Revitalization Commission Agenda and Packet 2016 02 08

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2016 $65,000 2017 $75,000 2018 — 2033 25% of all Property Tax TIF remaining after payment of other obligations (ii) That, subject to Section 2.d below, the total of all payments made according to this Section is limited to $1,300,000 or until the Urban Renewal Plan, including the Property Tax TIF provision thereof, is terminated or expires, whichever comes first. (iii) That, commencing upon completion of the Project, as determined by the advertised date of final settlement, the LRC shall pay interest on the unpaid balance of its contribution to the Project based on the City of Louisville's average annual rate of return of total cash and investments for the previous twelve months, which rate shall be updated annually. (iv) That the LRC may prepay at any time without penalty any amounts payable under this Agreement, and may make payment with any source of funds available to the LRC. (v) That the LRC may use for any lawful purpose amounts not required for payments under this Agreement. d. The total estimated cost for the Project is $2,900,000 (Estimated Cost), which the parties intend to be funded partially by the City Storm Water fund, for storm water improvements within the Project that are attributable to such fund (estimated at $300,000), with remaining Project costs to be shared equally by the LRC Special Fund and City Capital Improvements Fund (each share estimated at $1,300,000). The City Storm Water fund shall pay all actual costs for storm water improvements within the Project that are attributable to such fund. In the event actual Project costs are more or less than Estimated Costs, the City and LRC shall share equally (i.e., 50% each) the amount by which the actual costs are below or above the Estimated Cost, exclusive of storm water improvements costs. e. There shall be provided to the LRC for its review and approval any design change or construction change order that is estimated to result in an increase or decrease in Project costs of more than $130,000. The foregoing shall not apply to design changes or construction change orders concerning only storm water improvements. f. In the event any third -party funds are received for the Project, one half of the amount of such third -party funds shall be applied as a principal reduction of the LRC's contribution to the Project.