Resolution 2022-01 - Laserfiche WebLink

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1. The Program will address blight within the Plan Area by incentivizing improved fagade aesthetics, with the goal of attracting customers to Downtown Louisville, all in furtherance of the purposes of the Act and Plan. J. 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. K. The Parties intend that the LRC's annual budget 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"). L. The Act and Section 18, Article XIV of the Colorado Constitution authorize the Parties to enter into cooperation agreements, and the Parties desire to enter into this Cooperation Agrcement to set forth the Parties' agreement as to Program funding, administration, support services, review processes, costs and expenses, reporting duties, and other related items. AGREEMENT NOW THEREFORE, in consideration of the foregoing and the following terms and conditions, the Parties agree as follows: 1. Program Administration & Budget. The LRC will develop and administer the Program with Property Tax TIF revenue derived from the Plan Area and deposited in the LRC's special fund upon receipt from the Treasurer of Boulder County. The LRC's annual budget for the Program shall be approved by the City in accordance with the 2011 Cooperation Agreement. 2. Support Services. Consistent with the 2011 Cooperation Agreement, the City agrees to provide administrative and legal support to the LRC in connection with the Program ("Support Services"), which support services shall include, without limitation, the services of the City Attorney's office, and the departments of the City Manager, Finance and Accounting, Planning, Economic Vitality, and Building Safety. 3. Reimbursement. The LRC will reimburse the City for reasonable costs and expenses incurred by the City in connection with the City's provision of Support Services, and any Operating Funds advanced to the LRC by the City, subject to and in accordance with the 2011 Cooperation Agreement. 4. City Reviews. The City acknowledges and agrees that individual projects being considered for or awarded grants under the Program may require review and approval by City I