Resolution 2021-43 - Laserfiche WebLink

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i. $7,750,000, if the City formally approves the construction of the Underpass at Main/SBR, but not the Underpass at HW42/South (the "Limited Plan Area Project"); or ii. $18,750,000, if the City formally approves the construction of the Underpass at Main/SBR and the Underpass at HW42/South (the "Full Plan Area Project"). C. The Parties agree the total of all Pledged Revenue payments to be made in accordance with this Cooperation Agreement is limited to (1) the applicable amount set forth in subsection 2(b) above, or (2) whatever lesser amount of Property Tax TIF revenue is generated from the Plan Area prior to the time that the Urban Renewal Plan, including the Property Tax TIF provision thereof, is terminated or expires, whichever first occurs, less LRC Operating Expenses and Prior Financial Obligations. d. The total of all Pledged Revenue payments in the following years shall be limited to no more than the following amounts: For the Limited Plan Area Project: Budget Years Annual Payment 2023-2027 $1,250,000 2028 $1,500,000 ii. For the Full Plan Area Project: Budget Years Annual Payment 2023-2027 $1,250,000 2028 $2,000,000 2029-2031 $2,500,000 2032 $3,000,000 C. Subsection (a) notwithstanding, the LRC may make payment with any source of funds available to the LRC. f. The LRC may use for any lawful purpose amounts not required for payments under this Cooperation Agreement. g. The Parties shall each keep, or cause to be kept, proper and current books and accounts in which complete and accurate entries shall be made of the amounts deposited into and paid out from the Special Fund and other funds for the Plan Area Project. 3. Project Design. a. The LRC shall have the right to participate in the City's design process and provide input on the underpass improvements relating to Plan Area Project.