Revitalization Commission Agenda and Packet 2021 07 14

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LOUISVILLE REVITALIZATION COMMISSION RESOLUTION NO.21-07 A RESOLUTION APPROVING A COOPERATION AGREEMENT BETWEEN THE CITY OF LOUISVILLE AND THE LOUISVILLE REVITALIZATION COMMISSION REGARDING FUNDING FOR TRANSPORTATION MASTER PLAN UNDERPASS IMPROVEMENTS WHEREAS, 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 1 of Article 25 of Title 31, C.R.S. (the "Act"); and WHEREAS, 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"); and WHEREAS, the City has identified six locations in the Transportation Master Plan for potential improvements that would to enhance walkability and connectivity within Louisville; and WHEREAS, the City plans to finance the improvements with proceeds from a bond issuance of up to $51,420,000 (the "Bonds"), which financing will be subject to voter approval; and WHEREAS, should the voters approve the bond issuance, the LRC desires to provide the City with financial assistance toward the repayment of a portion of the Bond proceeds used 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"); and WHEREAS, the Plan Area Project is within the area (the "Plan Area") described in the Highway 42 Revitalization Area Urban Renewal Plan (the "Plan"); and WHEREAS, the 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 WHEREAS, 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; and WHEREAS, the Act and Section 18, Article XIV of the Colorado Constitution authorize the City and the LRC to enter into cooperation agreements; and WHEREAS, the City and the LRC desire to enter into a Cooperation Agreement Agenda Packet P. 22