Resolution 2021-07 - Laserfiche WebLink

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H. 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 with Section 31-25-107(9) of the Act. I. The Parties previously entered into that certain Amended and Restated Cooperation Agreement dated November 17, 2015 (2015 Cooperation Agreement), which provides that the LRC shall repay to the City Costs and Expenses incurred by the City for the provision of Operating Funds and Support Services for the LRC, as further defined and set forth in the 2015 Cooperation Agreement. J. The Parties also previously entered into that certain Tri-Party Agreement with the County of Boulder dated December 5, 2006 (Tri-Party Agreement), which provides that commencing on January 1, 2015, there shall be paid to the County certain County TIF Revenues, as further defined and set forth in the Tri-Party Agreement. K. The Parties also previously entered into that certain Agreement Regarding Property Tax TIF Revenue Sharing for the Highway 42 Revitalization Area (the Fire District Agreement), which provides that commencing January 1, 2020, there shall be paid to the Louisville Fire Protection District certain District property tax and TIF revenues, as further defined and set forth in the Fire District Agreement. L. The Parties intend that LRC financing assistance for the construction of the Project be limited to certain Property Tax TIF revenue available to the LRC after payment of any amounts required to be paid pursuant to the 2015 Cooperation Agreement, Tri-Party Agreement, and Fire District Agreement, and amounts the LRC may reasonably require for ongoing operating, administrative, consulting and other costs (LRC Operating Expenses). AGREEMENT NOW THEREFORE, in consideration of the foregoing and the following terms and conditions, the Parties agree as follows: 1. Construction of Project. The City will construct the Project with funds appropriated in its 2021 budget. The Parties shall cooperate to take any and all reasonable steps necessary to finance, design and construct the Project. The City will use best efforts to cause the Project to be completed in 2021. 2. LRC Financial Assistance. a. In accordance with Section 31-25-107(9)(a)(II) of the Act, the LRC has established a special fund (the Special Fund) and deposits therein all Property Tax TIF revenue from the Plan Area upon receipt from the Treasurer of Boulder County, except for LRC Operating Expenses and such amounts as the LRC is required to pay pursuant to the 2015 Cooperation Agreement, the Tri-Party Agreement, the Fire District Agreement, . b. Following completion of the Project, the City shall provide to the LRC a certified statement of costs for the Project. The LRC shall pay to the City from the Special Fund the actual 99