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4 ■-• <br /> CITY OF LOUISVILLE <br /> PREPARATION AND REVIEW COST REIMBURSEMENT AGREEMENT <br /> THIS AGREEMENT is made and entered into this day of <br /> G , 2013, by and between the Louisville Revitalization Commission, a <br /> olorado Urban Renewal Authority, 749 Main Street, Louisville, Colorado, 80027 (the <br /> "LRC") and DELO, LLC, a Colorado limited liability company, 950 Spruce St # 2A <br /> Louisville, Colorado, 80027 (the "Applicant"). <br /> RECITALS <br /> A. The LRC is a public body corporate and politic authorized to transact <br /> business and exercise its powers as an urban renewal authority under and pursuant to <br /> the Colorado Urban Renewal Law, Part 1 of Article 25 of Title 31, C.R.S. <br /> B. There has been submitted to the LRC an application for financial <br /> assistance to construct infrastructure within the Louisville Urban Renewal Area through <br /> a debt issuance and a term sheet is needed to outline key terms and conditions of a <br /> debt issuance (the "Term Sheet"). <br /> C. The LRC will need to commit staff time to prepare and review the Term <br /> Sheet and will also need to retain outside consultants to prepare and review certain <br /> elements of the Term Sheet and assist in the City's processing thereof; the term <br /> "Consultants" includes, but is not limited to, accountants, attorneys (including services <br /> by the City Attorney and the LRC's bond/public finance counsel), engineers, financial <br /> advisors, planners, surveyors, and other outside professionals. <br /> D. The Applicant has agreed to reimburse the LRC's internal staff costs and <br /> outside Consultant costs incurred for preparation and review of the Term Sheet. <br /> E. At this time, it is the City's good faith estimate that such costs shall be <br /> $3,000.00 three thousand dollars (the "Cost Estimate"). <br /> F. The parties wish to set forth their agreement as to the manner of payment <br /> by Applicant of the LRC's costs related to preparation, review and processing of said <br /> Term Sheet. <br /> NOW, THEREFORE, the parties do hereby agree as follows: <br /> 1. Recitals. The Recitals are incorporated herein as part of this Agreement. <br /> 2. Consultant Cost Initial Deposit. At the time of its execution of this <br /> Agreement, Applicant shall deposit the Cost Estimate with the City. It is agreed that the <br /> application for assistance shall not be processed further until the Cost Estimate is paid. <br /> The amount deposited shall be used by the LRC solely to reimburse the LRC its costs <br /> for staff time spent in preparing, reviewing and processing the Term Sheet (based on <br /> time spent by employee multiplied by the City's total, hourly cost rate (e.g., wages, <br /> benefits and overhead) for each employee working on the Term Sheet) and to <br /> 1 <br />