Resolution 2021-38 - Laserfiche WebLink

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I. The Project is located within the area (the "Plan Area") described in the Highway 42 Revitalization Area Urban Renewal Plan (the "Plan"). J. 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. K. 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. L. The Act and Section 18, Article XIV of the Colorado Constitution authorize the Parties to enter into cooperation agreements. M. The Parties desire to enter into this Cooperation Agreement respecting financial assistance for the purchase and placement of additional patio parklets and canopy systems in downtown Louisville. N. 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, 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: 1. Purchase, Administration, Ownership, and Maintenance. The City shall use reasonable efforts to purchase eleven (11) new canopy systems and four (4) new patio parklets (together, the "Structures") so that the Structures will arrive in time to be used for the 2022 outdoor dining season. The City shall purchase the Structures subject to reimbursement by the LRC as set forth in Section 2. The City shall administer the Program and own and maintain the Structures at the City's cost. 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 Prior Financial Obligations. 2