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