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LOUISVILLE REVITALIZATION <br />COMMISSION <br />SUBJECT: RESOLUTION NO. 14-02 – APPROVAL OF A CORE PROJECT <br />AREA AGREEMENT AND AMENDED TERM SHEET <br />DATE:JUNE 9, 2014 <br />PRESENTED BY: AARON M. DEJONG <br />SUMMARY: <br />This memorandum is a summary of the main points outlined in the Core Project Area <br />Agreement among DELO, the LRC, and the City. Some modifications have been made <br />since the May 12, 2014 LRC meeting and is described below. <br />BACKGROUND: <br />The Core Project Area Agreement is intended to agree to the financing and scope of the <br />public infrastructure improvements being financed through a future TIF bond. <br />DISCUSSION: <br />The following is a list of the main components of the Core Project Area Agreement: <br />1) Up to $4,500,000 in bonds may be issued for the public improvements <br />a. Butler Snow (Dee Wisor) will be bond council; George K. Baum (Alan <br />Matlosz) will be financial advisor or underwriter; and First Southwest <br />Company (Jim Manire) will review the Bonds for the City. <br />b. They will be paid out of bond proceeds <br />c. Costs above $4,500,000 will be paid by DELO <br />d. DELO will find the investors for the Bonds <br />2) The public improvements will be outlined in an Exhibit D, which is still being <br />reviewed but a draft is attached. <br />a. DELO will be designing the improvements and costs of design will be <br />eligible for reimbursement from the Bonds. Reimbursable design costs <br />cannot exceed 6% of the hard costs of construction. <br />3) DELO will construct the Public Improvements <br />a. Construction Management services are reimbursable. Reimbursable <br />construction management costs cannot exceed 6% of the hard costs of <br />construction. <br />b. A subdivision agreement with the City will govern the construction <br />components of the public improvements <br />c. The public improvements will be competitively bid. <br />d. DELO and the City will cooperate to construct additional stormwater <br />infrastructure. <br />4) City will manage the construction funds. <br />a. DELO will document expenditures and request payment out of the <br />Construction Fund. City Manager and Public Works Director must sign <br />disbursement requests. <br />LOUISVILLE REVITALIZATION COMMISSION <br />6 <br />