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RESOLUTION NO. 25 SERIES 2020 A RESOLUTION APPROVING A PUBLIC INFRASTRUCTURE ASSISTANCE AGREEMENT BETWEEN THE CITY OF LOUISVILLE, THE LOUISVILLE REVITALIZATION COMMISSION, AND 824 SOUTH, INC. WHEREAS, the City of Louisville (the "City") is a home -rule city and municipal corporation duly organized and existing under and pursuant to Article XX of the Colorado Constitution and Charter of the City; and WHEREAS, the Louisville Revitalization Commission (the "LRC") is a public body corporate and politic authorized to transact business and exercise its powers as an urban renewal authority under and pursuant to the Colorado Urban Renewal Law, Part 1 of Article 25 of Title 31, C.R.S. (the "Act"); and WHEREAS, the LRC is charged with addressing issues contributing to blight within the Highway 42 Revitalization Area; and WHEREAS, 824 South, Inc., has requested assistance from the LRC in the redevelopment of property located at 957 Main Street and 824 South Street, which is located within the Highway 42 Revitalization Area; and WHEREAS, the LRC assistance to redevelop the property will reduce, eliminate, and prevent the spread of blight within the Hwy 42 Revitalization Area and stimulate growth and reinvestment within the Area boundaries; and WHEREAS, the proposed Public Infrastructure Assistance Agreement outlines the amount, terms, and conditions of such LRC assistance; and WHEREAS, the Highway 42 Revitalization Area Urban Renewal Plan requires any redevelopment agreement or other contract the LRC determines necessary or desirable to carry out the purposes of the Urban Renewal Plan be provided to the City Council for Council's review and approval prior to the LRC's final approval of such redevelopment agreement or other contract; and WHEREAS, in accordance with the Amended and Restated Cooperation Agreement dated November 17, 2015 (the "Cooperation Agreement"), the LRC may not enter into a financial obligation extending beyond the current fiscal year unless a majority of the City Council has adopted a resolution determining the City's interests in connection with such obligation are adequately protected; and WHEREAS, the Cooperation Agreement further provides that, prior to LRC approval of any redevelopment agreement or contract contemplated to carry out the purposes of any urban renewal plan, the City Council shall approve such agreement or contract by resolution. Resolution No. 25, Series 2020 Page 1 of 2