Resolution 2021-09 - Laserfiche WebLink

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administrative, consulting, and other costs ("Operating Expenses"), and (ii) any prior financial obligations of the LRC, including but not limited to any (a) existing bonded indebtedness, and (b) amounts required to be paid out of the LRC's special fund under existing agreements to which the LRC is a party ("Prior Financial Obligations"). AGREEMENT NOW THEREFORE, in consideration of the foregoing and the following terms and conditions, the Parties agree as follows: l . Administration of Program. a. The City will administer the Program through the City's General Fund budget. The Parties shall cooperate to take any and all reasonable steps necessary to finance the Program as set forth herein. 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 deposited therein all Property Tax TIF revenue from the Plan Area upon receipt from the Treasurer of Boulder County. b. The LRC agrees to reimburse the City for thirty percent (30%) of Program Funds actually spent, in total amount not to exceed $150,000 ("LRC Assistance"); provided that, the LRC Assistance shall be used exclusively to reimburse grants made to Eligible Businesses located within the Plan Area in accordance with the Program criteria. C. The LRC Assistance shall be periodically transferred from the Special Fund to the City General Fund at such time(s) as shall be determined by the City Finance Director. d. Notwithstanding any provisions of this Cooperation Agreement to the contrary, the Parties agree the LRC may use for any lawful purpose amounts not required for payments under this Cooperation Agreement. e. The Parties expressly agree that the LRC's obligations hereunder are subordinate to payment of the LRC's Operating Expenses and Prior Financial Obligations. f. Upon request of the LRC, the City agrees to give reasonable consideration to subordinating its rights under this Cooperation Agreement to payment of other obligations of the LRC, including but not limited to any bonds, loans, advances, or other LRC indebtedness. g. The Parties shall each keep, or cause to be kept, proper and current books and accounts in which complete and accurate entries shall be made of the amounts deposited into and paid out from the Special Fund and General Fund for the Program.