Resolution 2014-65 - Laserfiche WebLink

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G. The parties also previously entered into that certain Tri -Party Agreement with the County of Boulder dated December 5, 2006 (Tri -Party Agreement) which provides that commencing on January 1, 2015, there shall be paid to the County certain County TIF Revenues, as further defined and set forth in the Tri -Party Agreement. H. Under the Original Cooperation Agreement, LRC financing assistance for the construction of the Project is limited to certain Property Tax TIF revenue available to the LRC after payment of any amounts required to be paid pursuant to the 2011 Cooperation Agreement and Tri -Party Agreement, and amounts the LRC may reasonably require for ongoing operating, administrative, consulting and other costs (LRC Operating Expenses). I. The Parties executed a First Amendment to the Original Cooperation Agreement on March 18, 2014 (the First Amendment); the Original Cooperation Agreement, as amended by the First Amendment, is hereinafter referred to as "the Cooperation Agreement ". J. The Parties desire to further amend the Cooperation Agreement to eliminate the automatic termination date related to execution of a BNSF construction contract, and to provide that payments of Pledged Revenues are not required to be paid under Project construction has commenced. AGREEMENT NOW THEREFORE, in consideration of the foregoing and the following terms and conditions, the Parties agree to amend the Cooperation Agreement as follows: 1. Section 1 of the Cooperation Agreement is hereby amended by the deletion of the final sentence thereof, so that said Section shall read in full as follows (words deleted are stricken through): Construction of Project. The City will construct the Project with its funds through the City Capital Projects Fund budget. The Parties shall cooperate to take any and all reasonable steps necessary to finance, design and construct the Project. The City will use best efforts to cause the Project to be completed in 2015; however, the Parties acknowledge that certain components of the Project, such as placement of the railroad bridge, are beyond the City's control. The Parties agree that this Agreement shall automatically terminate and be of no further force or effect if a construction contract with Burlington Northern Santa Fe Railroad for construction of the railroad bridge has not been executed by November 1, 2014. 2. Section 2 of the Cooperation Agreement is hereby amendment by the addition of a new Section 2.c.(i) to read as follows (words added are underlined): c. Notwithstanding any provisions of this Agreement to the contrary, the Parties agree:... 2