Resolution 2021-09 - Laserfiche WebLink

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COOPERATION AGREEMENT Small Business Preservation Grant Program Funding This Cooperation Agreement is made as of February 16 , 2021, by and between the CITY OF LOUISVILLE, COLORADO (the "City") and the LOUISVILLE REVITALIZATION COMMISSION (the "LRC"). The City and the LRC are sometimes referred to herein individually as a Party and collectively as the Parties. RECITALS A. 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 (the "Charter"). B. 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"). C. On January 5, 2021, the City Council adopted its Small Business Preservation Grant Program (the "Program"), which authorizes grants to certain businesses the City Council has determined to have been most significantly impacted by the recent capacity restrictions resulting from the COVID-19 pandemic ("Eligible Businesses"). D. The City Council has appropriated $500,000 of General Fund monies to fund the Program ("Program Funds"), out of which Program Funds the City may provide grants of $5,000 to up to one hundred Eligible Businesses. E. Many of the Eligible Businesses are located within the Highway 42 Revitalization Area (the "Plan Area") described in the Highway 42 Revitalization Area Urban Renewal Plan (the "Plan"). F. The Program will assist Eligible Businesses owners within the Plan Area to address the devastating financial impacts of COVID-19, will encourage continued presence of businesses consistent with the Plan vision, and will prevent the spread of blight within the Plan Area by a proliferation of abandoned storefronts, all in furtherance of the purposes of the Act and Plan. G. The Act and Section 18, Article XIV of the Colorado Constitution authorize the Parties to enter into cooperation agreements, and the Parties desire to enter into this Cooperation Agreement so that the LRC may reimburse the City for a portion of Program Funds actually spent. 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 intend that LRC financing assistance for the Program be limited to certain Property Tax TIF revenue available to the LRC after payment of (i) LRC operating,