City Council Agenda and Packet 2013 12 16

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H. Louisville finds that it, and Superior finds that it, has a commitment to planned and orderly growth; to regulating the location of activities and development which may result in increased demands for its services; to reducing and avoiding, where possible, friction between the two parties; to promoting the economic viability of their respective communities; and to raising revenue sufficient to meet the needs of their citizens; and I . U.S. 36 provides a logical boundary between Louisville and Superior; and J. It is in the best interest of each municipality to jointly plan improvements to the Superior/Louisville interchange of U.S . 36 at McCaslin Boulevard (the "Interchange" ) and its capacity to handle traffic generated by existing and anticipated development within each municipality. II. Rights and Obligations NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, Louisville and Superior agree as follows : 1 . Disconnection of South Property by Louisville . Louisville agrees to disconnect from Louisville, pursuant to the provisions of state law, the property described on Exhibit A, consisting of approximately eighty (80) acres located east of McCaslin Boulevard and south of U.S. 36 (the "South Property") . Louisville shall request that the existing owners of the South Property sign an application, in a form acceptable to both parties, to have the South Property disconnected from Louisville, and Louisville shall proceed to implement the disconnection after approval of this Agreement pursuant to Paragraph 12 . If any owner of the South Property fails to properly execute the disconnection application prior to August 16, 1997, either party may decide not to place this Agreement before its voters as provided in Paragraph 12 . The South Property has been zoned by Louisville for commercial retail use and Louisville would derive substantial revenue and other benefits if the South Property was developed for commercial retail uses within the boundaries of Louisville. However, the City Council of Louisville finds that disconnection of the South Property is appropriate given the revenue sharing and land use provisions of this Agreement . 2 . Disconnection of North Property by Superior . Superior agrees to disconnect from Superior, pursuant to the provisions of state law, the property on the north side of U. S. 36 of approximately five acres which is within the boundaries of the Town of Superior and is described in Exhibit B (the "North Property") . Superior shall request that the existing owner (s) of the North Property sign an application, in a form acceptable to both parties, 2