Resolution 2006-50 - Laserfiche WebLink

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(90) days after notice of such an election by the City, the Parties shall execute an amendment to this Agreement setting forth such revised terms as are agreed upon by the Parties. If the Parties fail to execute an amendment within such ninety (90) day period, then this Agreement shall remain in effect in accordance with its terms except that, effective as of the 91 st day after such nototce and for the-remainder of th~ Term:, the rate and total maximum amount of County TIP Revenue paid to the County shall each be reduced by one-half (that is, reduced from, respectively, 14.3% to 7.15%, and $6,150,000 to $3,075,000). 6. Use of County TIP Revenue. The County TIP Revenue shall be used solely in accordance with the requirements of Section 31-25-107(11) to address the impacts of the Urban Renewal Plan on County revenues and on infrastructure and services necessary to serve the Urban Renewal Plan area. 7. Other Municipal Urban Renewal Plans. In future negotiations with other municipalities concerning any plans for approval of one or more urban renewal plans, Boulder County will utilize the terms of this Agreement as a guide for said negotiations, and will work in good faith to arrive at agreements which preserve to the County a significant portion of the incremental property tax revenues produced by the County's Funds mill levies. The City and Commission will in good faith cooperate with the County in the County's efforts to arrive at such agreements with other municipalities. This Section shall not be construed to limit the City and Commission's rights under Section 5 above. 8. AgreeJtI1ent Confined to County TIP Revenue. This Agreement applies only to the County TIP Revenue collected in the Urban Renewal Area during the Term, and does not include any other revenues of the City or the Commission, including, without limitation, TIP Revenue produced by the levy of the County each year in the Urban Renewal Area in excess of the County TIP Revenue. The City and County agree that the County TIP Revenue collected and paid by the City under this Agreement are collections for the County within the meaning of Colorado Constitution Article X, Section 20(2)(e). 9. Obligation Subordinate. The obligation of the Commission to pay the designated County TIP Revenue to the City is and shall be subordinate to any payment of the principal of, the interest on, and any premiums due in connection with bonds of, loans or advances to, or indebtedness incurred by, whether funded, refunded, assumed, or otherwise, the Commission for financing or refinancing, in whole or in part, the Urban Renewal Project. Notwithstanding the foregoing, the Commission will use reasonable good faith efforts, consistent with its obligations to carry out the Urban Renewal Project, to structure any such financing or refinancing in a manner to accommodate and provide for the payment of the County TIP Revenue in accordance with this Agreement. 10. Books and Accounts; Financial Statement. During the Term, the City and the Commission will keep, or causeto be kept, propeiand current books and accounts in which complete and accurate entries shall be made of the County TIP Revenue received by the Commission and the City and the amounts deposited into and paid out from the County TIP Account. Subject to reasonable notice, at the sole expense of the County, all such books and 3