Resolution 2024-57 - Laserfiche WebLink

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WHEREAS, 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; and WHEREAS, the LRC desires to contribute Property Tax TIF revenue available to the LRC after payment of any amounts required to be paid pursuant to the following agreements: (i) Tri-Party Agreement among the City, the LRC, and the County of Boulder, dated December 5, 2006; (ii) Amended and Restated Cooperation Agreement between the City and the LRC, dated November 17, 2015; (iii) Agreement Regarding Property Tax TIF Revenue Sharing for the Highway 42 Revitalization Area among the City, the LRC, and the Louisville Fire Protection District, dated May 19, 2020; WHEREAS, the City and the LRC previously entered into a cooperation agreement to set forth the terms of the LRC's financial assistance with respect to the Project; and WHEREAS, the attached First Amendment is needed to revise the completion date and the total cost of the project. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: Section 1. The First Amendment to the Cooperation Agreement between the City of Louisville and the Louisville Revitalization Commission Regarding Funding for Public Art in the South Street Gateway, a copy of which is attached hereto and incorporated herein by this reference, is hereby approved. Section 2. The Mayor is authorized to execute the Agreement on behalf of the City, except that the Mayor is hereby further granted authority to negotiate and approve such revisions to said Agreement as the Mayor determines are necessary or desirable for the protection of the City, so long as the essential terms and conditions of the Agreement are not altered. Section 3. The Mayor, City Manager and City Staff are further authorized to do all things necessary on behalf of the City to perform the obligations of the City under the Agreement, and are further authorized to execute and deliver any and all documents necessary to accomplish the terms, conditions and provisions of the Agreement. PASSED AND ADOPTED this 19th day of November 2024. A ,4 Christophef Isll/l. Leh, Mayor Resolution No. 57, Series 2024 Page 2 of 2