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<br /> <br />Louisville Revitalization Commission <br />DELO Project <br />Term Sheet <br />As of 4/11/13 <br /> <br />DRAFT FOR DISCUSSION PURPOSES ONLY <br /> <br /> <br />Dated Date: Closing date (30 days after final subdivision plat and final PUD approvals.) <br /> <br />Par Amount: Not to Exceed $3,500,000. Final amount will be determined by LRC with <br />reference to the financial consultant report and approved plans. <br /> <br />Purpose: Bond funds will be used to finance public infrastructure improvements within <br />the Highway 42 Core Project Area. <br /> <br />Final Maturity: December 1, 2033. Any amounts remaining unpaid will be discharged. <br /> <br />Interest Rate: 7%. Simple interest calculated on a 30/360 basis. <br /> <br />Interest Payment <br />Dates: December 1 of each year, commencing the first December 1, after closing. <br /> <br />Tax Status: Tax-exempt, Bank Qualified, Non-AMT <br /> <br />Redemption: LRC may redeem bonds at its option after the 5 year anniversary of the Closing <br />Date at par. The pledged revenues after paying accrued but unpaid interest shall <br />be used on each December 1 to prepay principal. <br /> <br />Rating: None <br />Pledged Revenue: The property tax increment revenues from the Highway 42 Core Project Area <br />(as described in the map attached as Exhibit A). The base value for determining <br />the increment will be the 2012 assessed value as determined by the Boulder <br />County assessor (for taxes collected in 2013). The pledge is subordinate to <br />obligations to the City pursuant to two Cooperation Agreements and to the <br />County pursuant to an IGA. <br />Denominations: $500,000 Denominations or integral multiples of $1,000 above $500,000. <br />Additional Bonds: No debt payable from the Pledged Revenue without consent of bondholders. <br />Closing Conditions: Approval of the final subdivision plat and final PUD for the DELO project. <br /> <br />Dedication of ROW for infrastructure. <br /> <br />Execution of Redevelopment Agreement, in form and substance satisfactory to <br />LRC and the City. <br /> <br />Evidence that the developer has obtained private financing. <br />21