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Resolution 2012-68
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Resolution 2012-68
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Last modified
1/22/2024 3:34:18 PM
Creation date
11/19/2012 10:04:56 AM
Metadata
Fields
Template:
City Council Records
Also Known As (aka)
LRC Cooperation Agreement for Hwy 42 Revitalization Area Gateway Project Funding
Doc Type
Resolution
Signed Date
11/5/2012
Ord/Res - Year
2012
Ord/Res - Number
68
Cross-Reference
Hwy 42 Revitalization Area
Original Hardcopy Storage
7D5
Record Series Code
45.160
Record Series Name
Resolutions
Supplemental fields
Test
RES 2012-68
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H. The Parties intend that LRC financing assistance for the construction of the <br /> Project be limited to certain Property Tax TIF revenue available to the LRC after payment of any <br /> amounts required to be paid pursuant to the 2011 Cooperation Agreement and Tri-Party <br /> Agreement, and amounts the LRC may reasonably require for ongoing operating, administrative, <br /> consulting and other costs(LRC Operating Expenses). <br /> AGREEMENT <br /> NOW THEREFORE, in consideration of the foregoing and the following terms and <br /> conditions, the Parties agree as follows: <br /> 1. Construction of Project. The City will construct the Project with its funds through <br /> the City Capital Projects Fund budget. The Parties shall cooperate to take any and all reasonable <br /> steps necessary to finance, design and construct the Project. The City will use best efforts to <br /> cause the Project to be completed in 2014; however, the Parties acknowledge that certain <br /> components of the Project, such as placement of the railroad bridge, are beyond the City's <br /> control. The Parties agree that this Agreement shall automatically terminate and be of no further <br /> force or effect if a construction contract with the Burlington Northern Santa Fe Railroad for <br /> construction of the railroad bridge has not been executed by April 1, 2014. <br /> 2. LRC Financial Assistance. a.Commencing with fiscal year 2015, and in <br /> accordance with Section 31-25-I07(9)(a)(I1) of the Act, the LRC shall establish a special fund <br /> (the Special Fund) and deposit therein all Property Tax TIF revenue from the Plan Area upon <br /> receipt from the Treasurer of Boulder County, except for such amounts as the LRC may <br /> reasonably require for payment of obligations under the 2011 Cooperation Agreement and the <br /> Tri-Party Agreement and payment of LRC Operating Expenses(Pledged Revenue), subject to the <br /> limitations set forth in Section 2.c., below. <br /> b. The Parties agree that the Pledged Revenue shall be used and expended <br /> exclusively for the Project, and paid according to the payment schedule set forth below. The <br /> Pledged Revenue available for the Project shall be annually or periodically transferred from the <br /> Special Fund to the City Capital Projects Fund at such time(s) as shall be determined by the City <br /> Finance Director. <br /> c. Notwithstanding any provisions of this Agreement to the contrary, the Parties <br /> agree: <br /> (i) That Pledged Revenue payments in the following years shall be limited to <br /> no more than the following amounts: <br /> Budget Year Payment <br /> 2015 $45,000 <br /> 2 <br />
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