Revitalization Commission Agenda and Packet 2013 07 08

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1 PROPERTY TAX INCREMENT REBATE AGREEMENT This Property Tax Increment Rebate Agreement (this “Rebate Agreement”) is made as of ___________________, 2013, by and between the LOUISVILLE REVITALIZATION COMMISSION (the “LRC”) and TRACT ONE, LLC, a limited liability company in the State of Colorado (the “Developer”) (The LRC and Developer are collectively the “Parties”). RECITALS A. The LRC is a public body corporate and politic authorized to transact business and exercise its powers as an urban renewal authority under and pursuant to the Colorado Urban Renewal Law, Part 1 of Article 25 of Title 31, C.R.S. (the “Act”). B. The Developer is the owner of certain real property legally described as follows: All of Tract I, Louisville North 7th Filing, as recorded at Plan File P-7, F-2, #25, Film 1034 recorded August 16, 1978 of the records of Boulder County, and which property is addressed as 707 E South Boulder Road, Louisville, CO (the “Property”). C. The Developer proposes to redevelop the Property as a mixed -use development to include the construction of three buildings, one of which will contain a total of 111 apartment units in three separate towers over structured parking, and two (2) of which will contain 36,000 square feet of retail development (the “Project”), to include associated public and private infrastructure improvements (the “Project Improvements”). A more detailed description of the Project Improvements is attached as Exhibit A. D. The Project is located within the area (the “Plan Area”) described in the Highway 42 Revitalization Area Urban Renewal Plan (the “Plan”). Completion of the Project and Project Improvements will remove barriers to development and remediate adverse conditions within the Plan Area, and will be carried out in furtherance of the purposes of the Act and Plan. E. The LRC finds that entering into this Rebate Agreement will promote the redevelopment of an area within the Plan Area and LRC boundaries and will remediate adverse conditions within the Plan Area in a manner consistent with the Plan, and will provide a mechanism for assisting in the financing of Project Improvements that benefit the City of Louisville (the “City”) and its residents. F. The Plan provides for financing the activities and undertakings of the LRC by means of property tax allocation or tax increment financing (“Property Tax TIF”) in accordance with Section 31-25-107(9) of the Act.