Revitalization Commission Agenda and Packet 2014 10 13

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LOUISVILLE REVITALIZATION COMMISSION RESOLUTION NO. 14 -02 RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE LOUISVILLE REVITALIZATION COMMISSION AUTHORIZING, APPROVING AND DIRECTING THE EXECUTION AND DELIVERY OF THE LOUISVILLE REVITALIZATION COMMISSION PROPERTY TAX INCREMENT REVENUE BOND (DELO PROJECT), SERIES 2014, IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $4,500,000, FOR THE PURPOSE OF FINANCING THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF AN URBAN RENEWAL PROJECT IN THE HIGHWAY 42 REVITALIZATION AREA. WHEREAS, the Louisville Revitalization Commission (the "Commission ") is a public body corporate and politic, and has been duly created, organized, established and authorized by the City of Louisville, Colorado (the "City ") to transact business and exercise its powers as an urban renewal authority, all under and pursuant to the Colorado Urban Renewal Law, constituting Part 1 of Article 25 of Title 31, Colorado Revised Statutes, as amended (the "Act "); and WHEREAS, an urban renewal plan, known as the "Highway 42 Revitalization Area Urban Renewal Plan" (the "Urban Renewal Plan "), was duly and regularly approved by the City Council of the City for urban renewal projects under the Act; and WHEREAS, all applicable requirements of the Act and other provisions of law for and precedent to the adoption and approval by the City of the Urban Renewal Plan have been duly complied with; and WHEREAS, pursuant to Section 31 -25 -105 of the Act, the Commission has the power to borrow money and to apply for and accept advances, loans, grants and contributions from any source for any of the purposes of the Act and to give such security as may be required; and WHEREAS, pursuant to Section 31 -25 -109 of the Act, the Commission has the power and authority to issue bonds to finance the activities or operations of the Commission permitted and authorized under the Act; and WHEREAS, the Commission is authorized to issue bonds without an election; and WHEREAS, the City, the Commission and Takoda Properties, Inc. (the "Property Owner ") have entered into the Core Project Area Agreement, dated July 1, 2014 (the "Core Project Area Agreement ") pursuant to which the City, the Commission and the Property Owner have agreed to work together to eliminate blight and improve property within the Core Project Area as defined therein and as hereinafter defined, and the Commission has agreed to issue 18