Resolution 2015-17 - Laserfiche WebLink

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Louisville, CO 80027 303.335.4533 8. Termination. This Agreement shall terminate and become void and of no force or effect upon the City if, by December 31, 2016, BCHA has not caused the Owner to commence the Project as evidenced by an approved and paid building permit issued pursuant to a recorded PUD Plan for the Project. 9. Repayment. In the event the Project does not comply with Section 1 of this Agreement (where compliance shall be deemed to have occurred upon the recording of a restrictive covenant or land use restriction agreement running to the benefit of a governmental entity imposing affordability restrictions on the Project for a term of at least 40 years), BCHA shall repay all rebates and financial contributions made by City to BCHA for the Project within 30 days of notice by City to BCHA. 10.Annual Appropriation. Nothing in this Agreement shall be deemed or construed as creating a multiple fiscal year obligation on the part of the City within the meaning of Colorado Constitution Article X, Section 20 or any other constitutional or statutory provision, and the City's obligations hereunder are expressly conditional upon annual appropriation by the City Council, in its sole discretion. BCHA understands and agrees that any decision of City Council to not appropriate funds for payment shall be without penalty or liability to the City and, further, shall not affect, impair, or invalidate any of the remaining terms or provisions of this Agreement. 11. Governing Law: Venue. This Agreement shall be governed and construed in accordance with the laws of the State of Colorado. This Agreement shall be subject to, and construed in strict accordance with, the Louisville City Charter and the Louisville Municipal Code. In the event of a dispute concerning any provision of this Agreement, the parties agree that prior to commencing any litigation, they shall first engage in a good faith the services of a mutually acceptable, qualified, and experience mediator, or panel of mediators for the purpose of resolving such dispute. In the event such dispute is not fully resolved by mediation or otherwise within 60 days a request for mediation by either party, then either party, as their exclusive remedy, may commence binding arbitration regarding the dispute through Judicial Arbiter Group. Judgment on any arbitration award may be enforced in any court of competent jurisdiction. 12. Legal Challenge; Escrow. The City shall have no obligation to make any rebate payment hereunder during the pendency of any legal challenge to this Agreement. The parties covenant that neither will initiate any legal challenge to the validity or enforceability of this Agreement, and the parties will cooperate in defending the validity or enforceability of this Agreement against any challenge by any third party. Any funds appropriated for payment under this Agreement shall be escrowed in a 4