Revitalization Commission Resolution 2022-02

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K. The Act and Section 18, Article XIV of the Colorado Constitution authorize the Parties to enter into cooperation agreements. L. ° The Parties desire to enter into this Cooperation Agreement to set forth the terms of the LRC's financial assistance to the Project. M. The Parties 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"). AGREEMENT NOW THEREFORE, in consideration of the foregoing and the following terms and conditions, the Parties agree as follows: 1. Project Construction and Maintenance. a. Should the City decide to construct the Project, the City will cause the Project to be constructed with appropriated funds, and will use best efforts to cause the Project to be completed in 2022. The City shall notify the LRC upon the City's determination that the City will not cause the Project to be constructed in 2022. This Agreement shall terminate upon such notification, unless the Parties agree in writing to an extension. b. The City shall own and maintain the sideway improvements upon completion. The City will ensure that the owners of the Property maintain the landscaping and supporting irrigation system improvements following the Project's completion. 2. LRC Financial Assistance. a. In accordance with Section 31-25-107(9)(a)(II) of the Act, the LRC has established a special fund (the Special Fund) and deposits therein all Property Tax TIF revenue from the Plan Area upon receipt from the Treasurer of Boulder County, except for LRC Operating Expenses and Prior Financial Obligations. b. Following completion of the Project, the City shall provide to the LRC a certified statement of costs for the Project. The LRC shall pay to the City from the Special Fund the actual cost of the Project, subject to the limitations set forth in Section 2.c., below, within thirty (30) days of receipt of the certified statement. agree: C. Notwithstanding any provisions of this Agreement to the contrary, the Parties (i) The total of all payments to be made in accordance with this Section is Iimited to (1) $100,000 or (2) whatever lesser amount of Property Tax TIF 0)