Revitalization Commission Resolution 2022-02

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the Parties to enter into cooperation agreements; and WHEREAS, there has been prepared a Cooperation Agreement to set forth the terms of the LRC's financial assistance to the City for the Project; and WHEREAS, the LRC and the City intend that LRC financial assistance for the Project 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"). NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: Section 1. The proposed Cooperation Agreement (the "Agreement") between the City of Louisville and the Louisville Revitalization Commission (the "LRC"), regarding funding for sidewalk connectivity improvements on Front Street, a copy of which is attached hereto and incorporated herein by this reference, is hereby approved. Section 2. The Chair is authorized to execute the Agreement on behalf of the LRC, and the Chair is hereby further authorized to negotiate and approve such revisions to said Agreement as the Chair determines are necessary or desirable for the protection of the LRC, so long as the essential terms and conditions of the Agreement are not altered. ADOPTED this 9t` day of February, 2022. ATTEST: Secretary Chair