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C <br /> itygt , LOUISVILLE REVITALIZATION <br /> Louisville COMMISSION <br /> COLORADO-SINCE 1878 <br /> SUBJECT: DELO UPDATE <br /> DATE: JUNE 13, 2016 <br /> PRESENTED BY: AARON M. DEJONG, ECONOMIC DEVELOPMENT <br /> SUMMARY: <br /> The DELO Phase II residential component received bank financing and a $3,000,000 <br /> second advance was made on the Core Area TIF Bonds. <br /> DISCUSSION: <br /> Over the last 2 months, the parties have been working on several documents to adjust <br /> the ownership and obligations for the DELO Phase II project. The following is a list of <br /> the documents and the main components of each. <br /> 1St Amendment to the Construction Fund Agreement <br /> This amendment was needed to include two new ownership entities, DELO Apartments, <br /> LLC and South Street Commercial LLC allocating rights to request payment for <br /> infrastructure eligible for reimbursement under the Core Area TIF bonds. DELO <br /> Apartments, LLC's lender, FirstBank, is included in the approval process for disbursing <br /> funds. Takoda Properties, Inc. remains a party on the agreement to maintain their <br /> obligations. <br /> Assignment and Assumption of Agreements <br /> This agreement is needed to assign the Construction Fund Agreement and Core Project <br /> Area Agreement to the two new entities, South Street Commercial, LLC and DELO <br /> Apartments, LLC. The Assignment keeps Takoda Properties obligate to perform under <br /> the Agreements should the new entities not perform. <br /> -0 Amendment to DELO Phase II Subdivision Agreement <br /> The City executed a 1st Amendment to divide the infrastructure obligations in the <br /> Subdivision Agreement (which include the public improvements eligible for <br /> reimbursement under the Core Area Bonds and the needed private improvements) to <br /> South Street Commercial, LLC and DELO Apartments, LLC. Takoda Properties has <br /> remained a party to the Subdivision Agreement so should either entity not perform, then <br /> Takoda will be obligated to complete the improvements. <br /> Instead of making a long agenda packet item, copies of the agreements are available <br /> upon request. <br /> With the bank financing closed on the residential component, a $3,000,000 second <br /> advance on the TIF bonds was made on June 6, 2016. <br /> LOUISVILLE REVITALIZATION COMMISSION <br />