Urban Renewal and Tax Increment Financing. To accomplish the proposed redevelopment and to provide certain required public improvements, the Authority has recommended inclusion of the Property in a proposed urban renewal plan, entitled as the “Almagre Urban Renewal Plan” (the “Plan” or “Urban Renewal Plan”) authorizing and utilizing tax increment financing in accordance with the Colorado Urban Renewal Law, Part 1 of Article 25 of Title 31, C.R.S. (the “Act”), to pay Eligible Costs of the Improvements. The proposed Plan that includes the Property has been provided to the District under separate cover. The final Plan approved by the City Council of the City shall be the “Plan” for purposes of this Agreement.
Urban Renewal and Tax Increment Financing. To eliminate conditions of profound blight that exist on the Property it is necessary and in the public interest to include the Property in an urban renewal plan, entitled as the “EVRAZ Urban Renewal Plan for the EVRAZ Urban Renewal Project Area” (the “Plan” or “Urban Renewal Plan”), which authorizes tax increment financing pursuant to the Colorado Urban Renewal Law, Part 1 of Article 25 of Title 31, C.R.S. (the “Act”), to pay Eligible Costs of eliminating the conditions of blight on the Property and to provide the infrastructure necessary to carry out the Urban Renewal Plan. The proposed Plan is attached to this Agreement as Exhibit B.
Urban Renewal and Tax Increment Financing. To accomplish the purposes in designating the Property as an urban renewal area, the Authority has recommended inclusion of the Property in a proposed urban renewal plan, entitled the “URA #2 Urban Renewal Plan” (the “Plan” or “Urban Renewal Plan”) authorizing and utilizing tax increment financing in accordance with the Colorado Urban Renewal Law as found in the Colorado Revised Statutes (“C.R.S.”) in Part 1 of Article 25 of Title 31 (the “Act”) to pay Eligible Costs and provide funding for priority improvements in the Urban Renewal Plan Area. The proposed Plan that includes the Property has been provided to the City under separate cover. The final Plan approved by the City Council of the City shall be the “Plan” for purposes of this Agreement.
Urban Renewal and Tax Increment Financing. To accomplish the redevelopment and to provide certain required improvements, the Authority has recommended that the Property be removed from the Current Plan and included within a new urban renewal plan area, to be entitled the “Centerra South Urban Renewal Plan” (the “Plan” or “New Plan”), which Plan will authorize the utilization of tax increment financing in accordance with the Colorado Urban Renewal Law, Part 1 of Article 25 of Title 31, C.R.S. (the “Act”), to pay Eligible Costs of the Improvements. In order to consider the inclusion of the Property within the New Plan, the Current Plan must be amended to remove the Property from within the boundaries of the Current Plan (“Current Plan Amendment”). The Current Plan, the Current Plan Amendment and the proposed New Plan that includes the Property have been provided to the School District under separate cover. The final version of the New Plan as approved by the City Council of the City shall be the “Plan” for purposes of this Agreement. The Parties hereto hereby approve the Plan in all respects.
