Resolution 2024-57 - Laserfiche WebLink

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2. Section 2 of the 2021 Cooperation Agreement is hereby amended to read as follows (words added are underlined: words deleted are stricken through): 2. LRC Financial Assistance. a. In accordance with Section 31-25-107(9)(a)(II) of the Act, the LRC has established a special fund (the Special Fund) and deposits therein all Property Tax TIF revenue from the Plan Area upon receipt from the Treasurer of Boulder County, except for LRC Operating Expenses and such amounts as the LRC is required to pay pursuant to the 2015 Cooperation Agreement, the Tri-Party Agreement, and the Fire District Agreement, fsicl, subiect to the limitations set forth in Section 2.c., below. b. Following completion of the Project, the City shall provide to the LRC a certified statement of costs for the Project. The LRC shall pay to the City from the Special Fund the actual cost of the Project, subject to the limitations set forth in Section 2.c., below, not to exceed $13,880 $11,500, within thirty (30) days of receipt of the certified statement. c. Notwithstanding any provisions of this Agreement to the contrary, the Parties agree: (i) The total of all payments to be made according to this Section is limited to $13,880 $11,500 or (2) whatever le -{-,or amount of Property Tan TIF Revenue is generated from the Plan Area prior to the timo that the Urban Ren-ewal Plan, including the Property TIF Provision thereof, is torminend-or exr es, whic lever first occurs, I000 LRC Operating Expenses, and anv amountc required to be paid ourcuant to the 2015 Cooperation Agreemont, Tri Party Agreemont, and €i-ro Dio`rict Agreement, until the Urban Renewal Plan, including the Property Tax TIF provision thereof, is terminated or expires, whichever first occurs. (ii) That the LRC may make payment with any source of funds available to the LRC. (iii) That the LRC may use for any lawful purpose amounts not required for payments under this Agreement. d. Upon request of the LRC, the City agrees to give reasonable consideration to subordinating its rights under this Agreement to the Payment of Pledged Revenue to any bonds, loans, advances, indebtedness, or other obligation of the LRC.