Resolution 2022-30 - Laserfiche WebLink

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Project and Project Improvements will remove barriers to development and remediate adverse conditions within the Plan Area, and will be carried out in furtherance of the purposes of the Act and Plan. H. The LRC finds that entering into this Agreement will promote the redevelopment of an area within the Plan Area and LRC boundaries and will remediate adverse conditions within the Plan Area in a manner consistent with the Plan, and will provide a mechanism for assisting in the financing of Project Improvements that benefit the City of Louisville (the "City") and its residents. I. The Plan allows the LRC to fund public infrastructure improvements necessitated by or associated with private developments by means of reimbursement funding agreements in accordance with the Act. The LRC finds that the Developer's costs in constructing the Project Improvements are reimbursable under the Plan and the Act. J. The Developer has requested public infrastructure assistance in the amount of $980,916, which covers the cost of constructing the Project Improvements as estimated by the Developer. K. Due to current market uncertainties and the possibility of significant construction cost increases, the Parties desire to factor a contingency into the Developer's total cost to construct the Project Improvements, such that the total of the LRC's reimbursement obligations under this Agreement shall not exceed $1,178,053. L. The City requires the deposit of a financial guarantee to secure public improvements necessitated by the impacts of development within the City of Louisville. M. As further assistance to the Project, the LRC agrees to provide the financial guarantee to the City on behalf of the Developer to secure the completion of the Project Improvements should the Project proceed to construction. N. The City agrees to accept a financial guarantee from the LRC in the amount of $1,128,053, which is equal to one hundred and fifteen percent (115%) of the total cost of the Project Improvements as estimated by the Developer. O. The Parties desire to enter into this Agreement to set forth the terms of the LRC's financial assistance to the Project and the LRC's payment of the financial guarantee to secure completion of the Project Improvements should the Project proceed to construction. P. The LRC and the City are authorized to enter into this Agreement pursuant to the Act and Section 18, Article XIV of the Colorado Constitution. AGREEMENT