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HomeMy WebLinkAboutResolution 2012-0030CITY O F WHEAT RIDGE, COL ORADO RESOLUTION NO. 30 Series of 2012 TITLE: A RESOLUTION AMENDING THE FI SCAL YEAR 201 2 G ENERA L FUND BUDGET TO REFLECT THE APPROVAL OF A SUPPLEMENTAL BUDGET APPROPRIATION IN THE AMOUNT OF $350,000 TO RENEWAL WHEAT RIDGE FOR THE PURPOSE OF PROVIDING A LOAN FOR THE TOWN CEN TE R NORTHPROJ EC T INFRASTRUCTURE IMPROVEMEN TS W HEREAS , the City of Wheat Ridge has an established urban renewal authority known as Renewa l Wheat Ridge to eliminate blight and assist the City with economic development and revitalization efforts ; and WHEREAS, the citizens of Wheat Ridge will benefit from the improvements being made by the Town Center North Project; and WHEREAS, Renewal Wheat Ridge does not have the capital funding currently needed to complete the required infrastructure improvements per the Subdivision Improvement Agreement (SIA) between the City and Renewal Wheat Ridge : WHEREAS, it is prudent to complete these infrastructure improvements in order to comply with the Purchase Agreement between Renewal Wheat Ridge and Wazee Partners , LLLP : and WH EREAS, the City of Wheat Ridge has the needed fund ing ava ilable i n the General Fund undesignated reserves to make an interest free loan in the amount of $350 ,000 to Renewa l Wheat Ridge for the completion of the required infrastructure improvements at the Town Center North Project; and WHEREAS, the loan will be repaid in full to the City upon the sale of Lot 3 or the sale of Lot 1 or a combination of both . NOW, THEREFORE, BE IT RESOLVED by the Ci ty Coun c il of t h e City o f Wheat Ridge, Col orado, as follows: A. The City Council authorizes the supplemental budget appropriation to Renewal Wheat Ridge for the purpose of provid i ng a loan for the i nfrastructure improvements for the Town Center North Project. B. The City Council authorizes the payment of $350 ,000 from the general fund undesignated reserves and amending the 2012 fiscal year budget accordingly. C . The loan terms will consist of an i nterest free loan and the loan is to be paid in full to the City upon the sale of Lot 1 or Lot 3 or a combination of both. D. Approval of this resolution by City Council will act as the loan agreement between the City of Wheat R idge and Renewal Wheat Ridge . DONE AND R E SOLV ED this 11th d y of J ne 2012. (l·l ATIEST: