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SUBJECT: REGIONAL DETENTION FACILITY LAND COMPENSATION <br />DATE: JANUARY 12, 2015 <br />PAGE2OF2 <br />Mr. Graff appraised the land at $1.80 per square foot. <br />Timing for payment <br />LRC will provide payment when certain items are received; <br />• An approved Planned Unit Development outlining the design and location for the <br />Project. <br />• Approved construction plans for the Project. <br />• An effective 2015 LRC Budget. <br />• LRC has received funding for the construction of the Project through the Core <br />Project Area TIF Bonds. <br />Prior Agreements <br />This compensation agreement does not amend any of the other agreements between <br />the City and LRC. <br />Termination <br />The Agreement would terminate on December 31, 2016 should the payment not be <br />made by that time. Also, the LRC would allocate funds in their 2016 budget should <br />payment not be made in year 2015. <br />RECOMMENDATION: <br />Staff recommends the attached resolution approving the Land Compensation <br />Agreement between the City and the LRC. <br />ATTACHMENT(S): <br />1. Resolution approving Agreement <br />2. Land Compensation Agreement <br />LOUISVILLE REVITALIZATION COMMISSION <br />1 9 <br />