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RESOLUTION N0.52 <br />SERIES 2007 <br />A RESOLUTION EXPRESSING THE FISCAL AND PLANNING <br />CONTROL THAT CITY COUNCIL RETAINS OVER THE LOUISVILLE <br />REVITALIZATION PROCESS AS ESTABLISHED BY COUNCIL. <br />WHEREAS, on December 5, 2006, after numerous public meetings, workshops and <br />study sessions, the Louisville City Council passed the following resolutions: <br />• Resolution No. 36, Series 2006 which made legislative findings determining an area <br />within the City of Louisville to be a blighted area and appropriate for inclusion an urban <br />renewal project; <br />• Resolution No. 37 which made legislative findings and approving the urban renewal plan <br />for the Highway 42 Revitalization Area; <br />• Resolution No. 49 which approved a Cooperation Agreement between the City of <br />Louisville and the Louisville Revitalization Commission; and <br />• Resolution No. 50 approved .a Tri-Party Agreement between the Louisville Revitalization <br />Commission, the City of Louisville, and Boulder County, and; <br />WHEREAS, the aforementioned resolutions establish an urban renewal plan which will <br />provide the City of Louisville with a framework for evaluating and executing development <br />opportunities within the urban renewal area; and <br />WHEREAS, the Cooperation Agreement approved in Resolution No. 49 and also <br />adopted by the Louisville Revitaliization Commission ("LRC"), which is the acting urban <br />renewal authority for the City of Louisville, establishes specific limitations on the LRC's <br />authority in the evaluation and execution of such development proposals including, but not <br />necessarily limited to: <br />• the LRC cannot make any expenditures that have not been previously approved by the <br />Louisville City Council; <br />• the LRC cannot independently establish any tax increment financing plan, whether <br />through property or sales tax, or any other form of tax; and <br />• the LRC has no land use approval authority for the urban renewal area; and <br />WHEREAS, as permitted by state law and contemplated in the Cooperation Agreement, <br />the bylaws of the LRC require it to have one elected official as a member, and the current elected <br />official acting in that capacity is Mayor Charles Sisk; and <br />1 <br />