Laserfiche WebLink
Metadata
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
K. The Act and Section 18, Article XIV of the Colorado Constitution authorize the <br />Parties to enter into cooperation agreements. <br />L. ° The Parties desire to enter into this Cooperation Agreement to set forth the terms <br />of the LRC's financial assistance to the Project. <br />M. The Parties intend that LRC financial assistance for the Project be limited to certain <br />Property Tax TIF revenue available to the LRC after payment of (i) LRC operating, administrative, <br />consulting, and other costs ("Operating Expenses"), and (ii) any prior financial obligations of the <br />LRC, including but not limited to any (a) existing bonded indebtedness, and (b) amounts required <br />to be paid out of the LRC's special fund under existing agreements to which the LRC is a party <br />("Prior Financial Obligations"). <br />AGREEMENT <br />NOW THEREFORE, in consideration of the foregoing and the following terms and <br />conditions, the Parties agree as follows: <br />1. Project Construction and Maintenance. a. Should the City decide to construct the <br />Project, the City will cause the Project to be constructed with appropriated funds, and will use best <br />efforts to cause the Project to be completed in 2022. The City shall notify the LRC upon the City's <br />determination that the City will not cause the Project to be constructed in 2022. This Agreement <br />shall terminate upon such notification, unless the Parties agree in writing to an extension. <br />b. The City shall own and maintain the sideway improvements upon completion. The <br />City will ensure that the owners of the Property maintain the landscaping and supporting irrigation <br />system improvements following the Project's completion. <br />2. LRC Financial Assistance. a. In accordance with Section 31-25-107(9)(a)(II) of <br />the Act, the LRC has established a special fund (the Special Fund) and deposits therein all Property <br />Tax TIF revenue from the Plan Area upon receipt from the Treasurer of Boulder County, except <br />for LRC Operating Expenses and Prior Financial Obligations. <br />b. Following completion of the Project, the City shall provide to the LRC a certified <br />statement of costs for the Project. The LRC shall pay to the City from the Special Fund the actual <br />cost of the Project, subject to the limitations set forth in Section 2.c., below, within thirty (30) days <br />of receipt of the certified statement. <br />agree: <br />C. Notwithstanding any provisions of this Agreement to the contrary, the Parties <br />(i) The total of all payments to be made in accordance with this Section is <br />Iimited to (1) $100,000 or (2) whatever lesser amount of Property Tax TIF <br />0) <br />