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RESOLUTION NO.7 SERIES 2021 A RESOLUTION APPROVING A COOPERATION AGREEMENT BETWEEN THE CITY OF LOUISVILLE AND THE LOUISVILLE REVITALIZATION COMMISSION REGARDING FUNDING FOR PUBLIC ART IN THE SOUTH STREET GATEWAY 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 Act and Section 18, Article XIV of the Colorado Constitution authorize the City and the LRC to enter into cooperation agreements, and the Act specifically authorizes the City and the LRC to enter into agreements respecting action to be taken pursuant to any of the powers set forth in the Act; and WHEREAS, the City and the LRC entered into that certain Cooperation Agreement dated November 5, 2012 respecting financial assistance to the construction of the South Street Gateway located at the crossing of South Street under the Burlington Northern Railroad right-of-way (the "2012 Cooperation Agreement"); and WHEREAS, the improvements constructed pursuant to the 2012 Cooperation Agreement included a pedestal intended for placement of public art; and WHEREAS, the City now desires to purchase and place a sculpture on the pedestal (the "Project"), as a continuation of the project undertaken pursuant to the 2012 Cooperation Agreement, with use of funds appropriated in the City's 2021 budget; and WHEREAS, the Project is located within the area (the "Plan Area") described in the Highway 42 Revitalization Area Urban Renewal Plan (the "Plan"); and WHEREAS, the Project is an extension of the LRC's prior investment in the Plan Area pursuant to the 2012 Cooperation Agreement, will further the goals of the Act and the Plan to eliminate and prevent the spread of blight within the Plan Area, and will be carried out in furtherance of the purposes of the Act and Plan; and WHEREAS, the Plan provides for financing the activities and undertakings of the LRC by means of property tax allocation or tax increment financing ("Property Tax TIF") in accordance Resolution No. 7, Series 2021 Page 1 of 2 m