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LOUISVILLE REVITALIZATION COMMISSION <br />RESOLUTION NO. 14-02 <br />A RESOLUTION APPROVING A CORE PROJECT AREA AGREEMENT <br />AND AN AMENDED CORE AREA INFRASTRUCTURE PROJECT TERM <br />SHEET <br />WHEREAS <br />, the Louisville Revitalization Commission (LRC) is charged with <br />addressing issues contributing to blight within the Urban Renewal Area; and <br />WHEREAS <br />, Takoda Properties, Inc. and DELO, LLC, respectively, the property <br />owner and developer of the proposed Downtown East Louisville Planned Unit <br />Development have requested assistance from the LRC to improve the public <br />infrastructure within the Highway 42 Core Project Area; and <br />WHEREAS <br />, improving the public infrastructure within the Core Project Area <br />will encourage property owners within the area to redevelop their properties in <br />furtherance of the goals and purposes of the Highway 42 Revitalization Area Urban <br />Renewal Plan; and <br />WHEREAS <br />, a Core Project Area Agreement has been proposed among the LRC, <br />the City of Louisville (City) and Takoda Properties, Inc. to outline the financing and <br />scope of the public infrastructure improvements within the Core Project Area proposed to <br />be financed through a future issuance by the LRC of property tax increment revenue <br />bonds; and <br />WHEREAS <br />, the LRC desires to modify certain terms of the Core Area <br />Infrastructure Project Term Sheet approved by LRC Resolution 13-02 on May 13, 2013. <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF <br />COMMISSIONERS OF THE LOUISVILLE REVITALIZATION COMMISSION: <br />Section 1. <br /> The Core Project Area Agreement among the LRC, City of <br />Louisville and Takoda Properties, Inc. is hereby approved in the form of such Agreement <br />accompanying this Resolution. <br />Section 2. <br /> The Amended Core Area Infrastructure Project Term Sheet <br />included as Exhibit C of the Core Project Area Agreement is hereby approved in the form <br />set forth in said Exhibit C. <br />Section 3. <br /> The LRC Chair is authorized to execute the Agreement and the <br />Amended Term Sheet on behalf of the LRC, provided and after such time as the <br />Agreement has been executed by Takoda Properties, Inc. and the Agreement and <br />Amended Term Sheet have been approved by the City Council of the City in accordance <br />with the Amended and Restated Cooperation Agreement between the City and LRC. The <br />LRC Chair is further authorized to negotiate and approve such revisions to the proposed <br />10 <br />