Revitalization Commission Agenda and Packet 2024 12 11

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FACADE IMPROVEMENT GRANT AGREEMENT THIS FACADE IMPROVEMENT GRANT AGREEMENT ("Agreement") is made and entered into this 11 day of December, 2024 ("Effective Date"), by and between the LOUISVILLE REVITALIZATION COMMISSION (the "LRC") and 1314 MAIN STREET LLC ("Recipient"), the owner of the commercial building located at 1314 Main Street, Louisville, CO 80027(sometimes referred to individually as "party" or collectively as "parties"). WHEREAS, 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"); and WHEREAS, the LRC has created a Facade Improvement Grant Program (the "Program") through which the LRC provides grant funding to offset certain eligible costs associated with projects undertaken by owners/tenants to improve the exterior facades of commercial properties within the Highway 42 Revitalization Area (the "Plan Area"), in furtherance of the Highway 42 Revitalization Area Urban Renewal Plan (the "Plan"); and WHEREAS, the Program furthers the purpose of addressing blight within the Plan Area by incentivizing improved facade aesthetics, with the goal of attracting customers to Downtown Louisville public purpose; and WHEREAS, Recipient is the owner of the commercial building (the "Building") located at 1314 Main Street (the "Property"), which Building and Property are within the Plan Area; and WHEREAS, Recipient has submitted to the LRC the Recipient's application (the "Application") for a grant to offset a portion of the eligible costs associated with the Recipient's proposed facade improvements to the Building (the "Project"), as more particularly described on Exhibit A, attached hereto and incorporated herein by this reference ("Eligible Improvements"); WHEREAS, pursuant to the Colorado Urban Renewal Law, C.R.S. § 31-25-101, et seq., and the Urban Renewal Plan, the LRC may finance undertakings pursuant to the Plan by any method authorized under the Act or any other applicable law, including without limitation issuance of notes, bonds and other obligations in an amount sufficient to finance all or part of the Plan; borrowing of funds and creation of indebtedness; advancement of reimbursement agreements; agreements with public or private entities; and loans, advances and grants from any other available sources; and the Plan authorizes the LRC to pay the principal and interest on any such indebtedness from property tax increment, or any other funds, revenues, assets or properties legally available to the LRC; and WHEREAS, the LRC has approved the Application, and has offered to reimburse a portion of the costs associated with the Project, subject to and in accordance with the terms and conditions of this Agreement. NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein the LRC and the Recipient agree as follows: 1