HomeMy WebLinkAbout077 - 05/20/2025 - REPLACING ORDINANCE NO. 040, 2025, AND APPROVING AN INTERGOVERNMENTAL AGREEMENT BETWEEN THE CITY OFORDINANCE NO. 077, 2025
OF THE COUNCIL OF THE CITY OF FORT COLLINS
REPLACING ORDINANCE NO. 04 0, 2025, AND
APPROVING AN INTERGOVERNMENTA L AGREEMENT
BETWEEN THE CITY OF FORT COLLINS AND THE FORT
COLLINS, COLORADO, DOWNTOWN DEVEL OPMENT
AUTHORITY GOVERNING THE USE OF A LINE OF CREDIT FOR
THE FINANCING OF DOWNTOWN DEVELOPMENT AUTHORITY
PROJECTS AND PROGRAMS AND DELEGATING TO THE
DOWNTOWN DEVELOPMENT AUTHORITY THEREUNDER THE
POWER TO INCUR DEBT IN RELATION THERETO AS
AUTHORIZED BY STATE LAW
A.On April 21, 1981, City Council approved Ordinance No. 046, 1981 to
establish the Fort Collins, Colorado, Downtown Development Authority ("ODA"), pursuant
to the provisions of Title 31, Article 25, part 8, Colorado Revised Statutes and Chapter 2,
Article IV, Division 1 of the City Code (the "ODA Statute").
B.The DOA Statute requires that the organization of downtown development
authorities will serve a public use; promote the health, safety, prosperity, security, and
general welfare of the inhabitants thereof and of the people of this state; halt or prevent
deterioration of property values or structures within central business districts; halt or
prevent the grow:h of blighted areas within such districts; and assist municipalities in the
development anc redevelopment of downtowns and in the overall planning to restore or
provide for the continuance of the health thereof.
C.The primary means of financing DOA projects and programs is through a
property tax increment collected within the ODA boundaries, and C.R.S. § 31-25-
807(3)(a)(II) requires that the City or DOA must incur some form of debt in order to finance
such projects and programs of the DOA using property tax increment revenues collected
within the DOA boundaries.
D.The property tax revenues of the ODA, once distributed to the City by
Larimer County, Col orado, are deposited into an account held by the City (the "DOA Debt
Service Fund").
E.On October 15, 2012, the City and the ODA entered into an
intergovernmental agreement to establish a line of credit drawn from the account in which
property tax increment revenues were de posited in order to finance DOA projects and
programs with a six-year term (the "2012 IGA").
F.On September 19, 2018, the City and the ODA entered into a second
intergovernmental agreement to extend agreement for another six-year term and to
increase the per-draw line of credit to $5,000,000 (the "2018 IGA").
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G.Effective August 7, 2023, C.R.S. § 31-25-807(3)(a)(II) was amended by
Senate Bill 23-175 to provide that a city, pursuant to an intergovernmental agreement
with a downtown development authori ty and approved by city ordinance, may delegate to
a downtown development authority the power to incur loans or indebtedness or obtain
advances and to pledge tax increment money for the payment of any loans, advances, or
indebtedness.
H.The City desires to delegate to the ODA the power to incur such
•indebtedness by establishing a line of credit with First National Bank of Omaha on the
same general terms as the City under the 2012 IGA and 2018 IGA (the "DOA Line of
Credit"), as authorized by C.R.S § 31-25-807(a)(3)(11), as amended, which will allow for
the shifting of certain administrative burdens related to the financing of ODA projects and
programs from the City to the ODA, which is beneficial to the City and which the ODA is
willing and able to perform.
I.In order to update and replace the line of credit arrangement established in
the 2018 IGA, and to shift the administrative burden related to the financing of DOA
operations from the City to the ODA, staff of the City and the ODA have negotiated a new
intergovernmental agreement regarding the financing of ODA projects and programs
using the ODA Line of Credit, in the form attached hereto as Exhibit "A" (the "2025 IGA"),
which has a term of six years and provides for a maximum per-draw limit of five million
dollars.
J.The Board of Directors of the DOA, through the adoption of Resolution
2025-02, has expressed its willingness to perform the administrative burdens of financing
its operations, as described in the 2025 IGA, and recommends to the City Council
approval of the 2025 IGA.
K.A line of credit established by the ODA with a financial institution, as
authorized by the City under the 2025 IGA, meets the requirements of C.R.S. § 31-25-
807(3)(a)(II), as amended, and the costs and interest associated with such a line of credit
are much lower than would be the case with other types of financing.
L.A line of credit does not create a multi-fiscal year direct or indirect debt or
financial obligation on the part of the Cit y or the DOA within the meaning of Colorado
Constitution Article X, Section 20 or any other constitutional or statutory provision.
M.It is in the best interests of both the City and the ODA to reduce financing
costs of DOA project and programs to preserve the maximum amount of property tax
increment revenues for DOA projects and programs within its boundaries.
N.The City is authorized to enter into intergovernmental agreements to
provide any function, service, or facility under Article II, Section 16 of the Charter of the
City of Fort Collins and C.R.S. § 29-1-203, and the City desires to enter into the 2025
IGA.
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0.This Ordinance and the 2025 IGA attached hereto as Exhibit "A" replaces
Ordinance No. 040, 2025 and the version of 2025 IGA which was attached thereto Exhibit
"A". The version of the 2025 IGA before Council on second reading of Ordinance No.
040, 2025 was not complete because Exhibits A, B, and C-1 to C-5 attached to and part
of the 2025 IGA were not included in the meeting packet. Other than changing the dates
of action on and effective dates of this Ordinance and the proper inclusion of Exhibits A,
B, and C-1 to C-5 to the 2025 IGA, this Ordinance, the 2025 IGA attached thereto as
Exhibit "A", and other explanatory and supporting materials are the same as those
presented to Council for its consideration on second reading and final passage of
Ordinance No. 040, 2025, on March 18, 2025.
In light of the foregoing recitals, which the Council hereby makes and adopts as
determinations and findings, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS that the Mayor is hereby authorized to execute the 2025 IGA on behalf
of the City in substantially the form attached hereto as Exhibit "A", and incorporated in by
this reference with such modifications as the City Manager, in consultation with the City
Attorney, determ nes to be necessary and appropriate to protect the interests of the City
or effectuate the purposes of this Ordinance.
Introduced, considered favorably on first reading on May 6, 2025, and approved
on second reading for final passage on May 20, 2025.
ATTEST:
Effective Date: May 30, 2025
Approving Attorney: Dianne Criswell
rl
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EXHIBIT A TO ORDINANCE NO. 077, 2025
(IGA with its Exhibits attached)
THIRD INTERGOVERNMENTAL AGREEMENT
GOVERNING A LINE OF CREDIT FOR FINANCING
DOWNTOWN DEVELOPMENT AUTHORITY
PROJECTS AND PROGRAMS
This INTERGOVERNMENTAL AGREEMENT ("IGA") is entered into this __ day
of ______ , 2025, by and between the FORT COLLINS, COLORADO DOWNTOWN
DEVELOPMENT AUTHORITY, a body corporate and politic (the "DDA") and the CITY OF
FORT COLLINS, COLORADO, a Colorado municipal corporation (the "City").
WITNESSETH:
WHEREAS, the DDA has been created pursuant to the provisions of Title 31, Article 25,
part 8, Colorado Revised Statutes, and Ch apter 2, A1ticle IV, Division 1 of the City Code (the
"DDA Statute"); and
WHEREAS, the DDA Statute has declared that the organization of downtown development
authorities will serve a public use; promote the health, safety, prosperity, security, ar1d general
welfare of the inhabitants thereof and of the people of this state; will halt or prevent deterioration
of property values or structures within central business districts; halt or prevent the growth of
blighted areas within such district, and assist municipalities in the development and redevelopment
of downtowns and in the overall pla1111ing to restore or provide for the continuance of the health
thereof; and
WHEREAS, the DDA provides an invaluable service to the City by promoting the health,
safety, prosperity, security and general welfare of those living and working within its boundaries;
and
WHEREAS, pursuant to C.R.S. § 31-25-808(l)(f), the DDA is empowered to enter into
contracts with governmental agencies and public bodies in furtherance of the statutory mission of
the DDA; and
WHEREAS, Article II, Section 16 of ilie City Charter empowers the City Council of the
City, by ordinance or resolution, to enter into contracts with other governmental bodies to furnish
governmental services and make charges for such services or enter into cooperative or joint
activities with other governmental bodies; and
WHEREAS, the primary means of financing DDA projects a11d programs is through the use of property tax increment collected within the DOA boundaries, and C.R.S. §31-25-
807(3)(a)(II) requires that the City or DDA incur some fonn of debt in order to finance such
projects and programs using property tax increment revenues collected within the DDA
boundaries; and
EXHIBIT A TO ORDINANCE NO. 077, 2025
(IGA with its Exhibits attached)
WHEREAS, such property tax increment revenues, once remitted to the City by Larimer
County, Colorado, are deposited into an account held by the City (the "DDA Debt Service Fund");
and
WHEREAS, on October 15, 2012, the parties entered in that certain agreement entitled
"Intergovernmental Agreement Governing a Line of Credit for Financing Downtown
Development Authority Projects and Programs" which established a line of credit to finance
certain DDA projects and programs and defined the process for use of such line of credit (the
"2012 IGA"); and
WHEREAS, the 2012 IGA had a term of six (6) years and expired on December 31, 2018;
and
WHEREAS, on September 19, 2018, the parties entered in that certain agreement entitled
"Second Intergovernmental Agreement Governing a Line of Credit for Financing Downtown
Development Authority Projects and Programs" which extended the term of the line of credit
established under the 2012 IGA and increased the per-draw limit under the line of credit to
$5,000,000 (the "2018 IGA"); and
WHEREAS, the 2018 IGA had a term of six (6) years and expired on December 31, 2024;
and
WHEREAS, under both the 2012 IGA and the 2018 IGA, the line of credit was established
between the City and First National Bank of Omaha ("First National Bank") through execution of
a line of credit agreement and promissory note, consistent with the DDA Statute, which at the time
required that the City incur the debt necessary to finance DDA projects and programs using
property tax increment revenues under C.R.S. § 31-25-807(3)(a)(II); and
WHEREAS, effective August 7, 2023, C.R.S. § 31-25-807(3)(a)(II) was amended by
Senate Bill 23-175 to provide that a city, pursuant to an intergovernmental agreement with a
downtown development authority, approved by ordinance of the city, may delegate to a downtown
development authority the power to incur loans or indebtedness or obtain advances and to pledge
tax increment money for the payment of any loans, advances, or indebtedness; and
WHEREAS, the City, under this IGA, desires to delegate to the DDA the power to incur
the indebtedness evidenced by the line of credit agreement and promissory note, and related
assignment of deposit account, described in Section 2 below, which will allow for the shifting of
certain administrative burdens related to the financing of DDA operations from the City to the
DDA, which is beneficial to the City and which the DDA is willing and able to perform; and
WHEREAS, the parties desire to enter into this IGA for the purpose of replacing the line
of credit established under the 2012 IGA and the 2018 IGA, for a term of six (6) years, on the same
general terms and conditions contained in the 2012 IGA and the 2018 IGA, except as described
above and as depicted on Exhibit B ("Exhibit B" being defined and described in Section 3.4
below); and
EXHIBIT A TO ORDINANCE NO. 077, 2025
(IGA with its Exhibits attached)
WHEREAS, a line of credit established by the DDA with a financial institution, as
authorized by the City pursuant to this IGA, meets the requirements of C.R.S. § 3 l-25-
807(3)(a)(ll), as amended, and the costs and interest associated with such a line of credit are much
lower than would be the case with other types of financing; and
WHEREAS, it is in the best interests of both the DDA and the City to reduce financing
costs of DDA projects and programs in order to preserve the maximum amount of property tax
increment revenues for DDA projects and programs within its boundaries.
