CT2015-070 Intergovernmental Agreement

Home Browse Search

Notwithstanding any provision in this Agreement to the contrary, the Authority and the TDA agree that each party shall pay its own costs in the negotiation and preparation of this Agreement. (b) The Authority will seek a loan through the Colorado Water Conservation Board for the Projects. The TDA understands that the Authority is relying on TDA's Funding Contribution for adequate revenue to repay any loan obtained through the Colorado Water Conservation Board. TDA agrees to provide any necessary documentation, including financial documentation,deemed necessary by the Authority to be included in the loan application. (c) If the Authority obtains funds to finance construction of the Projects through combination loans or any other debt arrangements from the Colorado Water Conservation Board or any other entity,the TDA shall time its Funding Contribution payments so they coincide with the debt service schedule or schedules agreed to by the Authority in connection with such loan, combination of loans, or other debt arrangement, including any pre- payment of principal and/or interest on the loan by the Authority. (d) The parties acknowledge that the Funding Contributions provided by the TDA are intended as a match only to Authority payment on invoices for work directly attributable to the Projects. Any amounts not applied by the Authority for up to twenty-five percent(25%)of its actual costs for the same shall be returned to the TDA upon final completion of the Projects or termination of this agreement, whichever occurs first. The TDA shall be entitled to review all invoices and other documentation related to the Projects in order to verify use of the funds in accordance with this Agreement 2.4 CLOMR & LOMR. The Conditional Letter of Map Revision (CLOMR) and Letter of Map Revision (LOMR) required by these Projects will extend from the East Side Detention Facility to where Boxelder Creek crosses under Interstate 25. This agreement covers the costs of preparing these documents, and coordinating their approval by FEMA. This CLOMR and LOMR will be submitted to FEMA along with the corresponding CLOMR and LOMR for the areas west of Interstate 25. The costs associated with the CLOMR and LOMR for the areas west of Interstate 25 are not part of this agreement and are to be covered by separate instrument between TDA and the City of Fort Collins. 2.5 Construction Deadlines. The Authority hereby agrees that it will complete construction of the Projects by July I,2015. 2.6 Pledged Revenues. The Authority intends to pledge the funds received from the TDA pursuant to Section 2.3 above as collateral for the repayment of the Colorado Water Conservation Board loan. The TDA agrees to approve and execute any documents required by the Colorado Water Conservation Board for said funds to be used as collateral for repayment of the loan and to comply with all requirements of the Colorado Water Conservation Board, Page 5 of 10