Revitalization Commission Agenda and Packet 2024 10 30

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4.3 Appeal of Property Taxes. Developer shall provide written notice to the LRC of any requested reduction by Developer in any portion of the Property's real property tax assessed valuation or abatement of any portion of the Property's real property taxes. 5. THE LRC. 5.1 Payment of Reimbursement Amount. Upon compliance with the conditions precedent set forth in Section 3.1 relating to the payment of the Reimbursement Amount, or the Executive Director's waiver of any such conditions precedent, the LRC agrees that it shall reimburse Developer for costs incurred in connection with the Project in an amount equal to the Reimbursement Amount. The LRC will have thirty (30) days after the Developer has submitted the Certificate Relating to the Reimbursement Amount to confirm whether or not such Certificate complies with the terms and provisions of this Agreement and whether the conditions precedent set forth in Section 3.1 have been satisfied or waived by the Executive Director. If the LRC does not provide written approval or disapproval within such thirty (30) day period, the Certificate shall be deemed approved by the LRC. If the LRC notifies Developer in writing within such thirty (30) day period that the LRC disputes that the conditions precedent set forth in Section 3.1 have been satisfied or waived, or that there is not sufficient documentation relating to all or any portion of the costs of the Project have been incurred by the Developer, and sets forth a detailed explanation why the conditions precedent have not been satisfied, waived, or sufficiently documented, such portion of the Reimbursement Amount that is in dispute shall not become due and payable until Developer and LRC have resolved the dispute. The Parties agree to cooperate in good faith to resolve any dispute relating to the satisfaction of the conditions precedent set forth in Section 3.1 within thirty (30) days after either Party's written request therefor. 5.2 Special Fund. The LRC agrees that it has established the Special Fund in accordance with the provisions of the Act. 5.3 No Election Required. The Parties acknowledge that according to the decision of the Colorado Court of Appeals in Olson v. City of Golden, 53 P.3d 747 (2002), an urban renewal LRC is not a local government, and, therefore, is not subject to the provisions of Article X, Section 20 of the Colorado Constitution. Accordingly, the LRC may enter into this Agreement with Developer, and agree to remit the Reimbursement Amount to Developer to reimburse Developer for the Project in accordance with the provisions of this Agreement without electoral authorization, and such obligations are not subject to annual appropriation. 5.4 No Impairment. The LRC will not enter into any agreement or transaction that impairs the rights of the Parties, including without limitation the right to receive and apply the Pledged Revenues in accordance with the terms and provisions of this Agreement. 5 10/23/2024 G: (ECONOMIC VITALITYILRCI2024 AGENDAS AND PACKETSI2024 10 301IRONTON PUBLIC INFRASTRUCTURE CONTRACT.DOCX