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RESOLUTION NO. 53 SERIES 2021 A RESOLUTION OF INTENT REGARDING PUBLIC TRANSPORTATION IMPROVEMENTS TO BE SUBMITTED TO THE VOTERS OF THE CITY AT AN ELECTION TO BE HELD NOVEMBER 2, 2021 WHEREAS, the City of Louisville, in the County of Boulder and State of Colorado (the "City") is a municipal corporation duly organized and existing under the laws of the State of Colorado and in particular under the provisions of Article XX of the Constitution of the State of Colorado and the City's Charter (the "Charter"); and WHEREAS, the members of the City Council (the "Council") have been duly elected and qualified; and WHEREAS, pursuant to previous planning efforts over several years conducted by the City relating to the Transportation Master Plan, the Parks Trails Master Plan and through community feedback, the City has determined that in order to increase the safety and security of the residents and taxpayers of the City, and in furtherance of such City plans, the Council has determined to submit to the voters of the City at the November 2, 2021 election (the "Election") the proposition of incurring limited tax general obligation debt as an initial implementation of the plan to construct transportation improvements of the City, consisting generally of underpasses, bike paths, pedestrian walk ways, trails and at grade or related improvements (the "Project"); and WHEREAS, the amount of debt allowed under the ballot question to construct the Project are limited to a total maximum debt amount of $51,420,000, with a maximum annual repayment cost not to exceed $3,786,000 and a maximum total repayment cost not to exceed $90,240,000; and WHEREAS, although the ballot question allows the City to impose a limited mill levy that produces revenue of up to $3,786,000 annually to pay for debt, it is the current intention and expectation of the City that a significant portion of the annual repayment amounts will be covered by a City contribution of approximately $1.5 million of unencumbered Capital Projects Fund money annually which may increase each year based upon annual budget appropriations and other available revenue; and WHEREAS, in addition to the City contribution, Louisville Revitalization Commission ("LRC") has executed a Cooperation Agreement with the City providing that it would contribute between $1,250,000 and $3,000,000 annually until 2032 toward the Project as the Project is mutually beneficial to the City and to the stated purposes of the LRC and a portion of which Project is expected to be located within the urban renewal plan area (those projects mutually beneficial to the City and the LRC are referred to herein as the "City/LRC Projects"); and Resolution No. 53, Series 2021 Page 1 of 3