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commencing on January 1, 2015, there shall be paid to the County certain County TIF Revenues, <br />as further defined and set forth in the Tri -Party Agreement. <br />H. The parties also previously entered into that certain Cooperation Agreement dated <br />November 5, 2012 and amended on March 18, 2014 (2012 Cooperation Agreement) which <br />outlines financial assistance to the construction of the South Street Gateway and Underpass to be <br />located at the crossing of South Street at the Burlington Northern Santa Fe Railroad right -of -way. <br />I. The LRC approved a Bond Resolution and associated documents on October 13, <br />2014 (Core Project Area TIF Bonds) to sell bonds in an amount not to exceed $4,500,000 to fund <br />public infrastructure for the Core Project Area, a portion of which is allocated to construct the <br />Project. <br />J. The Parties intend that LRC financing assistance for the construction of the <br />Project be limited to certain Property Tax TIF revenue available to the LRC after payment of any <br />amounts required to be paid pursuant to the 2011 Cooperation Agreement, Tri -Party Agreement, <br />2012 Cooperation Agreement, the Core Project Area TIF Bonds, any other previous <br />commitments, and amounts the LRC may reasonably require for ongoing operating, <br />administrative, consulting and other costs (LRC Operating Expenses). <br />K. The City commissioned a commercial property appraisal for the land proposed to <br />be used for the Project and such appraisal determined a market value of $1.80 per square foot. <br />L. The Parties desire to set forth their mutual understandings regarding the payment <br />of land compensation to the City and related matters. <br />AGREEMENT <br />NOW THEREFORE, in consideration of the foregoing and the following terms and <br />conditions, the Parties agree as follows: <br />1. Compensation to City. The LRC will compensate the City for the land <br />encumbered by the regional stormwater detention facility (the Project Land) at the rate of One <br />Dollar Eighty Cents ($1.80) for each square foot of land encumbered by the Project. The Parties <br />shall determine the Project Land area and the payment amount by reference to the approved final <br />design for the Project, which design the Parties contemplate will be processed as part of second <br />phase of the Downtown East Louisville Planned Unit Development (DELO Phase II PUD). <br />2. 2015 LRC Budget. The LRC will budget funds for payment under this Agreement <br />in its 2015 budget. <br />3. Timing for payment. The LRC will make payment to the City as provided in <br />Section 1 once the following items have been accomplished: <br />a. There has been recorded an approved Final Planned Unit Development <br />Plan outlining the design and location for the Project. <br />2 <br />