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RESOLUTION NO. 38 SERIES 2013 A RESOLUTION APPROVING THE PROPERTY TAX INCREMENT REBATE AGREEEMENT PURSUANT TO THE INTERGOVERNMENTAL AGREEMENT BETWEEN THE LOUISVILLE REVITALIZATION COMMISSION AND THE CITY OF LOUISVILLE WHEREAS, the Louisville Revitalization Commission (LRC) is charged with addressing issues contributing to blight within the Urban Renewal Area; and WHEREAS, Tract One, LLC has requested assistance from the LRC to improve the infrastructure within the Highway 42 Revitalization Area; and WHEREAS, improving the infrastructure within the area will encourage property owners within the area to redevelop their properties; and WHEREAS, a Property Tax Increment Rebate Agreement, attached hereto, has been developed to outline certain financial terms regarding financial assistance in financing new infrastructure ; and WHEREAS, in accordance with the Amended and Restated Cooperation Agreement dated April 5, 2011, prior to issuing bonds or any other capital financial obligations or financial obligations extending beyond the end of the current fiscal year of the LRC, the LRC shall notify the City Council in writing of its intention to do so, and shall promptly furnish to the City Council such information and documents relating to such bonds or other capital or long -term financial obligations as the City Council may request. The LRC shall not commit to or proceed with any such bonds or other capital or long -term financial obligations unless a majority of the City Council has adopted a resolution determining that the City's interests in connection with such bonds or other obligations are adequately protected. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO THAT: Section 1. The City Council hereby approves the LRC proceeding with the Property Tax Increment Rebate Agreement with Tract One, LLC. Section 2. The financial assistance contemplated within the Property Tax Increment Rebate Agreement is not to be an obligation of the City of Louisville, and the City Council determines that the City's interests in connection with the Property Tax Increment Rebate Agreement with Tract One, LLC are adequately protected.