NOW, THEREFORE, in consideration of the mutual covenants and promises of the parties
as hereafter provided and other good and valuable consideration, the receipt and adequacy of which
is hereby acknowledged, the parties agree as follows:
1.TERM.
The term of this IGA shall commence upon execution by the parties and continue through
December 31, 2030 ("Term"), unless earlier terminated by mutual agreement.
2.LINE OF CREDIT.
Attached hereto as Exhibit A, and incorporated herein by reference, is a copy of the
Promissory Note a::id Agreement, and related Assig11lllent of Deposit Account (collectively, the
"LOC Agreement"), between the DDA and First National Bank establishing an annual revolving
line of credit, renewable each fiscal year of the Tenn for the benefit of the DDA, and which, in
addition to other terms and conditions for its nse, provides for a maximum per-draw limit of Five
Million Dollars ($5,000,000) (the "Line of Credit").
3.REQUIRE'.\1ENTS FOR DRAWS ON LINE OF CREDIT.
Any draw on the Line of Credit by the DDA during the Term shall be in accordance with
all of the following requirements:
3.1 The DDA Board shall annually adopt a resolution approving its budget and shall
adopt a resolution recommending the City Council of the City appropriate DDA monies to fund
the DDA budget; and
3.2 The City Council of the City shall annually approve the DDA budget and by
ordinance appropriate funds therefor, including funds for debt service for the Line of Credit and
expenditure of the Line of Credit proceeds, as applicable; and
3.3 Any draw on the Line of Credit shall be used only to pay the costs ofDDA projects
and programs approved in the annual DDA budget and for which funds have been appropriated by
the City; and
EXHIBIT A TO ORDINANCE NO. 077, 2025
(IGA with its Exhibits attached)
3 .4 The sequence of steps for drawing on the line of credit shall be as depicted in the
flowchart contained in Exhibit B, attached hereto and incorporated herein by reference; and
3.5 At least fourteen (14) days prior to any draw on the Line of Credit, the DDA's
Executive Director shall dete1mine and report to the City's Chief Financial Officer the current
level of total debt that has at that time been issued under the existing voter authorization for DDA
debt and further shall verify and report to the City's Chief Financial Officer that there are sufficient
tax increment monies in the DDA's Debt Service Fund to replenish the Line of Credit in the
amount of the draw and the interest cost. The DD A's Executive Director shall supply the City's
Chief Financial Officer with documentation supporting such dete1minations and reporting, with
examples of the documentation to be supplied being depicted in Exhibits C-1 through C-5,
attached hereto and incorporated herein by reference. The DDA shall also notify the City's Chief
Financial Officer of the date on which the DDA intends to make a draw request. The City's Chief
Financial Officer shall review such information and documentation reported, and shall promptly
notify the DDA of any errors or deficiencies identified; and
3.6 The DDA shall have the authority to request any draw on the Line of Credit
consistent with the LOC Agreement and this IGA; provided, however, that the DDA shall make no draw on the Line of Credit in excess of available debt authorization, available tax increment
monies, or which would result in the repayment of the Line of Credit after the then fiscal year. The
DDA shall notify the City's Chief Financial Officer of any draw request no later than twenty-four
(24)hours after making any such request; and
3.7 At the time of a draw r equest by the DDA, the City's Chief Financial Officer shall initiate such action as is necessary to repay the draw using funds from the DDA's Debt Service
Fund within seven (7) business days of the DDA's receipt of the draw, such that the Line of Credit
is fully replenished to its Five Million Dollars ($5,000,000) limit of available credit within seven
(7)business days ofreceipt of each such draw; and
3.8 Upon receipt from First National Bank, the DDA shall transfer the proceeds from
the related Line of Credit draw into the City-held DDA Financing Activity Fund, and the City's
Chief Financial Officer shall cause such fund s to be available to the DDA.
4.EARLY TERMINATION
In the event that for any reason the Line of Credit is terminat ed, the parties agree that
they will work together in good faith to secure another line of credit that meets the purposes
of this !GA, subject to such City Council and DDA Board approval as may be required. In
such event, any such new letter of credit shall be subject to the provisions of, but shall not
require an amendment to, this IGA. The paiiies acknowledge that the tax increment funds that
comprise the DDA's Debt Service Fund are held in a First National Bank account owned by the
City and that, under the section of the LOC Agreement entitled "Conditions Precedent to an
Advance," the City must continue to hold such funds in a First National Bank account in order for
the Line of Credit to remain in effect. In recognition thereof, the City agrees to notify the D DA, as soon as is practicable, of any decision to change banking providers, to allow the parties sufficient
time to negotiate a replacement for the Line of Credit with the City's new banking provider.
5.NOTICE.
EXHIBIT A TO ORDINANCE NO. 077, 2025
(/GA with its Exhibits attached)
All notices to be given to parties hereunder shall be in writing and shall be sent by certified
mail to the addresses specified below:
DDA:
With a copy to:
CITY:
With a copy to:
Downtown Development Authority
Attn: Executive Director
19 Old Town Square, Suite 230
Fort Collins, CO 80524
Joshua C. Liley
Liley Law, LLC
2627 Redwing Road, Suite 342
Fort Collins, CO 80526
City ofF01t Collins
Attn: Chief Financial Officer
215 North Manson Street
Fort Collins, CO 80524
City ofF01t Collins
Attn: City Attorney
300 LaPorte Avenue
Fort Collins, CO 80521
6.THIRD PARTY BENEFICIARIES.
This IGA shall not be construed as or deemed to be an agreement for the benefit of any
third party or parties, and no third party or parties shall have any right of action hereunder for any
cause whatsoever.
7.INTERPRETATION.
Nothing in this IGA is intended or shall be deemed or construed as creating any multiple
fiscal year direct or indirect debt or financial obligation on the part of the City or the DDA within
the meaning of Colorado Constitution Article X, Section 20 or any other constitutional or statuto1y
provision.
8.GOVERNI:'.'IG LA W/SEVERABILITY.
The laws of the State of Colorado shall govern the construction, interpretation, execution
and enforcement of this IGA. In the event any provision of this IGA shall be held invalid or
unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render
unenforceable any other provision of this IGA.
EXHIBIT A TO ORDINANCE NO. 077, 2025
{IGA with its Exhibits attached)
IN WITNESS WHEREOF, the parties have executed this IGA the day and year first above
written.
By:
APPROVED AS TO FORM:
Dianne Criswell, Senior Assistant City Attorney
ATTEST:
Name: Title: ------------
By:
ATTEST:
Cheryl Zimlich, Secretary
CITY OF FORT COLLINS, COLORADO,
a Colorado municipal corporation
Jeni Arndt, Mayor
THE FORT COLLINS, COLORADO,
DOWNTOWN DEVELOPMENT
AUTHORITY, a body corporate and politic
David Lingle, Chair
EXHIBIT
A TO IGA
•#########()0000000000057781 2 052024 • PROMISSORY NOTE
AND
AG REEMENT
Borrower: Fort Col'lns, Colorado, Downtown Development Auth ority 19 Old Town Square, Suite #230
Fort CoUlns, CO 80524
Principal Amount: $5,000,000,00
Lender: First Natlonal Bank of Omaha Branch #001 1620 Dodge Street
Omaha, NE 68197
Date of Note: Febru ary 5, 2025
THIS PROMISSORY NOTE AND AGREEMENT (the ''Note") Is entered into effective the Date of the Note set forth above by Borrowe r and Lender identified herein. For good and valuable consideraUon, the receipt of which is hereby acknowledged, the parties hereby state and
agree as follows:
PROMISE TO PAY. Fo-t Collins, Colorado, Downtown DQvelopment Authority ("Borrower'') promises to pay to First National Bank of Omaha
("Lender''), or order, In lawfu l money of the United States of America, the prlnclpal amount of Five MIiiion & 00/100 Dollars ($5,000,000,00) or so much as may be ou:standlng, together with Interest on the unpaid outstan ding principal balance of each advance and any other fees and charges which may be due. Interest shall be calculated from the date of each Advance until repayment of each Advance. The maturity date of this Note shall be DeMmber 31, 2025. The maturity date of this Note wUI be automatlcally extended one year for five consecutive years,
ending December 31, 2030, so long as Borrower fully repays all outstanding Indebtedness as of each maturity date, and so long as no Event of Default shall have occurred during the preceding year.
