City Council Agenda and Packet 2013 12 16

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nor any future obligations that Louisville may enter into, will reduce or affect in any manner the payments due Superior pursuant to paragraph 4 .b. of these Rights and Obligations . 8 . U.S. 36 as Annexation Boundary. Louisville agrees not to annex property located south or west of U.S. 36 , and Superior agrees not to annex property located north or east of U.S. 36 . 9. No Impairment . Neither Louisville nor Superior shall impair the rights of the other, without the other' s consent, to share in the revenues to be collected and shared as described in this Agreement. 10 . Cooperation. Louisville and Superior agree to devote their best efforts, to cooperate as necessary, and to exercise good faith in implementing the provisions of this Agreement . 11 . No Third-Party Rights. This Agreement is made solely for the benefit of the parties hereto, and is not intended to nor shall it be deemed to confer rights to any persons or entities not named as parties hereto. 12 . Election. The parties agree that both Louisville and Superior will place this Agreement on the municipal ballot for November of 1997 requesting voters of the respective municipalities to ratify this Agreement . Should the voters in either municipality fail to approve this Agreement, then this agreement shall be null and void and the parties are under no obligation under this Agreement to effectuate the disconnections pursuant to Paragraphs 1 and 2 . This Agreement shall become effective upon approval by the voters in both municipalities. 13 . Transportation Issues. The parties recognize that it is in the best interest of each municipality to jointly plan to reconstruct the interchange . Louisville and Superior shall cooperate to jointly design, construct, and finance a one time reconstruction of the interchange which may be completed in phases. Such cooperation shall include formation of a Committee consisting of at least two members of the Louisville City Council, two members of the Superior Board of Trustees, and one staff member of each municipality, to recommend the design, construction process, and financing of interchange reconstruction. The parties shall determine the "Louisville portion" and the "Superior portion" of the total costs of the interchange reconstruction after consideration of all sources of revenue available including, but not limited to, federal, state, private, and other local sources. The Louisville portion shall be credited five million dollars as a result of previous interchange improvements . To calculate the respective parties' portions of the cost of the interchange reconstruction, the following formula shall be used: the total 5