or in part at any time. 4. Termination Event. The Commission or the City may terminate this Agreement by delivering to the County written notice of the termination of the Urban Renewal Plan, including its TIP component (the Termination Event). 5. ReneglOtiation Event. Additionally, the City and Commission may elect to reopen the terms of this Agreement to renegotiation upon the occurrence of any of the following events (each of which is a Renegotiation Event): a. There is, as a result of legislation or regulation, a reduction of twenty percent (20%) or more in the annual amount of TIP Revenue allocated to the Commission; or b. Legislation or regulation applicable to the Plan reduces the twenty-five (25) year statutory period set forth in the Plan and Section 31-25-107(9) of the Act; or c. Within seven (7) years after the date of this Agreement, the County fails to enter into at least one TIF revenue allocation agreement with another municipality in Boulder County that approves an urban renewal plan or substantial modification thereof after the effective date of the Plan, and such plan or modification contains the property tax TIP Financing provisions of the Act described in Recital B hereof. An agreement under which a municipality commits not to utilize property tax TIP Financing for the term of such plan or modification shall be deemed acceptable for purposes of avoiding a Renegotiation Event. The County shall deliver to the Commission and City copies of all such agreements entered into by the County promptly upon their execution. In case of a Renegotiation Event, the City and Commission may elect to reopen the terms of this Agreement for renegotiation by providing written notice to the County. Within ninety 2