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CORE PROJECT AREA AGREEMENT <br />THIS CORE PROJECT AREA AGREEMENT (the “Agreement”) is made and entered <br />into to be effective the _______ day of _______________, 2014 (“Effective Date”), by and <br />between the City of Louisville, a Colorado home rule municipality (the “City”), the Louisville <br />Revitalization Commission, an urban renewal authority organized and operating under Part 1 of <br />Article 25 of Title 31, C.R.S. (the “LRC”), and Takoda Properties, Inc., a Colorado corporation <br />(the “Property Owner”), and collectively referred to herein as the “Parties.” <br />RECITALS: <br />A. The City, LRC and Property Owner want to work together to eliminate blight and <br />improve property within the “Core Project Area” as described in Exhibit A hereof, which Core <br />Project Area is within the area (the “Plan Area”) described in the Highway 42 Revitalization <br />Area Urban Renewal Plan (the “Plan”). <br />B. The Property Owner owns or is under contract to purchase certain property as <br />described in Exhibit B (“Property”) that is within the Core Project Area and which Property the <br />Property Owner intends to develop as a mixed use project known as the Downtown East <br />Louisville Planned Unit Development (“DELO PUD” or “Development”). <br />C. The City and the Property Owner expect the LRC will issue bonds (“Bonds”) in <br />accordance with the Term Sheet attached hereto as Exhibit C to assist in the financing of public <br />improvements, the repayment of which Bonds will be from tax increment revenues generated by <br />development of the Core Project Area. <br />12 <br />