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means of property tax allocation or tax increment financing ("Property Tax TIF") in accordance with Section 31-25-107(9) of the Act; and WHEREAS, the Project will assist business owners within the Plan Area to address the devastating financial impacts of COVID-19, will encourage continued presence of businesses in downtown Louisville 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; and WHEREAS, the Parties desire to enter into a Cooperation Agreement respecting LRC financial assistance for the purchase and placement of additional patio parklets and canopy systems in downtown Louisville; and WHEREAS, the Parties intend that LRC financial assistance for the Project be limited to certain Property Tax TIF revenue available to the LRC after payment of (i) LRC operating, 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"). NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: Section 1. The proposed Cooperation Agreement between the City of Louisville and the Louisville Revitalization Commission (the "Agreement"), a copy of which is attached hereto and incorporated herein by this reference, is hereby approved. Section 2. The Mayor is authorized to execute the Agreement on behalf of the City, except that the Mayor is hereby further granted authority to negotiate and approve such revisions to said Agreement as the Mayor determines are necessary or desirable for the protection of the City, so long as the essential terms and conditions of the Agreement are not altered. Section 3. The Mayor, City Manager and City Staff are further authorized to do all things necessary on behalf of the City to perform the obligations of the City under the Agreement, and are further authorized to execute and deliver any and all documents necessary to accomplish the terms, conditions and provisions of the Agreement. PASSED AND ADOPTED this 1st day of June, 2021. ATTEST: Meredyth Muth, City Clerk Ashley St 4 ann, Mayor Resolution No. 38, Series 2021 Page 2 of 2