LINE OF CREDIT. Lene-er ag rees to make Advances to Borrower from lime to lime from the date of this Note until the maturity date, provided that the aggregate amount of such Advances outstanding at any time does nol exceed the maximum principal amount of this Note. This Note evidences a
revolvi ng line of credit. Advances under this Note, as well as directions for payment from Borrower's accounts, may be requested either orally or In
writing by Borrower or as provided In this paragrap h. Lender may, but need not, require that all oral requests be confirmed in writing. Each Advance shall be conclusively deemed to have been made at !he request of and fo r !he benefit of Borrower when (A) advanced in accordance with the instructions of an auth ori?.:ed person or (B) credited to any of Borrower's accounts with Lender. Each Advance will be depos ited into a deposit account (account number ' maintained with Lender by the Bo rrower and pledged by Borrower as Collateral for th"is Note and Loan (the 'Pledged
Deposit Account"). The Fledged Deposit Account shall be subject to a held prohibiting any withdrawals from the Pledged Deposit Account unlll Borrower
has repaid the amount � all Advances and any other outstanding amounts payable in accordance with the lerrns of this Note to Lender. Upon Borrower's satisfaction o' any such payments, Lender will release the hold on the Pledged Deposit Account and Borrower shall be entitled to withdraw
any funds In the Pledged Deposit Account. The unpaid princi pal balance owing on this Note at any time may be evidenced by endorsements on this Note or by Lender's internal records , Including daily computer print-outs.
CONDITIONS PRECEDENT TO EACH ADVANCE. lender's obl!galion to make the Initial Advance and each subs equent Advance under this Agreement shall be subject to the fulfillment to Lender's satisfaction of all of the conditions set forth in thls Nole and in the Related Documents.
Loan Documents. Borrower shall provide to Lender the following documents for the Loan: (1) the Note; (2) Security Agreements granting to Lender security interests in the Collateral; (3) financing stateme nts and all other documents perfecting Lender's Security Interests; {4) togelher with all such
Related Documents as Lender may require for the Loan; al\ In form and su bstance satisfactory to lender and Lender's counsel.
Payment of Fees and Expenses, Borrower shall have paid to Lender all fees, charges, and other expenses which are then due and payable as
specified in this Note: or any Related Document.
Representati ons and Warranties, The representations and warra nties set forth in this Note, in the Related Documents, and 1n any document or certificate delivered :o Len der under this Ag reement are true and correcl.
No Event of Default. There shall not exist at the time of any Advance a condllion which would constitute an Event of Default under this Nole or under any Related Document.
Deposit of Tax Increment Funds. Tax Increment Funds or cash deposits of an amount In excess of the requested Advance and any and all outstanding and uni:ald amounts of pri nclpal and Interest due under this Nole shall be held !n the depository account (account number ending In x13g) mainta·ined with the Lender by the C!ty of Fort Collins, Colorado.
PAYMENT. Borrower Will pay this loan according to the following payment schedule: Borrower wm pay the principal amount of each Advance made hereunder wllhln ,seven !7) business days from the dale of that Advance, together with Interest accrued on that Advance, and any fees
and expenses owing on that Advance. In addJUon, on December 31st of each year, Borrower shall pay to Lender a maturity payment of all outstanding princlpal, interest, and ot her fe es and expenses which may then be due and owing to Lender under the Note. Interest will accrue on each Advance at the Variable Interest Rate set forth below, subject to a minimum finance charge per Advance of Five Hundred and 00/100
dollars ($500.00). Unless otherwise agreed or required by appllcable law, payments wlll be applied to interest, prlnclpal, and expenses owin g
under the Note In an order determined by Lender, Borrower WIii pay Lender at Lender's address shown above or at such other place as Lender may desi gnate In writing.
VARIABLE INTEREST RATE. The Interes t rate on this Note Is subject lo change from time to lime based on changes ln an independent Index which 1s the U.S. Prime Rate as pJblished by the Wall Street Journal and currently is determined by the base rate on corporate k>ans posted by at least seventy percent (70%) of the nati::m's ten (10) largest banks (the "Index"). The Index is not necessa rily the lowesl rate charged by Lender on its loans. lf the
Index becomes unavailatle during the term of this loan, Lender may designate a subslilute index after notifying Borrower. Lender will tell Borrower the current Index rate upon Borrower's req uest. The interest rate change will not occur more often tha n each day during the term of the loan. Borrower understands that Lender -,,a y make loans based on other rates as well. The Index currently is 7.500% per annum. Interest on the unpaid principal
bala nce of this Note wil1 l:•e calculated as descr"1bed in lhe "INTEREST CALCULATION METHOD" paragraph using a rate equal lo the Index, adjusted if necessary for any minimLm and maximum rate limilat!ons described below, resulting In an initial rate of 7.500% per annum based on a year of 360 days.
NOTICE: Under no circumstances will the interest rate on this Note be less than 3.000% per annum or more than the maximum rate allowed by applicable law.
INTEREST CALCULATION METHOD. Interest on this Note Is compu ted on a 365/360 basis; that Is, by applying the ratio of the Interest rate ove r a year of 360 days, multrplled by the outstanding prlnclpal balance, multlplled by the actual number of days the principal balance ls outstanding. Al l Interest payable under this Note is computed using thls method.
PREPAYMENT, Borrower agrees Iha! all loan fees and other prepaid finance charges are earned fully as of the date of the loan and will not be subject to refund upon early pay111ent (whether voluntary or as a result of default), except as otherwise requi red by law. Except for the foregoing, Borrower may pay without penalty an or a portion of the amount owed earlier than it Is due. Early payments will not, unless agreed to by Lender In writi ng, relieve
Borrower of Borrower's o::illga!ion to continue to make payments of accrued unpaid Interest. Rather, early payments will reduce the principal balance due. Borrower agrees n�t to send Lender payments marked "paid In full'°, ''without recourse", or slmltar language. If Borrower sends such a payment, Lender may accept it without losing any of Lender's rights under this Note, and Borrower will remain obligated lo pay any further amount owed lo Lender. All written con-.nunlcatlons concerning disputed amounts, lncludlng any check or other payment Instrument that Indicates that the payment constitutes "payment In full" of the amount omd or that is tendered with other conditions or limitations or as full satlsfacllon of a disputed amount must be malled or del ivered to: First National Bank of Omaha, Branch #001 , 1620 Dodg e Streat, Omaha, NE 68197,
LATE CHARGE. lf a pay,ient is 10 days or more late, Borrower wlll be charged 5.000% of the regularly scheduled payment or $25.00, whichever is greater.
INTEREST AFTER DEFAULT. Upon default, includin g failure to pay upon final matu rity, the interest rate on this Note shall be increased by adding an additional 6.000 percentage point marg in ("Default Rate Margin"). The Default Rate Margin shall also apply to each succe-edi ng interest rate change that
would have applied had there been no default. However, in no event will the Interest rate exceed the maximum interest rate limitalfons under applicable law.
OEFAULT. Each of lhe foUOWJng shall constitute an event ol default ("Event of Oolault") under tnls Note·
Payment Oelautt. Bo<rower ta�s to make any payment when due under this Note
Other Defaults. Borrower fails to comply w,th or 10 perfom, any other term, obligation. covenant or condition conta ned in this Note or in any of the
related documents o< to comply w,th 0< to perform any term. obligation, covenant or condit,on contained In any other agreement between Lender
and B0<rower.
Oefault In Favor of Third Parties. Borrower or any Granl0< defaults under any loan, extension of credit, security ag1eement, purchase or sales
agreement or any other agreement, In faVO< of any other credn0< 0< pe/son that may matenally affect any ol the Collateral or Borrowers ability to
repay this Note or perform B0<rowers obligations under 1h.s Note or any of lhe related documents.
Falso Statern ents. Any warranty, representation 0t statement made or furnished to Lender by Borrower or on Borr0\1./er's behalf under th,s Note
or the related documents in connection '.vith the obta:nmg of the loan evidenced by this Note or any secunty document directly or lnd1tectly securing
repayment of this Note Is false or misleading in any matcnal respect, e lhor no,., or at the time made or furnished or becomes fa se 01 misleading at
any tone thereafter
Insolven cy , The dissolu1ion or termIna11011 of Borrowers existence as a going business, the insolvency ol Borrower, 1he appointment of a receiver
for any part of Borrowe(s prOJ)erty, any assignment IOI the benefit of credhors, any 1ype of credlt0< workout, or the commencement of any
proceeding under any bankruptcy or Insolvency laws by or against Borrower.
Ocfectlve Collaloratlzation. This Note or ony cf the Reloled Docurnenta ceases to be in fu!I force and etrect (including failure ol any collateral document to create a valid and perfec1ed secunty interesl or hen) al any time and for any reason.
Creditor or Forfeiture Proceedings. Commencement of foreclosure or forleiture proceedings, whether by jud,cial proceeding. self-help.
repossession or any other melhod, by any credrtor of Borrower or by any governmental agency against any collaterol securing the loan This
includes a gamishmcn1 of any of Bo rrowe(s accoon1s. including deposit accoonts. with Lender However, rhIs Evenl of Defaull shall nol apply �
there Is a good farth dispute by Borrower as 10 the validny or reasonableness ol the claim which Is the basis of lhe creditcr 0< forfer.ure proceeding
and 1f Borrower gives Lender wruen no1ice or lhe creditor 0< fO<feture proceed ing and deposits with Lender montes or a sure,y bond f0< tne credrto<
or forfeiture proceedmg, in an amount determined by Lender, in its sole discretion, as being on adequate reserve °' bond fo, the dispU!e.
Execution; Attachment Any execution or attachment Is lev,ed against lhe Collateral, and such execution or attachment Is not set aside.
d,scharged or stayed w�nin thirty (30) days after lhe same is levied.
Ocfault Under Other Lien Oocumonts. A default occurs under airf secunty agreement covenng all or any pcrtion ol rhe Cotlareral.
Judgment. Unless adequately covered by insurance in the opinion of Lender, the entry of a final Judgment for the paymen1 or money 1nvotvIng
more tnan ten u,ousand dOllars ($10,000.00) against Borrower and 1he failure by Borrower 10 discharge tM same. or cause it 10 be discharged, or
bOnded off to Lenders satisfaction, within thirty (30) days fr0<n the date of the order. decree or proces s under which or pursuan1 10 which such
judgment was entered.
Adverse Change. A matenal a<tverse change occurs ,n Borrowers financial condrt1011, or Lender believes lhe prospect of payment or performance
ol thi5 Note is impa red .
Insecurity. Lender In good faith believes lself insecure.
LENDER'S RIGHTS; EFFECT OF AN EVENT OF OEFAULT. Upon default. Lender may declare tho entire unpaid principal balance under this Noto
and all accrued unpaid interest rrrncd,alcl-f due, and then Borrower will pay that amoont. In addition, Lender sha'I have all the rights and remedies
provided In the Related Documents or available at law, ,n equity, or otherw1Se Except as may be prohibited by applicable law, all of Lendets rights and
1emedios shall be cumu lative and may be exerc,sed singularly or concurrently Election by Lender to pursue any remecly shall not exclude pursu it of any
other remedy , and an election lo make expenditures or 10 take action to perform an obhgation of Borrower or or any Granto, shall not affect Lender's
nght to doclare a defautt and to elCercise its nghts and romeo1es
ATTORNEYS' FEES; EXPENSES. Lender may h•e or pay someone else 10 help corect thlS Note if Borrower does not pay. Borrower will pay Lender
!he reasonable costs of such collection ThlS includes. subject to any limits under applicable law, Lende(s attorneys' fees and Lenders legal expenses,
whether or not there Is a lawsuit, including without limitat10n anorneys' fees and legal expenses for bankruplcy proceedings (including effons to modify or
vaca1e any au1omatlc s1ay or injunclion}. and appeals If not prohibited by applicable law. Borrower also will pay any court costs, In addition to all other
sums provided by law.
REPRESENTATIONS ANO WARRANTIES. Borrower represents and warrants to Lender, as of the date of this Agreement, as of !he date of each
d1sbu�ement ol loan proceeds, as or the dale of any renewa l, extens,on or mod1ficahon of any Loan. and at all times any lndebledness eXtsls:
Organizalion. Borrower is a governmental entity which Is, and at all times shall be, duly organized, validly existing, and in good standing under and by
virtue ol the laws ol the State of Colorado Borrower has !he full power and authonty to own ns properties and to transact the business in which ij is
presently engaged or presently proposes to engage Borrower maintains an office at 19 Old Town Square. Suite #230, For1 Collins, CO 80524,
Unless Borrower has des,gnated otherw.se in writing, tho pnnc1pal office IS the office at which Borrower keeps 4s books and recoros including rts
records concerning the Collateral Borrower will notify Lender prior to any change in lhe location of Borrower's stale of organization or any change In
Borrowc�s namo Borrov,er shall do all things necessary to preserve and to keep in full force and effect its ex1stenco, rights and pnvileges, and shatl
comply with all regulations. rules. ordinances, statutes. 0<dcrs and decrees of any governmental or quasi-governmental authority or court applicable to
Borrower and Borrovter's business activitteS
Authorization. Borrowei's execution. delivery, and pertomiance of this Note and all the Related Documents have been duty authorized by all
necessary ac110n by Borrower, 1ncludIng approvals or tne City Council of the City ol Fort Collins. CotoradO. and do not confl,ct w!h, result in a v,otation
ol, or constrtute a detault under (1) any provision of any agreemen1 or otner lnsrrumen1 binding upon Borrower or (2) any law, governmental regulalion,
court decree, or order applicable to Borrower or to Borrowers properties. Borrower has the power and authority to enter inlo the Note and the Related
Documents and to grant conareraJ as security for lhe Loan Borrower has the further power and authorily to carry on Borrowe(s business as presentl-f
concucted..
Financial lnfonnatlon. Each of Borrowers financtal statements supplied to Lender truty and completely disclosed Borrowers financial condrtlon es or
the date o( the statement, and there has been no material adverse chango m Borrower's financial condition subsequent to the date of the most recent
financial statement supplied 10 Lender. Borrower has no material contingent obligations except as disclosed in such financial statemenis.
Lion Priority. Unless otherwise previously disclosed to Lender ,n wrttlng, Borrower has not entered mto or granted any Security Agreemenls, or
permitted the filing or attachment of any Secuoty Interests on 0< affechng any ol lhe Collateral directly or indi rectly securing repayment of Borrowers
Loan 0< this Noto. that would be pnor 0< 1h31 may in any way be superior to Lenders Security Interests and rights in and to such Collaieral
AFFIRMATIVE COVENANTS. Borrower covenants and agrees wrth Lender that, so long as this Agreernen1 remains ,n effect, Borrower will:
Ropaymenl Repay all Advances in accordance w,lt, tho temis of this Note
Annuat Fee Pay 10 Lender an annual ree In 11,e amount or One Thousand Two Hunoreo Fifty and 00/100 dollars (S1 ,250 00) ('Annual Fee·). Borrower
will pay the inibal Annual Fee on or before February 5. 2025 and on or before each February 5" thereafter dunng the tenm of the Loan.
Financial Statomonts. Furnish Lender w�h the following
Required FYE Fimmclal Statomonts. As soon as available, but ., no event later than six months after the end of coch yenr, Borrower's
asset and iabilrtios balance sheet and income sta1emenl for Borrowe(s f1Scal year most recently ended Said report sh all be prepared by
Borrower consistent with GASB, aud�ed by o cert fled public accountant acceptable to Lender. and in a f0<mat reasonably acceptable to
Lender that incluctes both direct and contingent liab1htie$. Borrower shall provtde Lender with such other financial statements and other related information at such frequencKl:s and 1n such detail as Lenaer may reasonably request
Additional Information. Furnish such addmonal information and statements. as Lender may request from time to time
Other Agreements. Comply Wllh alt tem,s and conditions of all other agreemenis, whether now or hereafter ex,stIng between Borrower and any
other party and noiify Lender immediately In writing of any detauk In connection with any olher such agreements.
JURY WAIVER. Lender and Borrower ht:treby waive tho right to any jury trial In �ny action, procoodlng, or countorclalm brought by olthor
Lender or Borrower against tho othor.
GOVERNING LAW. Th,s Note will be governed by federal law applicable to Londor and, to tho o><tont not preempted by federal law, tho laws of the State of Colora<lo without regard to Its confl icts of law provisions. This Noto has boon acceptod by Lendor In tho Stato of Colorado.
CHOICE OF VENUE. If there 1s a lawsuit, Borrower agrees upon Lender's request lo submit to tho jurisdiction of Iha courts of Lanmor Counly, Slate of
Colorado.
DISHONORED ITEM FEE. Borrower will pay a lee to Lender of S30.00 if Borrower makes a payment on Borrowers loan and the check or preauthorize<! charge with which Borrower pays is later dishonored.
RIGHT OF SETOFF. To the exlent permitted by applicable law, Lender reserves a right of setoff in all Borrower's accounls wijh Lender (whether
checking, savings, 0t some olhor account). This includes all accounts Borrower holds Jointly wijh someone else and all accounts B0trower may open ,n lhe future However, this does not include any IRA or Keogh accounts, or any trust accounts for wt11ch setoff would be prohibited by law. Borrower aut horizes Lender, to the extent pe,m,ttcd by applicable law, to charge or setofl all sums owing on the indebtedness against any and all such accounts, and. at Lendefs optoon, to adm,n,stralively freeze all such acco unts to allow Lender lo protect Lender's charge and seloff rights provided In this
par..ig1apl1.
COLLATERAL. Borre,...,, acknowledges I his Note is socured by an Assignment of Deposit Account dated February 5, 2025. and any and all other
security agreements or cocuments and any and all other collateral agreements or documents associated with this Loan or Note whether nov, existing or
hereafter arising.
ERRORS ANO OMISSIONS. Borrower agrees, 1f req uested by Lender, to fully cooperate in the correction, tt necessao,. in the reason able discretion or
Lendor of any and all loan closing documenls so that all documents accuralely describe the loan between Lender and Borrower. Borrower agrees to assume all costs includirg by way of illustration and no! limitation, actual expenses, legal fees and marketing losses for failing 10 reasonably comply wilh Lender requests wilhin t�irty (30) days.
U.S .A. PATRIOT ACT, To help the government fight the funding of terrorism and money laundering activaies. the USA PATRIOT Act requ,res all banks
to obtain and venfy the <!entity of each person or business that opens an account. When Borrower opens an account. Lender will ask Borrower for informalion that will allo\• Lender to properly Identify Borrower and Lender will verify lhat information. If Lender cannot properly verify identily wtthin 30 calendar days. Lender reserves the righl 10 deem all of the balance and accrued inlerest due and payable ,mmedialety.
ELECT RONIC COPIES. Lender may copy, electronically or othetwise. and thereafter destroy, the originals of this AgreemMt andlor Relati>d oocu'menls
in the regular course ol Lender's business. All such copies produced from an electronic form or by any other reliable means (1.e., photographic image or
facsimile) shall in all respects be considered equivalent to an original. and Borrower hereby waives any righls or objections to the use of such cop,es
SUCCESSOR INTERESTS. The terms of this Note shall be binding upon 0orrower, and upon Borrower's heirs, personal representatives, successors
and assigns. and shall t nJre to the benefit of lender and its successors and assigns.
GENERAL PROVISIONS. If any part of this Note cannot be enforced, this Jact will not affect the rest of the Note. Lender may delay or forgo enforcing
any of ils righ1s or rnmadif!:s undAr this Note without losing them Borrower and any other person who signs, guarantees or endorses lhis NotA, to the extent allowed by law, waive presentment, demand for payment, and no1,ce of dishonor, Upon any change in the terms of this Note. and unless
otherwise expressly stated in writing. no party who signs this Note, whether as maker, guarantor, accommodation maker or endorser, shall be released
from liability. All such parties agree that Lender may renew or extend (repeatedly and for any length of time) this loan 0t release any party or guarantor or collateral; or impair. foil to realize upon or pertect Lende(s socurny interest In the collaleral; and take any other action deemed necessary by Lender without the consent of or notice to anyone. All such parties also agree thal Lender may modify this loan wilhout the consent of or notice to anyone other
than the party with whom the modifics!ion is made. The obligalions under this Note are joint and seveml.
MISCELLANEOUS PROVISIONS. The following mi scellaneous provisions are a part of 111,s Agreement:
Amondmonts. This Nola, together with any Rel;ited Documents, conslitotes the entire understanding and agreement of the parties as to the mailers set forth in this Note No attemtion of or amendment to this Note shall be elfective unless given in writing and signed by the party or parties
sought to be charge:! or bound by the alteration or amendment
Nc>n 8Lla bility of Lendor, Tho relat ionship between Borrower and Londor created by this Noto is strictly a debtor and creditor relationship and not
fKfuciary in nature oor 1s the refahonsh1p to be construed as creating any partnership or jomt venture between Lender and BorrQ\.vcr. Borrower is exerc,sing Borrower's own Judgment with re5pect to Borrower's bu5iness. All 1nformahon suppl,ed to Lender ,s for Lender's protection onty and no
other party 1s entitled 10 rely on such ,ntormatlo n. There is no duly for Lender to review, inspect, supervise or infom, Sorrower of any rnatter with
respect to Borrowers business. Lender and Borrower intend that Lender may reasonably rely on ail information supp lied by Borrower lo Lender. together w�h all represenlalions and warranties given by Borrower to Lender. wilhout investigation or confirmation by Lender and lhal any mvestigation or fa 1Iu·e to investigate will not diminish Lende(s right to so rely.
Notice of Lender's Breach. Borrower must notify Lender in writing of any breach of this Note or the Related Documents by Lender and any other
claim, cause of ac!icm or offset against Lender within thirty (30) doys after the occurrence of such breach or after the accrual of such claim, cause of action or offset. Ocrrower waives any cfaim. cause of actton or offset for Which notice is not given In accordance with this pamgraph. Lendor is entitled to rely on ony fail ure to give such notice.
In demnification of lender. To the extent authorized by law. Borrower agrees lo indemnify, to defend and to save and hold Lender harmless from
any and all claims, suits, obligations. damages. losses, costs and expenses (including, withoul limitation. Len der's attorneys· fees), demands,
liabilities, penalties, fines and forfeilures or any nature whatsoever that may be asse rted against or incurred by Lender. its officers. d ire<:lors .
employees. and agents arising out of, relating to, or in any manner occasioned by this Note and the exercise of the righls and remedies granted Lender under this. as well as by: (1) lhe ownership, use, operation. construction, renovation, demolition, preservation. management. repair. condition, or mainleiance of any part of the Collateral; (2) the exercise of any of Borrowe(s rights collaterally assigned and pledged to Lender hereunder, (3► ary failure of Borrower to perform any of its obligations hereunder; and/or (4) any failure or Borrower to comply with the
environmental and ERISA obligations, representations and warranties set forth herein. The foregoing indemnity provisions shall survive tt,e
cancellation of this Note as to all matters ansing or accruing prior to such cancellohon and the foregoing indernnity shall survive in the event 1hat �ender elects lo exercise any of tho remedies as provided <mder this Nole following default hereunder. Borrower's indemnity obhgations under lh1s
section shall not in any way bo affected by tho proscnco or absence of covering insurance, or by the amount of such insu,ance ot by the failure or
refusal of any insurence carrier 10 perform any obligalion on its part under any insuranco policy or policies affect ing tho Collaleral and/or Borrower's business activities. Should any claim. action or proceeding be made or brought against Lender by reason of any event as lo which Borrower's indemnification obhgalions apply, then, upon Lende(s demand, Borrower, al ns sole cost and expense. shall defend such claim. action or proceeding in Borrcwer's name. if necessary. by tho attorneys for Borrowofs insumnco earner (If such claim. action or proceeding is covered by
insurance), or othor.•11s0 by such attorneys as Lender shall approve. Lender may also engage its own attorneys at its reasonable discretion to defend Borrower and to assist in its defense and Borrower agrees to pay t11e fees and disbursements ol such attorneys,
Cou nterparts. This Note may be execuled in multiple counterparts, each of which. when so executed. shall be deemed an original but all such
counterparts. taken :ogether, shall constnule one and the same Note.
No Waiver by l.<!ndcr. Lender shalt not be deemed to have waived ony rights undet this Note unless such waiver is given m writing and signed by
Lender. No delay eye omission on the part or Lender in exercising any right shall operale as a waiver of such nght or any other right. A waiver by
Lender of a provision of lhis Nole shall not prej udice or constiMe a waiver of Lende(s right othetwise to demand slrict compliance with tha: provi sion or any ct�er provision of this Note. No prior waiver by Lender. nor any course of dealing between Lender and Borrower, or between Lender and any Grantor. shall constitute a waiver of any ol Lemle1's rights or or any or 8orrowe(s or any Grantor's obltgatIons as to any future
transactions. Whenever the consent of Lender is required w,der this Note, the granling ol auch consent by Lender in any instance shall not constitute eon11nui ng consenl 10 subsequent instances wl1ere sucll consent is required and in all csses such consent may be granted or withheld in the sole discretion or Lender.
DEFINITIONS. n,e tollMing capitalized words and terms shall have tho following moanings when used ,n this Note. Unless spec,fically staled to the
contrary, all references t<> dollar amounts shall mean amounts In lawful money of the Un�ed States or America. Words and terms used in the smgutar
shall include the plural. !l'ld the plural shall include the singular. as the context may require Words and terms not othotwisc defined in tliis Noto shall
have t11e meanings altnbuted to such terms In the Uniform Commercial Code. Accounting words and terms not otherwise defined In this Note shall have the meanings assigned to them In accordance with gener-Hlly accepted accolmflng principles as in effecl on lho dale of tt1ir. Noto.
Advance. The word "Advance" means a disbursement of Loan funds made, or to be made. to BorrO\vor or on BorfO\ver's behalf on a line of credit
or multiple advance basis undE!f" the terms and conditions of this Note
Borrower. The word "Borrower" means Fort Collins. Colorado. Downtown Development Authortly and includes all co-signers and co-makers
signing the Noie and all their successors and assigns.
Collateral. The word "Collaterar· means all property and assets granted as collateral sec,,rity for a Loan, whether real or personal property,
whether granted directly or indirectly. whether g,anted now or in the future, and whether granted in the form of a security interest, mortgage,
collateral mortgage, deed of trust, assignment, pledge, crop pledge. chattel mortgage, collateral chattel mortgage. chattel trust, factofs lien,
eqwprneOl trust, cond�1onal salo, trust receipt. lien. charge, lien or title retention contract. lease or consignment intended as a security device. or
any other secunty or lien interest whatsoovcr, whether created by law, contract, or otheiwise.
GASB. The word "GASS" means Governmental Accounting Standards Board.
Granter. The word "Granto," means each and all of the persons or entrties granting a Security Interest In any Collateral for the Loan. including
without limitation all Borrowers gran1ing such a Security Interest
Indebtedness. The word "Indebtedness" means the indebtedness evidenced by the Note er Related Documents. 1nclud1ng all pnnc1pal and
interest together vnth att otoer indebtedness and costs and expenses fo, which Bonower is responsible under this Agreement °' under any of the
Related Documents.
Londor. The word "Lender" means First National Clank of Omaha and I1s successors and assigns
Related Documents. The words "Related Documents" mean all promissory notes, cred� agreements. loan agreE!f"Oents, environmental
agreements, guaranties, secunty agreements, mortgages. deeds of trust, security deeds. collateral mongages. and all other instruments,
agreements and documents, whether now or hereafter exlshng, executed in connectton with the Loan
Security Agreement. The words "Security Agreement'" mean and include without 1tmrtalIon any agreements, promises. covenants. arrangements,
understandings or other agreements. whether created by law. contract. or otheiwise, evIdencIng, gcvemIn9, representing, or creatmg a Security
Interest.
