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H. The Parties intend that LRC financial assistance for the Program be limited to <br />certain Property Tax TIF revenue available to the LRC after payment of (i) LRC operating, <br />administrative, consulting, and other costs ("Operating Expenses"), and (ii) any prior financial <br />obligations of the LRC, including but not limited to any (a) existing bonded indebtedness, and (b) <br />amounts required to be paid out of the LRC's special fund under existing agreements to which the <br />LRC is a party ("Prior Financial Obligations"). <br />AGREEMENT <br />NOW THEREFORE, in consideration of the foregoing and the following terms and <br />conditions, the Parties agree as follows: <br />1. Construction of Project. The City will construct the Project with grant and <br />appropriated funds. The City will use best efforts to cause the Project to be completed in 2021. <br />The City shall own and maintain the sidewalk improvements upon completion. <br />2. LRC Financial Assistance. a. In accordance with Section 31-25-107(9)(a)(II) of <br />the Act, the LRC has established a special fund (the Special Fund) and deposits therein all Property <br />Tax TIF revenue from the Plan Area upon receipt from the Treasurer of Boulder County, except <br />for LRC Operating Expenses and Prior Financial Obligations. <br />b. Following completion of the Project, the City shall provide to the LRC a certified <br />statement of costs for the Project. The LRC shall pay to the City from the Special Fund the actual <br />cost of the Project, subject to the limitations set forth in Section 2.c., below, within thirty (30) days <br />of receipt of the certified statement. <br />agree: <br />c. Notwithstanding any provisions of this Agreement to the contrary, the Parties <br />(i) <br />The total of all payments to be made in accordance with this Section is <br />limited to (1) $16,500, or (2) whatever lesser amount of Property Tax TIF <br />revenue is generated from the Plan Area prior to the time that the Urban <br />Renewal Plan, including the Property Tax TIF provision thereof, is <br />terminated or expires, whichever first occurs, less LRC Operating Expenses <br />and Prior Financial Obligations. <br />(ii) That the LRC may make payment with any source of funds available to the <br />LRC. <br />(iii) That the LRC may use for any lawful purpose amounts not required for <br />payments under this Agreement. <br />2 <br />