Resolution 2021-48 - Laserfiche WebLink

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H. The Parties intend that LRC financial assistance for the Program be limited to certain Property Tax TIF revenue available to the LRC after payment of (i) LRC operating, administrative, consulting, and other costs ("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 Project. The City will construct the Project with a combination of appropriated funds and funds withdrawn from the City's 1% fund. The City will use nest efforts to cause the Project to be completed in 2021. 2. LRC Financial Assistance. a. In accordance with Section 31-25-107(9)(a)(II) of the Act, the LRC has established a special find (the "Special Fund") and deposits 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. FoIlowing completion of the Project, the City shall provide to the LRC a certified statement of costs for the Project. The LRC shall make payment to the City from the Special Fund, subject to and in accordance with subsection 2.c., below, within thirty (30) days of receipt of the certified statement. agree: Notwithstanding any provisions of this Agreement to the contrary, the Parties (i) The total of all payments to be made in accordance with this Section is limited to (1) $187,000, 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. (ii) That the LRC may make payment with any source of finds available to the LRC. (iii) That the LRC may use for any lawful purpose amounts not required for payments under this Agreement.