Resolution 2021-43 - Laserfiche WebLink

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J. The Parties desire to enter into this Cooperation Agreement respecting the LRC's financial assistance toward the Plan Area Project. K. The Plan Area Project is located within the Plan Area. L. The flan 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. M. The LRC finds that Plan Area Project will help prevent the spread of blight within the Plan Area by providing enhanced walkability and connectivity in furtherance of the purposes of the Act and Plan; and thus desires to participate financially in the Plan Area Project. N. The Parties intend that LRC financial assistance for the Plan Area Project be limited to certain Property Tax TIF revenue available to the LRC after payment of (i) LRC operating, administrative, consulting, and other costs ("LRC 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: I. Construction of Plan Area Project. The City will finance and construct the Plan Area Project with a portion of the proceeds of the Bonds. The Parties will cooperate to take any and all reasonable steps to design and construct the Plan Area Project, The City will use best efforts to cause the Plan Area Project to be completed in 2026. The City shall own and maintain the Plan Area Project upon completion. 2. LRC Financial Assistance. a. Commencing with the fiscal year 2023, and in accordance with Section 31-25-107(9)(a)(II) of the Act, the LRC shall establish a special fund (the "Special Fund") and deposit 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. b. The Parties agree that the Pledged Revenue (defined below) shall be used and expended exclusively for the Plan Area Project and in accordance with Section 4, and paid according to the payment schedule set forth in subsection 2(d) below. The Pledged Revenue available for the Plan Area Project shall be annually or periodically transferred from the Special Fund to the City Capital Projects Fund at such times as shall be determined by the City Finance Director. For purposes of this Cooperation Agreement, "Pledged Revenue" means one of the following amounts: