Resolution 2024-04 - Needs Agreement

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RESOLUTION NO. 4 SERIES 2024 A RESOLUTION APPROVING A PROPERTY TAX INCREMENT REBATE AGREEMENT WITH SCHLAGETER PROPERTIES, LLC PURSUANT TO THE INTERGOVERNMENTAL AGREEMENT BETWEEN THE LOUISVILLE REVITALIZATION COMMISSION AND THE CITY OF LOUISVILLE WHEREAS, the Louisville Revitalization Commission (the "LRC") is charged with addressing issues contributing to blight within the Urban Renewal Area; and WHEREAS, Schlageter Properties, LLC (the "Developer"), the property owner and developer of the property at 916 Main Street has requested direct financial assistance from the LRC to remediate and prevent the spread of blight within the area of the Highway 42 Revitalization Area Urban Renewal Plan (the "Plan Area"); and WHEREAS, remediating and preventing the spread of blight within the Plan Area will encourage property owners within the area to redevelop their properties in furtherance of the goals and purposes of the Highway 42 Revitalization Area Urban Renewal Plan; and WHEREAS, a Property Tax Increment Rebate Agreement (the "Agreement") has been proposed between the LRC and the Developer to provide the requested financial assistance in the form of a partial rebate of property tax increment ("TIF") revenues received by the LRC and generated only by the Developer's project, as set forth in the Agreement; and WHEREAS, in accordance with Section 5.6 of the Highway 42 Revitalization Area Urban Renewal Plan and Section 5.d of the Amended and Restated Cooperation Agreement between the LRC and the City of Louisville, prior to issuing bonds or any other capital financial obligations or financial obligations extending beyond the end of the current fiscal year of the LRC, the LRC shall notify the City Council in writing of its intention to do so, and shall promptly furnish to the City Council such information and documents relating to such bonds or other capital or long-term financial obligations as the City Council may request. The LRC shall not commit to or proceed with any such bonds or other capital or long-term financial obligations unless a majority of the City Council has adopted a resolution determining that the City's interests in connection with such bonds or other obligations are adequately protected. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO THAT: Section 1. The City Council hereby approves the LRC proceeding with the Property Tax Increment Rebate Agreement with Schlageter Properties, LLC. Resolution No. 4, Series 2024 Page 1 of 2