Revitalization Commission Agenda and Packet 2016 02 08

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H. 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 and Tri -Party Agreement, and amounts the LRC may reasonably require for ongoing operating, administrative, consulting and other costs (LRC Operating Expenses). AGREEMENT NOW THEREFORE, in consideration of the foregoing and the following terms and conditions, the Parties agree as follows: 1. 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 2014; 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 the Burlington Northern Santa Fe Railroad for construction of the railroad bridge has not been executed by April 1, 2014. 2. LRC Financial Assistance. a. Commencing with fiscal year 2015, and in accordance with Section 31- 25- 107(9)(a)(II) of the Act, the LRC shall establish a special fund (the Special Fund) and deposit therein all Property Tax TIF revenue from the Plan Area upon receipt from the Treasurer of Boulder County, except for such amounts as the LRC may reasonably require for payment of obligations under the 2011 Cooperation Agreement and the Tri -Party Agreement and payment of LRC Operating Expenses (Pledged Revenue), subject to the limitations set forth in Section 2.c., below. b. The Parties agree that the Pledged Revenue shall be used and expended exclusively for the Project, and paid according to the payment schedule set forth below. The Pledged Revenue available for the Project shall be annually or periodically transferred from the Special Fund to the City Capital Projects Fund at such time(s) as shall be determined by the City Finance Director. agree: c. Notwithstanding any provisions of this Agreement to the contrary, the Parties (i) That Pledged Revenue payments in the following years shall be limited to no more than the following amounts: Budget Year Payment 2015 $45,000 2 10