Revitalization Commission Agenda and Packet 2012 10 08

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Renewal Plan, including the Property Tax TIF provision thereof, is terminated or expires, whichever comes first. (iii)That commencing upon completion of the Project, as determined by the advertised date of final settlement, the LRC shall pay interest on the unpaid balance of its contribution to the Project based on the City of Louisville’s average annual rate of return of total cash and investments for the previous twelve months, which rate shall be updated annually. d. The total estimated cost for the Project is $2,900,000 (Estimated Cost), which the parties intend to be funded partially by the City water fund and remaining project costs to be shared each by the LRC Special Fund and City Capital Improvements Fund (estimated at $1,300,000). In the event actual Project costs are more or less than Estimated Costs, the City and LRC shall share equally (i.e., 50% each) the amount by which the actual costs are below or above the Estimated Cost. e. In the event any third-party funds are received for the Project, one half of the amount of such third-party funds shall be applied as a principal reduction of the LRC’s contribution to the Project. f. Upon request of the LRC, the City agrees to give reasonable consideration to subordinating its rights under this Agreement to the Payment of Pledged Revenue to any bonds, loans, advances, indebtedness, or other obligation of the LRC. g. The Parties shall each keep, or cause to be kept, proper and current books and accounts in which complete and accurate entries shall be made of the amounts deposited into and paid out from the Special Fund and Capital Projects Fund for the Project. 3. Continuing Cooperation; Additional Agreements. The Parties shall cooperate to carry out and complete the Plan approved by the City Council. It is contemplated that additional agreements may be required to plan and carry out the Project in accordance with the provisions of the Plan and the Act. The Parties agree to cooperate and give timely consideration to any additional agreements or amendments to this Cooperation Agreement that may be necessary or convenient in connection with such activities and undertakings; provided, however, nothing in this Cooperation Agreement shall preclude or require the commitment of additional revenue, financing, or services by either Party beyond those provided for herein in connection with such activities and undertakings. 4. Obligations Subject to Act, Charter, and Constitution. The covenants, duties and actions required of the Parties under this Cooperation Agreement shall be subject to and performed in accordance with the provisions and procedures required and permitted by the Charter, the Act, any other applicable provision of law, and the Colorado Constitution. Without limiting the foregoing, all financial obligations of the City are subject to annual budgeting and appropriation of funds in the discretion of the City Council, and nothing in this Agreement is 8