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Honorable Ted Asti, Mayor <br />Board of Trustees <br />Town of Superior, Colorado <br />March 12, 1997 <br />Page 2 <br />2. Agreement that a comprehensive development plan for the <br />properties will consist of the Louisville comprehensive plan and <br />Louisville land use regulations, as amended from time to time, and <br />will provide an opportunity for the Superior Board of Trustees to <br />review and comment on proposed planned unit developments for the <br />properties before final action by the Louisville City Council. <br />3. An agreement that the net sales tax revenue received by <br />Louisville from retail sales on the properties be shared with <br />Superior as follows: Superior would receive fifty percent of the <br />amount of such revenue raised by application of a three percent <br />Louisville sales tax; the remainder of such revenue would be <br />retained by Louisville. The Louisville sales tax currently is <br />three and three eights percent, with the three eights percent <br />dedicated to open space purposes. If Louisville were to lower its <br />sales tax below three percent, Superior would receive fifty percent <br />of the revenue raised by Louisville's lower rate, excluding the <br />revenues raised for open space. Of course, nothing in the revenue <br />sharing arrangement could adversely affect any existing bond or <br />other obligations applicable to Louisville's sales tax revenues. <br />The Louisville City Council believes an intergovernmental agreement <br />as described would be beneficial to Louisville and Superior and <br />their citizens. The Council looks forward to receiving your <br />response to the foregoing proposal as soon as possible, and <br />requests that your response be provided by no later than April 22, <br />1997. <br />Sincerely, <br />CITY OF LOUISVILLE <br />gcl;A I C;Afe <br />tom Davidson, Mayor <br />