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Home My WebLink About10/22/2003AGENDA WHEAT RIDGE URBAN RENEWAL AUTHORITY October 22, 2003 Notice is hereby given of a Public Meeting to be held before the City of Wheat Ridge Urban Renewal Authority on Tuesday, October 22, 2003, at 5:00 p.m., in the City Council Chambers of the Municipal Building at 7500 West 29th Avenue, Wheat Ridge, Colorado. (The first part of this meeting including Executive Session is scheduled to take approximately 1 hour with New Business to begin at approximately 6:00 p.m.) Call the Meeting to Order 2. Roll Call of Members 3. Approval of Minutes 4. Public Forum (This is the time for any person to speak on any subject not appearing on the agenda. Public comments may be limited to 3 minutes.) 5. Executive Session under C.R.S. Section 24-6-402(4)(e) for the purpose of determining matters that may be subject to negotiations, developing strategy for negotiations and/or instructing negotiators regarding financing for the 38te Avenue & Sheridan Boulevard redevelopment project. 6. New Business A. Approval of Financing Proposal B. Resolution Authorizing Acquisition of Properties C. Resolution Approving IGA with City D. Review of Consolidation Plat & Special Use Permit for Conformance with URA Plan 7. Adjournment WHEAT RIDGE URBAN RENEWAL AUTHORITY RESOLUTION NO. -2003 Series of 2003 A RESOLUTION OF THE WHEAT RIDGE URBAN RENEWAL AUTHORITY AUTHORIZING THE ACQUISITION OF PROPERTIES INCLUDING TAE UTILIZATION OF EMINENT DOMAIN RELATED TO TFIE WALGREEN'S PROJECT WHEREAS, pursuant to the Urban Renewal Law of Colorado and The Disposition and Development Agreement with Cornerstone Group I, Inc. for the Walgreen's redevelopment project at 38`h Avenue and Sheridan Boulevard within the 38`h Avenue Corridor Redevelopment Area, the Authority is legally authorized and contractually requued to acquire certain real properties and improvements and to convey the pazcels of property to Cornerstone Group I, Inc to develop a Walgreen's store; and WHEREAS, the Authority has secured the financing to effect the acquisition of the properties. NOW THEREFORE BE IT RESOLVED by the Wheat Ridge Urban Renewal as follows: Section 1. The staff, attomeys, consultants and representatives ("representatives") of the Authority are authorized to engage in good faith negotiations to acquire the real and personal properties identified herein. If negotiations fail to realize a negotiated agreement for the acquisition of the properties, the Authority representatives aze specifically authorized to initiate and pursue acquisition of the properties by the utilization of the legal process of eminent domain/ condemnation. Section 2. The properties authorized to be acquired include, by street addresses, the following: A. 5208 West 38t' Avenue Wheat Ridge, Colorado B. 5250 West 38"' Avenue Wheat Ridge, Colorado C. 5280 West 38"' Avenue Wheat Ridge, Colorado D. 3718 Ames Street Wheat Ridge, Colorado E. 3749 Sheridan Boulevard VJheat Ridge, Colorado F. Unaddressed parcel with Assessor's Pazcel Number 39-251-01-038. DONE AND RESOLVED this day of October 2003. Chair ATTEST: Secretary APPROVED AS TO FORM James A. Windholz, WRURA Attorney . WHEAT RIDGE URBAN RENEWAL AUTHORITY RESOLUTION NO. -2003 Series of 2003 A RESOLUTION OF THE WHEAT RIDGE URBAN RENEWAL AUTHORITY APPROVING AN INTERGOVERNMENTAL AGREEMENT WITA THE CITY OF WHEAT RIDGE, REGARDING SALES TAX INCREMENT AND THE COLLECTION OF A PUBLIC IMPROVEMENT FEES WHEREAS, The Authority has secured financing to perform its contractual and legal requirements to redevelop the area at 38`' Avenue and Sheridan Boulevard; and WHEREAS, such financing requires the use of sales tax increment from the Wheat Ridge Town Center (which adjoins the 38"' Avenue Corridor Redevelopment Area) and requires the use of Public Improvement Fees at the Walgreen's project at 38`h Avenue and Sheridan Boulevud; and Whereas, a proposed Intergovernmental Agreement ("IGA") with the CiTy of Wheat Ridge addresses these matters Section 1. The proposed IGA is hereby approved in essentially the form accompanying this resolution, subject to approval of the City and changes authorized by the Authority attorney and Chair. Section 2. The Chair is authorized to sign the IGA subject to the conditions as stated in Section 1 above. DONE AND RESOLVED this day of October 2003. Chair ATTEST: Secretary APPROVED AS TO FORM James A. Windholz, WRURA Attomey INTERGOVERNMENTAL AGREEMENT This Intergovernmental Agreement ("IGA") is entered into between the City of Wheat Ridge, Colorado ("City") and the Wheat Ridge Urban Renewal Authority ("Authority"), as of October 2003. WHEREAS, the City has created and the Authority has administered the urban renewal area known as the Wheat Ridge Town Center ("Town Center"); and WHEREAS, the Authority has used property and sales tax incremental revenues from the Town Center to pay its financial obligations and debts related to urban renewal projects; and WHEREAS, the Town Center is located immediately adjacent to and adjoins the 38~' Avenue Comdor Redevelopment Area; and WHEREAS, the Authority has entered into a Disposition and Development Agreement effective May 1, 2003 with Cornerstone Group I, Inc. to develop a Walgreen's retail project within the 38`h Avenue Redevelopment Area; and WHEREAS, in compliance with the Disposition and Development Agreement the Authority has entered into a financial agreement to effect its financial and legal obligations to develop the Walgreen's project; and WHEREAS, a portion of the incremental sales tax revenues from the Town Center are not needed to pay any expenses or debt related to that project; and WHEREAS, such financing agreement includes among other sources of revenue this excess portion of sales and property tax increment revenues from the Town Center as well as the contractual imposition of a Public Improvement Fee ('PIF") of 1% imposed upon retail sales items at the Walgreen's store, which revenues collectively shall be used to pay the financial debt of the Authority related to the Walgreen's project; and WHEREAS, the City is desirous of cooperating with the Authority to aliow it to realize the necessary revenues to pay its financial obligations to redevelop the 38h Avenue Redevelopment Area in conjunction with the Town Center redevelopment; and WHEREAS, such cooperative efforts by the City allow the elimination of blight, redevelop certain commercial azeas of the City, and afford economic redevelopment for the community; and VJHEREAS, the Council finds that said Intergovemmental Agreement and the extension of use by the Authoriry of the sales taY increment aze not a substantial change of the Town Center Project Urban Renewal Plan or the 38°i Avenue Conidor Redevelopment Plan. THEREFORE, It is agreed as follows: By: 1. The City shall extend the sales tax increment for the Wheat Ridge Town Center for so long as is necessary for the Authority to pay its financial obligations for the purpose of redeveloping the Town Center and the 38I' Avenue Corridor Redevelopment Area. The amount of the increment shall continue to be paid to the Authority to be used for its financial obligations related to such redevelopment activities, provided, however that orily that portion of the sales tan incremental revenues generated within the Town Center not needed to pay the expenses of the Town Center urban renewal project, including without limitation, debt service, may be, subject to annual appropriation, made available for the 38`h Avenue Corridor project. 2. By agreement between the Authority and Cornerstone Group I, Inc. there shall be imposed a 1% Public Improvement Fee, which shall be collected by Walgreen's, paid to the City, be subject to a vendor's fee in the same amount as applicable for sales tas purposes, and shall be remitted by the City to the Authority, less a fee for the City's collection of the same. The Authority shall use such PIF funds to pay its financial obligations related to the Walgreen's project. 3. The City and Authority agree to execute any subsequent and related documents, if necessazy, to effect the provisions of this IGA. Effective the date provided above. City of Wheat Ridge, Colorado Wheat Ridge Urban Renewal Authority Gretchen Cerveny, Mayor Attest: Wanda Sang, City Clerk By: GED\53027.6\456686.1 2 6.3 Subarea Three - Har/an S&eet to Sheridan Bv/d. The King Soopers Shopping Center located at the northwest comer of Sheridan Boulevard and 38th Avenue anchors this end of corridor. It establishes a gateway and design character for the eastern edge of the Redevelopment Area, and generates a significant amount of activity that could benefit existing and future businesses along this portion of 38`" Avenue if the area was more pedestrian friendiy. The businesses and uses within this area are less pedestrian-oriented than those found in Subarea One, which creates unsafe pedestrian movement due to numerous points of uncontrolled vehicular access along 38"' Avenue. The City is currently undertaking plans to improve the image and appearance of this area through a comprehensive streetscape improvement program. This program will improve the Redevelopment Area's image, and increase pedestrian safety with more controlled and concentrated vehicie access points along 38"' Avenue. Development opportunities should build on the existing strengths of this subarea by encouraging redevelopment and building improvements for additional neighborhood and regional-serving businesses. 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