Revitalization Commission Resolution 2022-02

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COOPERATION AGREEMENT Front Street Sidewalk Conneetivity Improvements This Agreement (the "Cooperation Agreement") is made as of F z?_uAig a , 2022, by and between the CITY OF LOUISVILLE (the "City") and the LOUISVILLE REVITALIZATION COMMISSION (the "LRC"). The City and the LRC are sometimes referred to herein individually as a Party and collectively as the Parties. RECITALS A. The City is a home -rule city and municipal corporation duly organized and existing under and pursuant to Article XX of the Colorado Constitution and Charter of the City (the "Charter"). B. The LRC is a public body corporate and politic authorized to transact business and exercise its powers as an urban renewal authority under and pursuant to the Colorado Urban Renewal Law, Part I of Article 25 of Title 31, C.R.S. (the "Act"). C. The City desires to expand connectivity in Downtown Louisville by connecting public sidewalk in front of the historic Grain Elevator Site, located at 500, 520, 540, and 544 Front Street, Louisville, Colorado (the "Property"). D. In coordination with the Property's owners, the City plans to install new concrete sidewalk, a tree lawn, and supporting irrigation system (the "Project"). E. The City plans to hire a contractor to construct and install the Project in early 2022. F. The City has not yet solicited bids for the Project, so the Project cost is yet to be determined. G. The Project is located within the area (the "Plan Area") described in the Highway 42 Revitalization Area Urban Renewal Plan (the "Plan"). H. 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. I. The LRC finds that Project will help prevent the spread of blight within the Plan Area by providing enhanced walkability and connectivity in furtherance of the purposes of the Act and Plan, and thus desires to participate financially in the Project. The LRC desires to limit its financial contribution to the lesser of the actual cost to construct and install the Project, or $100,000.