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RESOLUTION NO.48 SERIES 2021 A RESOLUTION APPROVING A COOPERATION AGREEMENT BETWEEN THE CITY OF LOUISVILLE AND THE LOUISVILLE REVITALIZATION COMMISSION REGARDING FUNDING FOR UTILITIES UNDERGROUNDING AT STATE HIGHWAY 42 AND GRIFFITH STREET 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 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 Council has approved a project to underground the overhead utilities located in the vicinity of the intersection at State Highway 42 and Griffith Street (the "Project"); and WHEREAS, the utilities include overhead lines owned and operated by Xcel, CenturyLink, and Comcast; and WHEREAS, the City plans to use funds received deposited in the City's "1% fund" to bury Xcel's transmission lines; however, the 1 % fund cannot be used to fund the undergrounding of lines owned and operated by other utilities, broadband or telecommunications providers; and WHEREAS, the Project is located within the area (the "Plan Area") described in the Highway 42 Revitalization Area Urban Renewal Plan (the "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 LRC has found the Project will help prevent the spread of blight within the Plan Area by providing enhanced safety and aesthetics in the vicinity of the intersection in furtherance of the purposes of the Act and Plan, and thus desires to participate financially in the Project; and WHEREAS, the Act and Section 18, Article XIV of the Colorado Constitution authorize the Parties to enter into cooperation agreements; and WHEREAS, the City and the LRC desire to enter into a Cooperation Agreement to set forth the terms of the LRC's financial assistance to the Project; and Resolution No. 48, Series 2021 Page 1 of 2