City Council Agenda and Packet 2013 12 16

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to have the North Property disconnected from Superior after approval of this Agreement pursuant to Paragraph 12 . If the existing owner(s) fail to take such action, Superior' s obligation to disconnect will continue and will apply to any subsequent owners . If any owner of the North Property fails to sign 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 . 3 . Annexation of South Property. If the South Property is annexed to Superior, then the following shall apply: a. Superior shall not allow any residential use on the South Property, except that up to eight acres of the South Property may be developed for residential retirement/senior housing in one or more buildings not exceeding the height limitation applicable to commercial buildings on the South Property. b, Superior shall not permit development of other than retail uses on thirty-four (34) acres of the South Property. c . Superior shall share with Louisville, fifty (50) percent of the amount of revenues received by Superior from application of a 2 . 7 percent sales tax rate to retail sales made by businesses located within the South Property. Such amount shall be paid to Louisville quarterly pursuant to a process to be agreed upon by the Louisville City Administrator and the Superior Town Manager. To the extent allowed by Colorado law, Louisville shall have the right to inspect the applicable records of Superior to verify the amount of any payment made or due; and Superior and Louisville shall cooperate and take such actions as may be necessary to allow such inspection. d. Upon annexation of the South Property, Superior will have jurisdiction over the South Property. This Agreement shall continue to apply to the South Property after annexation by Superior. To the extent this Agreement conflicts with any future Superior ordinance, resolution, motion, or contract, this Agreement controls. 4 . Annexation of North Property by Louisville. After disconnection of the North Property from Superior, Louisville may, but is not required to, annex the North Property, except that Louisville may not proceed to annex the North Property until after the parties determine that the North Property is not necessary for U.S. 36 right-of-way or other improvements related thereto. If the North Property is annexed to Louisville, then the following shall apply: a. Louisville shall not permit any residential use on the North Property. 3