Resolution 2021-48 - Laserfiche WebLink

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COOPERATION AGREEMENT Utilities Undergrounding at State Highway 42 and Griffith Street This Agreement (the "Cooperation Agreement") is made as of July 27 > 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 Parry 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 1 of Article 25 of Title 31, C.R.S. (the "Act"). C. 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"). D. The utilities include overhead lines owned and operated by Xcel, CenturyLink, and Comeast. E. The City plans to use funds received deposited in the City's "1 % Aind" 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. F. The Project is located within the area (the "Plan Area") described in the Highway 42 Revitalization Area Urban Renewal Plan (the "Plan"). G. The Plan provides for financing the activities and undertakings of the LRC by means of property tax allocation or tax increment financing ("Property Tax T1F") in accordance with Section 31-25-107(9) of the Act. H. The LRC finds that Project will help prevent the spread of blight within the Plan Area by providing enhanced reliability, 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. 1. The Act and Section 18, Article XIV of the Colorado Constitution authorize the Parties to enter into cooperation agreements. J. The Parties desire to enter into this Cooperation Agreement to set forth the terms of the LRC's financial assistance to the Project.