Resolution 2019-10 - Laserfiche WebLink

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2. LRC Financial Assistance. Commencing with the first full fiscal year following issuance of a certificate of occupancy for the Project and ending on the first to occur of (i) payment to Developer of $1,100,000.00 of Pledged Revenue Payments, as defined hereafter in this Agreement, or (ii) expiration of the Property Tax TIF provision of the Plan ("Pledged Revenue Term"), and in accordance with Section 31-25-107(9)(a)(II) of the Act, the LRC shall restrict all property tax revenues received by the LRC as a result of the property tax mill levies imposed upon the valuation of the Property, limited to those incremental amounts generated from new valuation resulting from completion of the Project Improvements (by obtaining a Certificate. of Occupancy for the new building) above the then -most recent assessed valuation of the Property (Parcel 157508423009 and Parcel 157508423005) (the "Base"), and except for such amounts as the LRC may reasonably require for payment of obligations under the 2015 Cooperation Agreement, the Tri-Party Agreement, 2014 Bonds, and payment of LRC Operating Expenses (which shall be limited to the Property's pro-rata share of such expenses) (the "Pledged Revenues"). After the first year, the Base will be adjusted by any percentage increase to the base valuation of the Urban Revitalization Area due to the Boulder County Assessor's biennial reassessment. This Rebate Agreement is limited solely to Pledged Revenues from the Property and includes no revenues generated from any other properties in the Plan Area. a. The Pledged Revenues shall be used to reimburse Developer for costs associated with the Project Improvements as shown in Exhibit A, and paid according to the payment schedule set forth below (the "Pledged Revenue Payments"). The Pledged Revenues available for reimbursement of costs associated with Project Improvements shall be restricted at the time of receipt by the LRC. b. Notwithstanding any provisions of this Rebate Agreement to the contrary, the Parties agree: (i) The Pledged Revenue Payments shall be limited to no more than ninety percent (90%) of all Pledged Revenues generated from the Property. (ii) The total of all Pledged Revenue Payments made according to this Rebate Agreement is limited to $1,100,000 or whatever lesser amount of Property Tax TIF is generated from the Property during the Pledged Revenue Term prior to the time that the Property Tax TIF provision of the Plan expires. 3