Agenda Date: 12/16/2014
Subject:
Title
A resolution approving a Cooperation and Loan Agreement between the City of Littleton and Littleton Invests for Tomorrow and authorizing an initial advance of $50,000 under the agreement
Body
Presented By:
Michael Penny, City Manager
POLICY QUESTION:
Does the city council support a resolution providing a loan to Littleton Invests for Tomorrow ("LIFT") for the purpose of financing the activities and operations authorized to be undertaken by LIFT with respect to the implementation of the adopted urban renewal plans as approved by the city and future urban renewal projects to be undertaken by LIFT under the Act?
BACKGROUND:
LIFT has requested a loan of up to $200,000 and an advance on that loan of $50,000.
The city council has adopted four urban renewal plans as prepared by LIFT in accordance with Part 1 of Article 25 of Title 31, C.R.S. The approval of the plans includes the authorization for the Arapahoe County Treasurer to collect and distribute incremental property tax revenues as per the Act. As part of the plan approval for the Littleton Boulevard and the North Broadway Urban Renewal Plans, the city council has also authorized city staff to collect and distribute sales tax increment revenue as authorized by the Act for a period of twenty-five years. The implementation of the plans will require LIFT to incur costs for its staffing and consultants in connection with urban renewal projects in any plan area prior to the receipt of any tax increment revenues that result from the projects. LIFT does not currently have sufficient financial resources to pay for these upfront costs, but will receive tax increment revenues when projects are developed within the urban renewal areas that would be used to repay any advances made by the city through a loan agreement.
Staff received the following from LIFT:
LIFT respectively requests a $50,000 draw on the loan of $200,000. The November legal costs are $300...
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