Security lntorosl The words "Security Interest" mean. individually, collectively, and interchangeably, wnhout limitation, any and all types of
cortateral security, present and fulure. whether in the form of a lien. charge. encumbrance, mortgage, deed of trust, security deed, assignment.
pledge. crop pledge. chattel mortgage. co•ta1eraI chattel mortgage, chattel trust. factofs lien. equipment trust. conditional sale. trust receipt, hen or
title retention contrac� lease or consignment Intended as a security device, 01 any other security or !ten interest whatsoever whether created by law,
contract, Of otherwise
PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE, INCLUDING THE VARIABLE
INTEREST RA TE PROVISIONS. BORROWER AGREES TO THE TERMS OF THE NOTE .
BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE ANO AGREEMENT.
BORROWER:
FORT COLLINS, COLORADO, DOWNTOWN DEVELOPMENT AUTHORITY
By:-:--:---=---:-----=----.--=---:-=,---=-,,,,.--_ Matthew J. Robenalt, Executive Director of Fort Collins, Colorado1 Downtown Development Authority
LENDER:
FIRST NATIONAL BANK OF OMAHA
By: _________________ _ Mark Thiebaut, Relationship Manager, Commercial
Banking
Principal
$5,000,000.00
Loan Date
2-05-2025
·l/lll#l#####oooooooooooosa301 2os2024
AS SIGN MENT OF DE POSIT ACCOUNT
Matu rity
12-3 1-2030
Loan No Call /Coll Account Officer Initials
10 187
References in U-e boxes above are for Lender's use only and do not hmit the applicability or this document to any particu lar loan or Item.
Grantor:
Any item above conlaining ..... ,. has been omitted due lo le"1 length hmrtat1ons.
Fort Col ins, Colorado, Downtown Development Lender: First National Bank of Omaha
Authorky Branch 11001 19 Old Town Square, Suite #230 1620 Dodge Street Fort Colla1s, CO 80524 Omaha, NE 68197
THIS ASSIGNMENT OF DEPOSIT ACCOUNT datod February 5, 2025, Is mado and executed between Fort Collins, Colorado, Downlown
Development Authority ("Grantor"I and First National Bank of Omaha ("Lender").
ASSIGNMENT. For va C<Jable consideration, Granto, asS<gns and grants to Lendor a security interest In the Collateral. including without limitalion the deposit account(s) described below, 10 secure the Indebtedness and agrees that Lender shall have the Iights stated in this Agreement with respect to the
Collateral. in addition to all olhor nghts which Lendor may have by law.
COLLATERAL DE SCRIPTION. The word "Collateral" means the following described deposit account(s) ("Accou nt").
Checking Account Number TSO with Lender
together with (A) all interest. whether now accrued or hereafter accruing; (B) all additional deposits hereafter made to the Account: (C) any and all proceeds from the Account; and ID) all renewals. replacements and substitutions for any of the foregoing.
CROSS.COLLA TERA LIZA TION. In addition to lhe Note. this Agreement secures all obllgat1ons. debts and habilrties, plus interest thereon, of Grantor to
Lender, or any one or mere of them, as well as all claims by Lender against Grantor or any one 01 more cf them, whether now existing or hereafter arising , whether re1,11ed or unre ale<l to the purpose or the Note, whether voluntary or otherwise, whether due or not due, direct or indirect, determined or
undelemilned, absolute �r contingent. l1qu1dated or unliqu1dated, whether Grantor may be liable Individually or jointly with others, whether obligated as guarantor. surety, accommodation par1y or otherwise. and whether recovery upon such amounts may be or hereafter may become barred by any statute of hmita tior1s, and whether t1e obligation to repay such amounts may be or hereatter may become othelWise unenforceable.
RIGHT OF SETOFF. To the extent permitted by applicable law, Lender rosoNos a right of setolf in all Grantor's accounts with Lender (whether checking.
savings, or some other account). This includes all accounts Granter holds jointly with someone else and nll accounts Gmntor may open m the future. However, this does not i"clude any IRA or Keogh accounts, or any tn,st accounts for which setoff would be prohibited by law, Granter authonzes Lender. to lhe extent permitted b} applicable law. to charge or seloff afl sums owing on the Indebtedness against any and all such accounts. and. at Lender's option,
to administratively freeze all such accounts to allow Landor to protect Lender's charge and setoff rights provided in this paragrapl1
GRANTOR'S REPRE SENTATIONS AND WARRANTIES WITH RESPECT TO THE COLLATERAL. With respect to the Collateral, Grantor represents
and promises to Lender t1at
OwMrshlp. Grant�, is the lawful owner of the Collaleral free and clear of all loans, liens, encumbrances. and claims oxccpt llS disclosed to and accepted by Lender in wrtting.
Right to Grnnt Security Interest. Granter has the full right, power, and authority to enter into this Agreement and lo assign the Collateral to Lender
No Prior Asslgnm..-it. Grantor has not previously grantod a security intorost in the Collateral to any other creditor.
No Further Transfer. Granter shall not sell. assign. encumber. or otherwise dispose of any of Grantor's rights in the Collateral except as provided in this Agreement.
No Defaults. Tt1er� are no defaults relating to the Collateral. and !here are no offsets or counterclaims to the same. Grantor will strictly and promptly do evee1thing required o1 Grantor under the terms, conditions, promises, and agreements contained In or relating to the Collateral.
Procoods. Any and all replacement or renewal certificates, instruments, or other benef�s or proceeds related to the Collateral that are received by Granlor shall be held by Grantor in trust for Lender and immediately shall be delivered by Grantor to Lender to be held as part of the Collateral.
Valid ity: Binding Effect. This Agreement Is binding upon Granto, and Gra11to(s successors and assigns and Is legally enforceable in accordance
v:ith its terms.
Financing Statements. Granter authorizes Lender to file a llCC financing Slalement, or alternatively, a copy of this Agreement lo perfect LeMe(s
security interest. A: Lende(s request, Grantor additionally agrees to sign all other documents that are necessary to perfect. protect, and conlinue
Lende(s security intBrost in tho Property Gmntor will pay all filing fees, litle transfer tees, and other foes and costs involved unless prohibited by law or unless Lender 1s ,equired by law to pay such fees and costs. Grantor irrevocably appoints Lender to execute documents necessary to transfer trtle
ii there is a default. Lender may file a copy of this Agreement as a financing statement
LENDER'$ RIGHTS ANO OBLIGATIONS WITH RESPECT TO THE COLLATERAL. 'M11le this Agreement Is in eflecl, Lender may retarn the rights to
possession of the Collateral. together with any and all evidence of the Collateral. such as certificates or passbooks. This Agreement will remain in effect unlit (a) there no longer is any Indebtedness owing 10 Lender: (b) all olher obligations secured by th,s Agreement have been fulfilled, and (c) G rantor, in writing, has requosted fro-n Lender a rt�lease of this Agreement.
LENDER'S EXPENDITURES. If any action or proceeding Is commenced that would materially affect Lender's inte rest in the Collateral or if Grantor rails to comply wilh any provis101 of this Agreement or any Related Documents, including but not limited to Granto(s failuro to discharge or pay when due any
amounls Grantor is requ,red to discharge or pay under this Agreement or any Related Documents, Lender on Grantor'5 bohalf may (but shall not be obligated to) take any �ction that Lender deems appropriate, including but not lwnited to discharging or paying all taxes, liens, security Interests,
encumbrances and other claims, at any time levied or placed on the Collateral and paying all costs for Insuring, maintaining and preseNing the Collateral. All such expenditures incurred or paid by Lender for sucll purposes will then bear Interest at the rate charged under the Note frcm the date incurred or paid by Lender to the date of 1epayment by Granto,. All such expenses will become a part ol the Indebtedness and, at Lender's option, will (A) be payable on demand, (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments 10. bec1:me due during either
(1)the Iem, of any applicable Insurance policy; or (2) the remaining tern, of the Note: or (C) be treated as a balloon payment which will be due and psyabte at the Note's maturity. T"le Agreement also will secure payment of thes,e amounts. Such right shall be in addition to all olher rights and remedies to which Lender may be enlitled Jpon the occurrence of any Event of Default.
LIMITATIONS ON OBLIGATIONS OF LENDER. Lender shall use ordinary reasonable care in the physical preservation and custody ot any certificate or passbook for the Collateral but shall havo no other obligation to protect the Collateral or its value. ln particular, but without limitation, Lender shell have no responsibility (A) tor the collection or protection of any income ori the Collateral: (B) tor the preservation of rights against issuers ol the Collateral or against
third persons. (C) for asc�rtaining any maturities, conversions, oxchllnges. offers. lenders. or similar mailers relat,ng to tho Collateral; nor (D) for 1nform,ng the Grantor about any of lhe above. whether or not Lender has or is deemed to have knowledge of such mailers.
DEFAULT. Each of the tollowing shall co11s1itute an Event of Default under this Agreement
Payment Default. 3rantor tails 10 make any payment when due under the Indebtedness.
Other Defaults. G1antor fails to comply with or to perform any other lerm, obligation. covenant or condition contained in this Agreement or In any of
the Related Docum,mts or to comply with or to pertom, any term, obligation, covenant or conditron contained in any other agreement between Lender ttnd Gtantor.
Defa ult in Favor or Third Parties. Grantor defaults under any loan, extension of credit. secunty agreement, purchase or sa'es agreemen,. or ony
ether agreement, on favor of any other creditor or person that may materially affeci any or Grantor's property or ability to perfom, Grantor's obr.gations
under this Agreement or any o/ the Related Documents
False Statements. Any warranty, representatoon or statement made or furnished to Lender by Grantor or on Grantor's behalf under this Agreement
or the Related Documents is false or misleading In any material respect, eitJ1er now or at the time made or furnished co becomes false or misleading at
any tome thereafter
Defective Collaterallzatlon. This Agreement or any of the Relmed Documents ceases to be in lull force and effect (1nclud1ng failure of any collateral
document to create a valid and perfected security interest or IN!n) at any time and fOf any reason.
Insolvency . The insolvency o/ Grantor, the appomtment of a receover for any part of Granto(s property, any ass,gnment for the benelrt of crednors
any type ot creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Granter
Creditor or Forfeiture Proceedings. Commencement or foreclosure or forfertuoe proceedings. whether by Judicial proceeding, self-help.
repossessoon or any other method. by any credit0< or Grantor or by any governmental agency against any collateral secur.ng the Indebtedness. Thos
mdudes a garnis hment of any of Granter's accounts. Incl udIng deposit accounts wrth Lender. However, this Event ct Detaun shaU no! apply sf there IS
a good faith dispute by Granter as to the validity or reasonableness of the claim whoch Is the basis of the creditor or forfenure proceeding and tt Grantor
gives Lender wntten nouce of the credrtor or forlerture proceeding and deposrts with Lender monies or a surety bond for the credrtor or forfeiture
proceeding, in an amount determined by Lender. in ls sole d:scretoon, as being an adequate reserve or bond lor the dispute
Adverse Chango. A rroaterlal actverse change occurs in GrantO(s financial condijion, or Lender believes the prospect cl payment oe performance ot
the Indebtedness Is impaired
Insecurity. Lender in good faith believes 1lself insecu,e.
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default. oe al any time thereafter, Lender may exercose any one or mooe of
the foU01,•1ing nghts and remedies, 111 add1t100 to any nghts or remedies that may be available at law. in equity, or other.Vise:
Accelcroto Indebtedness. Lender may declare all Indebtedness of Granter to Lender 1mmed1ately due and payable without notice or any kind to
Grantoe
Application or Account Proceeds. Lender rroay take directly aH funds in the Account and apply them to tho Indebtedness If the Account 1s subject
to an early vm hdmwal penally, that penalty shall be deducted from the Account before its app[calion to the Indebtedness, whether the Account 1s with
Lendor or some other institution Any excess funds remaining atter application of the Account proceeds to the Indebtedness win be paid to Granter as
the interests of Grantor may appear Grantoe agrees. to the extent permitted by law. to pay any deficiency after apphcahon of the proceeds of tho
Account to the Indebtedness Lender also sha.11 have all the rights or a secured party under th& Colorado Uniform COmmcrcial Coda, oven if tho
Account is not otherw,se subject to such Code concerning secunty interests and the pa�ies to this Agreement agree that tho provos•ons ol the COdo
giving rights to a secured party shall nonetheless be a part of this Agreement.
Transfer TIiie. Lender rroay effect transfer of title upon sale or all or paot of the Collateral. For this purpose. Granter irrevocably appo,nts Lender as
Grantor's anorney-,n-ract 10 execute endorsements. assignments and instruments in the name o! Grantor and each or them (1f more than one) as shall
be necessary or reasonable.
Other Rights and Romedtos, Lendor shall have and may exercise any or oll of tt,e rights nnd remedies of a secured creditor under the provisions of
the Colorado Uniform Commerc,al Code, at law. In equ ty, or otheowose
Deficloncy Jud gment. If permitted by appl,cable law Lender may obtain a Judgmenl foe any deficiency remaIn1ng on lhe Indebtedness due to Lender
aner applieation of all amounts received from the exercose o/ the nghts provided in this sechon
Elccllon or Remedios. Except as may be prohibited by applicable law, all of Lender's ngltts and remedies, whether evidenced by this Agreement or
by any other vmt ong shall be cumulative and may be oxerc,sed slngutar1y or concunently Electoon by Lender to pursue any remedy shall not exc.ude
purs u,t of any other remedy, and an electoon to make expend lures or to tal<e action 10 perfom, an obl,gatoon ol Granto, under thos Agreemen� after
GrantO(s failure 10 perform, shall not affect Lander's right to declare a default and exercise ,ts remedies.
Cumulative Romodios. All of Lender's rights and remedies, whether evidenced by tnls Agreement or by any other wntIn 9, shall be cumulative and
may be exercised songu•arty or concurrently Eleciion by Lender to pursue any remedy shall not exclude pursu I or any other remedy, and an elecuon
to make eKpend11Ures or to take action to perform an obhgahon of Granter under this Agreement. an.er Grantor's failure 10 perlorm, shall 001 ilffecI
Lender's r ght to declare a default and to exorcise ns remed,es
ELECTRONIC COPIES. Lender moy copy, electronocally or ot herwise, and thereafter destroy, the originals of this Agreement and/or Related Documents ,n
the regular course cl Lender• s bus,ness All such copies produced from an electronic !orm 01 by any other reliable means (i e .. photographic Image 01
facswnote) shall in all respects be conslde<"ed equovalent to an orig,nal, and Borrower hereby waives any nghts or ob)ecioons to the use or such copies.
MISCELLANEOUS PROVISIONS, The followi ng miscellaneous prov,sions are a part of this Agreement
Amondmcnts. This Agreement. together with any Related Documents. constitutes the entire understanding and agreement of the parties as to the
mailers sel forth ,n !h·s Agreement No a teratooo of 0< amendment to this A9reement shall be effectove unless goven on wraIng and signed by the party
or parties sought to be charged or bound by the alte r.111on or amendment
Attorneys' Fees; Expenses. Grantor agrees to pay upon demand all of Lendefs reasonable costs and expenses, including lenders allorneys· fees
and Lende(s legal expens8$, incurred in r;onnecllon with the enforcement cl this Agreement. Lender may hire or pay someone else to help enforce
this Agreement, and Grantoe shall pay the reasonable costs and expenses o/ such enf0<cement. Costs and expenses include Lendefs attorneys· fees
and legal expenses whether or not thc<e Is ..1 la'N$u1t 1oc:::tvd1n9 ottomoys' fOOG and logal oxpen&e& for bank ruptcy proceedings (including effort.a to
mOd,fy or vacate any auton1atic stay oe injunction). appeals, and any antoc1pated post-judgment collection servocos Granter also shall pay all court
costs nnd such additoonal fees as rroay be d11ected by the court
Caption Headings. Caption headings in this Agreement are roe convenience purposes only and are not to be used to irJerpret or define the
provisions of this Agreement.
Governing Law. This Agreement will be governc'<I by federal law appllcable to Lender and, to tho extent not preempted by federal law, the
laws or tho State of Colorado without regard to Its conflicts of law provisions. This Agreement has boon accepted by Lender In tho State of
Colorado.
Choice of Venuo. If there Is a lawsuit, Grantor agrees uoon Lender's request to submit to the junsdict,on of the courts of Lanmer County, State of
Colorado
No Waiver by Lender. Lender shall not be deemed to have waoved any nghts uncer this Agreement unless such waiver Is given In wr1Ing and signed
by Lender. No delay oe om1ssoon on the part or Lender in exercising any nght shall operate as a waover or such roght or any other right A waiver t)'J
Lender of a prov1s10n of thos Agreement shall net prejudice oe constitute a waiver cl Lende(s nght otnerwose lo demand strict compliance with that
provision or any other prov,s,on or this Agreement. No proor waiver by Lender, nor any course of dealing between Lender and Grantoe, shall ccinst1tute
a waiver of any cl Lende(s nghts or o/ any of Grantor's obligaloons as to any future transactions. 'Mlenever the consent of Lender is required under
this Agreement the grantong of such consent by Len<ler In any instance shall not constrtute conlinuong consent to subsequent instances where such
consent Is required and in all cases such consent may be granted or withheld In the so'e <:ftscretJOn of Lender
Notices. Any notice required to be given under this Agreement shall be goven on wnlIng, ond shall be effective when actually delivered, when actually
receoved by 1elefacsim1le (unless otherwise required by law). when depos ited 1·11lh a nallonally recognized overnight courier, or, if mailed, when
depos4ed in the Unned States mad, as first class. cert1f1ed or registeoed rroa1I postage prepaid, directed to the addresses shown near the beginning of th,s Agreement Any pany may cnange ,ts address IOf nouce, under this Agreement by 9Ivm9 formal wntten notice to the other parties. specifying that
the purpose of the notice is to change tne party"s address For no1k:e purposes, Grantor agrees to keep Lender informed at all umes of Grant()(s
current address. Unless otherwise provided oe required by law, d there Is more than one Granter, any notice given by Lender 10 any Grantor os
deemed to be notoce goven to aM Grantors.
Power of Attorney. Grant0< hereby appo,nts Lender as ,ts true and lawful attorney-i n-fact, irrevocably, w,th full power of subslltutoon to do the
following (1) to demand. co1Iect. receive , reeeipt f0<, sue and recove r all sums of monoy or other property which may now or hereafter OOComo duo, o-.ving o, pny�ble from the Collateral· (2) to e:xocuto, sI9n and endorse any .ind an cto1ms, instruments. rcceIpIs. checks drafts or W01Tilnt5 lssuod in
payment for ll1e Collateral: (3) to settle or compromise any and all claims arising under the Collateral, and in the place and stead of Gmntor, to execute and dehve, !Is release and sotllement for the claim: and (4) to file any Claim or claims or to take any acl!on or 111stitute °' tako part tn any proceedings, e,ther in its own name or In the name of Grantor, o, othefW1se. which in the discretion ol Lender may seem to be necessary or advisable This power iS givor· as security for the Indebtedness, and tho mrthonty hereby conforrod ts and shall be Irrevocable and shall remain In full force and offect until renouncgd by Lender.
Sovcrabltlty. If a �ourt of com petenl Jurisdiction finds any provision of th,s Agreement lo be illegal, invalid, or unenforceable as to any circumstance, that fin<lMlg sha1 nvt make the offending provision illegal, invalid. or unenforceable as to any other circumstance. If feasible, t11e offending provision shall be conslderec modified so that it becomes legal. valid and enforceable. II the offending provision cannot be so modified, ii ohall be considered deleted from th,s Agrooment Unless otherwise reQulred by law. the illegalrty, 1nvaf1d�y. or unenforceab,hty of any prevision of this Agreement sha•I not affect the legality, val dity or enforceability of any other P,OV1sion of thlS Agreement
Succ09sors and Assigns. Subject to any l1m1tallcns stated in this Agreement on transfer of Granto(s interest, this Agreema11t shall be binding upon and inuro to the bo'lcfit of the parties. t11eir successors and assigns. If ownership or t11e Collateral becomes vested in a person other !hon Grantor, Lendor, without notice to Grantor, may deal with Granto(s successors w�h reference to this Agreement and the Indebtedness by way of forbearance or oxt.ens1011 w,thout releasing Grantor from the obhgalions of this Agreemont or llabilrty under the Indebtedness.
Survival of Rcprosontations and WarranUos. Alt representations, warranties, and agreements made by Gmntor in this Agreement shall survive tho execution and del;.,ery of this Agreement, shall be continuing ,n nature, and shall remain ., fuN force and effect until such lime as GrantOl's Indebtedness shall :,e paid in full.
Time Is of the Essence. T11ne Is of the essence 1n the pertormance ol this Agreement.
Waive Jury. All parties to this Agroomont horoby walvo tho right to any Jury trial rn any action, proceeding, or counterclaim brought by any party against any othor party.
DEFINITIONS. The following capitalized words and terms shall have tt1e following 1neanlngs when used in lhts Agreement. Unless specdically stated lo the contrary, all references to dollar amounts sl1all mean amounts in lawful money of the United Stales of Amenca Words and terms used 1n the singular shall include the plural and the plural shaD Include the s1119ular. as the context may require. Wo<ds and terms ncl othelWlse def,ned in 1h15 Ag,eement shall have the meanings attnb\Jted lo such terms in the Uniform Commercial Code:
Account. The wor:1 "Accounr means the deposit account(s) descnbed in tho "Collatcrol Description" scct10n
Agreomont. The "'ord "Agreement" means this Assignment of Depos,t Account, as this Assignment ot Deposit Account may be amended°' modified from lime to time, �o�ether with all exhibits and schedules attached to lh,s Assignment of Deposit Account from hme to time
Borrower. The wo-d "Borrower" means Fort Collins, Colorado. Downtown Dovolopmont Authority and includes all co-Signers end co-makers slgn,ng the Nole and all lhei-successors and ossigns
Collateral. The word "Collaterar means all of Granto(s right, title and interest In and to all the Collaleral as described in the Collateral Desc npt1C111 section or this Agreement
Event of Default. The words "Event ol Default" moan any or the ovonts or default set forth in this Agreement In tho c:tcfouU scchon or this Agreement
Grantor. The word "Granter" means Fort Collins, Colorado, Downtown Development Authonty.
Indeb tedness. The word "Indebtedness" means the indebtedness evidenced by the Nole or Related Documents, includir>g all principal and lntoresl togethef with all otl'8r il\debledness and costs and expenses for whic;h Grantor is responsible under this Agreement or under any of the Related Documents. Specif,cally, without limitation, Indebtedness Includes all amounts that may be indirectly secured by the Cross-Collaterahzation provision or this Agreement
Lendor. The word 'Lendor" means First National Bank ol Omaha. its successors and assigns.
Note. The word "Note" means any and all or Borrowe1's liabilities, obligations and debts to Lender, now ex1Sting or hereinafter Incurred or created, including, without llnitatiQn, all loans. advances, Interest. costs debts. overdraft indebtedness, credit card Indebtedness, lease obligations, l iabilities
and obligotlons under interest rate protection agreements or foreign currency exchange agreements o, commodity price proteetion agreements. other obligations, and liab lilies of Bo<rower together with all modtfications. increases. renewals. and extens1011s of the aroremenhoned Add�ionally. hereby
incorporated as 11 f1..Uy set forth herein are the terms and conditions of any promissory note. agreement 01' other document executed by Borrower and/or Lender indicating this security instrument or the property described herein shall be considered "Collateral" securing such promissory note. agreement. or other ,nstrument. or any similar reference.
Property. The wor,:J "Property" means all of Grantor's right, title and interest m and to all the Property as described 1n the "Collateral Description· section of this Agreement.
Related Documents. The words "'Related Ooccments" mean al promissory notes, credit agreements, loan agreements, environmental agreements. guaranbos, security agreements, mortgages, deeds of trust. secunty deeds. collateral mo�gages and all ofher instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness
GRANTOR HAS READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS ASSIGNMENT OF DEPOSIT ACCOUNT AND AGREES TO ITS TERMS. THIS AGREEMENT IS DATED FEBRUARY 5, 2025.
GRANTOR:
FORT COLLINS, COLORADO, DOWNTOWN DEVELOPMENT AUTHORITY
By:.�---,:-:,-,--,,.-:---,,---=--,--:--:-.,--Matthew J, Robcnalt, Exocutlvo Director of Fort Collins, Colorado. Downtown Dovolopmont Authority
LENDER:
FIRST NATIONAL BANK OF OMAHA
x _____________ ...,,.. __ ...,...,.. Mark Thlobaut, Rolallo,ship Manago,, Commorclal Banking
A)Step 1 - ODA verifies cash available
in Debt Service Fund
(Responsible party: ODA)
B)Step 2 & 3 -ODA initiate loan
transfers with Bank and repayment from
City. DOA provides documentation as
verification:
• Cash Flow Statement
• Tax Warrant from LarCo Assessor
• Payment Schedule(s)
•List of Projects/Programs to be
funded
with loan
(Responsible party: ODA)
C)Step 4 -City repayment of LOC Loan
(Responsible party: City)
D)Step 5 & 6 -ODA receives proceeds
from bank, tr,
Financing Ac:
(Responsible pa,
; DOA
I
DOA LOC Proceeds
Account w/Bank
'"--
EXHIBIT B TO IGA
DOA/City Line of Credit Flowchart
1)ODA verifies cash available in
DOA Debt Service FundI_
3) ODA notifies City for Loan repayment w/ tax
increment revenue
-�
Larimer County Treasurer
tax increment revenue
City T
Special Fund of Municipality
ODA Debt Service Fund
Fund 101823 i-i . � 'ODA Financing Activity Fund I Fund 101215 ! ' -�
4)Loan repayment
w/ tax increment
6)Proceeds transferred to DOA Financing Activity Fund revenue within 7
days of loan
)\ r Bank I 2)LOG Draw Request
-I
5)Line of Credit Proceeds Released
T
2024 TIF Tax Warrant
FORT COLLINS DOWNTOWN DEV. AUTH
Authority # 058
A11t/J Aut/JorityName
006 POUDRE R-1 SCHOOL DISTRICT
028 LARIMER COUNTY
032 CITY OF FORT COLLINS
054 HEAL TH DISTRICT OF NORTHERN LARIMER CNTY
058 FORT COLLINS DOWNTOWN DEVELOPMENT AUTH
059 FORT COLLINS G.I.D. NO. 1
064 LARIMER COUNTY PEST CONTROL
095 BOXELDER SANITATION DISTRICT
110 EAST LARIMER COUNTY WATER DISTRICT
112 POUDRE RIVER PUBLIC LIBRARY DISTRICT
117 NORTHERN COLORADO WATER CONS DISTRICT
*Base and increment values certified to taxing entities
Area
%
100.000000%
100 000000%
100.000000%
100.000000%
100.000000%
50.440043%
84.637462%
5.113900%
19.070858%
100.000000%
100.000000%
EXHIBIT C-2 TO IGA
Base
Increment
Total Assessed
112,926,987
159,883,441
272,810,428
Share Effective Effective Total Back% Increment* Base* Assessed
50 79,941,720 192,868,708 272,810,428
50 79,9�1,720 1 !)2,860, 700 272,810,428
0 159,883,441 112,926,987 272,810,428
50 79,941,720 192,868,708 272,810,428
50 79,941,720 192,868,708 272,810,428
0 80,645,276 56,960,421 137,605,697
50 67,660,643 163,239,179 230,899,822
50 4,088,140 9,863,112 13,951,252
50 15,245,572 36,781,718 52,027,290
50 79,941,720 192,868,708 272,810,428
50 79,941,720 192,868,708 272,810,428
12/20/2024
TIF Total Entity TIF
levy Reve11ue Reve1111e Reve11ue
57.37 15,651,134 11,064,878 4,586,256
22.461 6,121,b�b 4,332,024 1,795,571
9.797 2,672,724 1,106,346 1,566,378
2.167 591,180 417,946 173,234
5 1,364,052 964,343 399,709
4.924 677,570 280,473 397,097
0.142 32,788 23,180 9,608
0 0 0 0
0 0 0 0
3.015 822,523 581,499 241,024
1 272,810 192,868 79,942
$9,248,819 Total TIF Rev
EXHIBIT C-4 TO IGA
Year Contribution Interest Total
Dec 1 2019 $300,000.00 $0.00 $300,000.00
Dec 1 2020 300,000.00 0.00 300,000.00
Dec 1 2021 300,000.00 0.00 300,000.00
Dec 1 2022 300,000.00 0.00 300,000.00
Dec 1 2023 300,000.00 0.00 300,000.00
Dec 1 2024 300,000.00 0.00 300,000.00
Dec 1 2025 300,000.00 0.00 300,000.00
Dec 1 2026 300,000.00 0.00 300,000.00
Dec 1 2027 300,000.00 0.00 300,000.00
Dec 1 2028 300,000.00 0.00 300,000.00
Dec 1 2029 300,000.00 0.00 300,000.00
Dec 1 2030 300,000.00 0.00 300,000.00
Dec 1 2031 300,000.00 0.00 300,000.00
$3,900,000.00 $0.00 $3,900,000.00