Resolution 2014-34 - Laserfiche WebLink

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CORE PROJECT AREA AGREEMENT THIS CORE PROJECT AREA AGREEMENT (the "Agreement ") is made and entered into to be effective the i5-- day of L49Y , 2014 ( "Effective Date "), by and between the City of Louisville, a Colorado home rule municipality (the "City "), the Louisville Revitalization Commission, an urban renewal authority organized and operating under Part 1 of Article 25 of Title 31, C.R.S. (the "LRC "), and Takoda Properties, Inc., a Colorado corporation (the "Property Owner"), and collectively referred to herein as the "Parties." RECITALS: A. The City, LRC and Property Owner want to work together to eliminate blight and improve property within the "Core Project Area" as described in Exhibit A hereof, which Core Project Area is within the area (the "Plan Area ") described in the Highway 42 Revitalization Area Urban Renewal Plan (the "Plan "). B. The Property Owner owns or is under contract to purchase certain property as described in Exhibit B ( "Property ") that is within the Core Project Area and which Property the Property Owner intends to develop as a mixed use project known as the Downtown East Louisville Planned Unit Development ( "DELO PUD" or "Development "). C. The City and the Property Owner expect the LRC will issue bonds ( "Bonds ") in accordance with the Term Sheet attached hereto as Exhibit C to assist in the financing of public improvements, the repayment of which Bonds will be from tax increment revenues generated by development of the Core Project Area. D. Because of the importance of the elimination of blight and the implementation of the Plan to the citizens of the City, the LRC, City and Property Owner desire to set forth their agreement concerning the funding of public infrastructure within the Core Project Area. NOW, THEREFORE, in consideration of the foregoing recitals, mutual covenants and promises set forth below, the receipt and sufficiency of which are mutually acknowledged, the City, LRC, and the Property Owner agree as follows: 1. LRC Bond Financing. (a) Subject to and in accordance with Exhibit C hereof, and subject to Property Owner's performance of its obligations hereunder, the LRC shall use commercially reasonable efforts to issue no more than $4,500,000 in Bonds, the proceeds of which shall be used to finance the cost of issuance of the Bonds, reserve funds, and portions of the costs associated with the construction of the Public Improvements set forth on Exhibit D, which Public Improvements shall qualify for URA funding and shall be dedicated to the City or have perpetual public access easements to the benefit of the City ( "URA Public Improvements)."