Laserfiche WebLink
Total bond issue $255M <br /> Initial open space and conservation <br /> easement allocation $ 10M* <br /> Roads allocation $ 36M (see table below - amounts to <br />be paid from initial Parkway financing proceeds and from other Authority revenues <br />as stated in table) <br /> <br />* Paid solely from initial Parkway financing proceeds. To be provided <br />equally to Broomfield and'Louisville for perpetual conservation easement or <br />fee title land purchases for five years after the Parkway financing proceeds <br />are made available and after which, the Parties will agree on the allocation of <br />remaining funds. If Broomfield and Louisville expend funds for permanent <br />conservation easements or fee title land purchases in advance of Parkway <br />financing proceeds being available, Broomfield and Louisville are entitled to <br />be reimbursed equally when such proceeds are available. To the extent these <br />acquisitions are totally funded by bond proceeds, title to the properties so <br />acquired shall vest in the Authority or other entity that issued the bonds, with <br />an undivided interest in a conservation easement ensuring preservation of <br />such properties as open space granted to or reserved by each of the Parties. <br /> <br /> Road Priority for Minimum $36M Listed Above** <br />1 Dillon Road - $12 million in improvements, at least $11 million of which <br /> must come from initial bond proceeds. <br />2 South 96th Street - $12 million in improvements, up to $2 million of which <br /> must come from initial bond proceeds to reimburse Louisville for <br /> preliminary 96th Street improvement work. The Authority shall complete <br /> the 96th Street improvements or shall, if requested by Louisville, pay such <br /> funds to Louisville for Louisville to complete the 96th Street improvements, <br /> and the funds shall be used only for such improvements. If the Authority <br /> completes the 96th Street improvements, Louisville shall have the right to <br /> audit the total expenditure of the $12 million in improvements, and the <br /> Authority will begin 96th Street construction on the same date as the Notice <br /> to Proceed is issued for the Design/Build Contract for the Northwest <br /> Parkway. The Authority must make every effort to complete 96th Street <br /> i prior to the time the Northwest Parkway opens for toll collection. <br /> However, if the 96th Street construction is delayed due to any environmental <br /> approval process, or any local, state, or federal regulatory approval process, <br /> <br />#676746 v5 3 <br /> <br /> <br />