City Council Agenda and Packet 2013 12 16

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cost of the reconstruction less all other non-party sources of revenue less an initial Superior portion of $5 Million dollars with the remainder split equally between the parties (as an example : assume a $20 Million total cost less $6 Million non-party sources and less an initial Superior portion of $5 Million (representing Louisville 's previous payments toward the interchange) with the remainder ($9 Million) split equally between the parties at $4 . 5 Million each. Under this example, Louisville ' s portion is $4 . 5 Million and Superior' s portion is $9 . 5 Million. ) Other discussion items for the committee shall include, but not be limited to, McCaslin Boulevard, U.S. 36, and 88th Street . This committee shall be convened consistent with this Agreement for the purpose of discussing the issues as they apply to both entities . 14 . Commitment of sales tax revenue . As additional consideration for the sharing of sales tax revenue by Superior, Louisville agrees that the portion of the sales tax paid to it pursuant to Paragraph 3 (c) shall be used first towards Louisville ' s portion of the interchange reconstruction. 15 . Non-Compliance. If either party fails to comply with the provisions of this Agreement, the other party, after providing written notification to the noncomplying party and upon the failure of the noncomplying party to achieve compliance within ninety (90) days after said notice, may at its option either terminate this Agreement or maintain an action in a court of competent jurisdiction in Boulder County for specific performance, injunctive, or other relief . 16 . Term and Termination. This Agreement shall remain in effect until amended or terminated by agreement of the parties. It is the intent of the parties that this Agreement shall remain in effect for the longest period of time permitted by law because any adverse revenue effects to Louisville resulting from disconnection of the South Property, and any adverse revenue effects to Superior resulting from disconnection of the North Property, shall continue indefinitely after the disconnections . 17 . Colorado Laws. This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado. 18 . Governmental Authority. Louisville and Superior shall comply with any and all otherwise applicable and valid state, federal or local laws or regulations in relation to this Agreement . 19 . Waiver. A waiver of a breach of any of the provisions of this Agreement shall not constitute a continuing waiver or a waiver of any subsequent breach of the same or another provisions of this Agreement. 6