Resolution 2014-77 - Laserfiche WebLink

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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. The parties also previously entered into that certain Cooperation Agreement dated November 5, 2012 and amended on March 18, 2014 (2012 Cooperation Agreement) which outlines financial assistance to the construction of the South Street Gateway and Underpass to be located at the crossing of South Street at the Burlington Northern Santa Fe Railroad right -of -way. I. The LRC approved a Bond Resolution and associated documents on October 13, 2014 (Core Project Area TIF Bonds) to sell bonds in an amount not to exceed $4,500,000 to fund public infrastructure for the Core Project Area, a portion of which is allocated to construct the Project. J. The Parties intend that LRC financing assistance for the construction of the Project be 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, Tri -Party Agreement, 2012 Cooperation Agreement, the Core Project Area TIF Bonds, any other previous commitments, and amounts the LRC may reasonably require for ongoing operating, administrative, consulting and other costs (LRC Operating Expenses). K. The City commissioned a commercial property appraisal for the land proposed to be used for the Project and such appraisal determined a market value of $1.80 per square foot. L. The Parties desire to set forth their mutual understandings regarding the payment of land compensation to the City and related matters. AGREEMENT NOW THEREFORE, in consideration of the foregoing and the following terms and conditions, the Parties agree as follows: 1. Compensation to City. The LRC will compensate the City for the land encumbered by the regional stormwater detention facility (the Project Land) at the rate of One Dollar Eighty Cents ($1.80) for each square foot of land encumbered by the Project. The Parties shall determine the Project Land area and the payment amount by reference to the approved final design for the Project, which design the Parties contemplate will be processed as part of second phase of the Downtown East Louisville Planned Unit Development (DELO Phase II PUD). 2. 2015 LRC Budget. The LRC will budget funds for payment under this Agreement in its 2015 budget. 3. Timing for payment. The LRC will make payment to the City as provided in Section 1 once the following items have been accomplished: a. There has been recorded an approved Final Planned Unit Development Plan outlining the design and location for the Project. 2