Resolution 2024-04 - Laserfiche WebLink

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PROPERTY TAX INCREMENT REBATE AGREEMENT This Property Tax Increment Rebate Agreement (this "Rebate Agreement") is made as of January 24 , 2024, by and between the LOUISVILLE REVITALIZATION COMMISSION (the "LRC") and SCHLAGETER PROPERTIES, LLC (the "Developer") (The LRC and Developer are collectively the "Parties"). RECITALS A. 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 1 of Article 25 of Title 31, C.R.S. (the "Act"). B. The Developer is the owner of certain real property legally described as follows: Lot 9, less the North 15 feet, Block 1, Town of Louisville located in the SE 1/4 Section 8, T1S, R69W of the 6th P.M. City of Louisville (the "Property"). C. The Developer proposes to renovate and redevelop the Property as a redesigned 3,024 sf retail space (the "Project"), to include associated public and private infrastructure improvements (the "Project Improvements"). A more detailed description of the Project Improvements is attached as Exhibit A. D. The Project is located within the area (the "Plan Area") described in the Highway 42 Revitalization Area Urban Renewal Plan (the "Plan"). Completion of the Project and Project Improvements will remove barriers to development and remediate blight and adverse conditions within the Plan Area, and will be carried out in furtherance of the purposes of the Act and Plan. E. The LRC finds that entering into this Rebate 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. F. 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. G. The LRC previously entered into that certain Amended and Restated Cooperation Agreement dated , 2023 (the "2023 Cooperation Agreement"), which provides that the LRC shall repay to the City Costs and Expenses incurred by the City for the provision of Operating Funds and Support Services for the LRC, as further defined and set forth in the 2023 Cooperation Agreement. 1