Resolution 2021-43 - Laserfiche WebLink

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COOPERATION AGREEMENT Transportation Master Plan Underpass Improvements This Agreement (the "Cooperation Agreement") is made as of July 13 , 2021, by and between the CITY OF LOUISVILLE (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 I of Article 25 of Title 31, C.R.S. (the "Act"). C. The City will be undertaking a project to construct improvements at up to six locations identified in the Transportation Master PIan to enhance walkability and connectivity within Louisville. D. The City plans to finance the intersection improvements with proceeds from a bond issuance of up to $51,420,000 (the "Bonds"), which financing will be subject to voter approval. E. While it was originally anticipated that each of the six locations identified in the Transportation Master Plan would be fitted with pedestrian and bicycle underpasses, the City may consider surface improvements at some of the locations due to cost constraints. F. Three of the six locations identified in the Transportation Master Plan are within the area (the "Plan Area") described in the Highway 42 Revitalization Area Urban Renewal Plan (the "Plan"); i.e., the locations in the general vicinity of Highway 42/South Street, Highway 42/South Boulder Road, and Main Street/South Boulder Road. G. The LRC desires to provide the City with financial assistance for the construction of underpass improvements at (1) South Boulder Road in the general vicinity of Main Street (for brevity, the "Underpass at Main/SBR"), and (2) Highway 42 in the general vicinity South Street (for brevity, the "Underpass at HW42/South") (referred to together as, the "Plan Area Project"). H. The LRC's financial assistance will contribute to the repayment of the Bonds, but only in connection with the Plan Area Project. I. The Act and Section 18, Article XIV of the Colorado Constitution authorize the Parties to enter into cooperation agreements.