City Council Agenda and Packet 1997 09 02

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SUBJECT: Resolution No. 34, Series 1997 DATE: July 15, 1997 PAGE TWO to retail sales made by businesses located within the North Property. The parties agree that both Louisville and Superior will place this agreement on the municipal ballot for November 1997 requesting voters of the respective municipalities to ratify the Agreement. Louisville and. Superior shall cooperate to jointly design, construct, and finance a one time reconstruction of the interchange. The parties shall determine the "Louisville portion" and the "Superior portion" of the total costs of the interchange reconstruction using a formula as described within the Agreement. As additional consideration for the IGA, Louisville agrees that the portion of the sales tax paid to it form the South Property shall be used first toward Louisville's portion of the interchange reconstruction. This Agreement shall remain in effect until amended or terminated by agreement of the parties. It is the intent of the parties that this Agreement shall remain in effect for the longest period of time permitted by law. It is Staff's understanding that this proposed IGA will be considered by the Superior Board of Trustees at its July 14, 1997 meeting. Any actions taken by Superior at their meeting will be reported to the Louisville City Council at the July 15, 1997 meeting. RECOMMENDATION: If City Council desires to approve an intergovernmental agreement between the City of Louisville and the Town of Superior, accept a motion to approve Resolution No. 34, Series 1997.