HomeMy WebLinkAboutResolution 2012-0033CITY OF WHEAT RIDGE , COLORADO
RESOLUTION NO. 33
Series of 2012
TITLE: A RESOLU TI ON AUTHORIZING THE EXECUT ION OF AN
AGREEM ENT WITH KING SOOPERS , INC . FOR
PARTICIPATION IN THE ENHANC ED SALES TAX INCENTIVE
PROGRAM (ESTIP) IN AN AMOUNT NOT TO EXCEED $300 ,000
FOR THE REMODE L OF T HEIR STORE LOCATED AT 38 17
SHERIDAN BOULEVARD
W HEREAS , the City has adopted as a portion of the Wheat Ridge Code of Laws
("Code") Chapter 22 , Division 4 , "Enhanced Sales Tax Incentive P rog ram " (the
Program) to encourage , in part, continued development and expansion of opportunities
for employment i n the private sector in the City; and
WHEREAS , King Sooper (Kings) has applied to participate in the Program and a
public hearing was posted and conducted ; and
WHEREAS , Kings is the owner and operator of leased space and improvements
thereon within the City and known as the "Owner," and is the operator of a grocery store
serving res idents of Wheat Ridge and surround i ng communities ;
WHEREAS , Owner p lans to const ruct public improvements of approximately
$400,000 and a total project budget of approximately $5 .8 million ; and
WHEREAS , the project reta i ns necessary ne ighborhood services and brings
revenue to the City from su rrounding com m unities-a true definition of econom ic
development; and
WHEREAS ; the project retains 50 plus full-time and 100 plus part-ti me jobs
within the center, and
WHEREAS ; the proj ect creates new revenue through increased permit fees and
use tax on furniture , fixtures and equipment;
WHEREAS; the project spurs reinvestment and remodeling of the entire exist ing
center on this signature corridor, thus enhancing and preserving its economic viability in
the City; and
WHEREAS ; the project extends the lease and Ki ng 's commitment to this
shopping center and the City of Wheat Ridge to 2033; and
WH EREAS , cost-sharing at the rate prescribed herein will serve to aid the
expansion of Owner i n that it will alleviate a portion of the costs associated with the
expa n sion .
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Wheat Ridge, Colorado, as follows:
Agrees to execute an Agreement Pursuant to Enhanced Sales Tax Incentive
Program wherein an amount not to exceed $300 ,000 of enhanced sales tax will
be rebated to Dillon Companies , Inc., a Kansas Corporation dba King Soopers.
ATIEST:
AGREEMENT Pl'RSUANT TO ENHANCED SALES TAX I NCENTI VE PROGRAM
This Agreement Pursuant To Enhanced Sales Tax In centive Program (this
"Agreement") is made and entered in to as of the 25 1h day of June, 2012, by and between
Dillon Companies. In c., a Kansas Corporation (dba King Soopers). for th e store located
at 38 17 Sheridan Blvd in th e City of Wheat Ridge, Colo rad o, he reinafter referred to as
the .. Owner" and the CTTY OF WHEAT RID GE, COLOR ADO, h ereinafter referred to as
the ·'City," co ll ectively the ''Parties," and each individually, as a "Party."
RECITALS :
Whereas, the City has adopted C hapter 22, Article 69 -84 of the Wheat Ridge
Code of Laws, entitled the Enhanced Sales Tax In centi ve Program (the "ESTIP
Program "), a copy of which is attached hereto as Exhibit A , to encourage. in part, the
estab li shment of retail sa les tax generating businesses within th e City; and
\Vhereas, the Owner desires to participate in the ESTIP Program a nd to share in
the en hanced sales tax derived from the property d escribed as a G rocery Store. generaUy
located at 3817 S heridan Bo ulevard in Wheat Ridge, Colo rado and more particularl y
described in Exhibit B. attached hereto and incorporated by this reference (th e
"Property"). for the installation of Public Improvements described in Exhibit C , attached
hereto and incorporated by this r eference (the "Public Improvements") to the extent
a ll owed by this Agreement and the ESTIP Program.
NOW. T HE REFO RE, in consideration of the fo regoing premises and the
covenants, promises, and agreem en ts of each of the Parties hereto, to b e kept and
prefom1ed by each of them, th e Pruti es agree as follows:
l. Recitals . The Re citals set fo1th above arc in corporated in this Agreement
by reference.
2. Term. The tenn of thi s Agreement s hall commence o n the first day of the
calenda r month following the month in which the Owner receives their Certificate of
Occupancy on the Property o r June 30, 2013 whichever s ha ll occur first (the
"Commencemen t Date") and shall te rminate on the one (I) year anniversary date of th e
Comm encement Date, unless otherwise provided in th is Agreemen t (the "Tenn ''). The
Term may be renewed by up to SIX (6) one (I) year periods (the "Extended Term"). The
Term of this Agreement shaJJ automatically renew for each additional one year period to
the ex tent requi red by Section 4(d) hereof.
3. Application of City Code. This Agreement is subject to the limitations of
the EST IP Program, as found in the City of Wheat Ridge Code of Laws. ln the event of
confli cts between thi s Agreement and the ESTJP Program, the ESTJP Program s hall
contro l.
4. Qu a lifica tion of Prope rtv for th e EST IP Pro gr am. The City agrees that
the Property qualifies for the ESTIP Program and the Pub lic Improvements are
improvements for public and/or pub lic related purposes that will stimulate the economy
of and within the City, provide employment opportunities for residents of this City and
others, expand the goods available for purchase and consumption by residents of the City.
and increase sales taxes collected by the City. The City finds the business is reasonably
likely to generate enhanced sales taxes of at least One Hundred Eighty-Nine Thousand
dollars ($189,000) over the full term of this Agreement. The following provisions shall
apply for each year in which the ESTT P Program is in effect for the Property:
a. One Hundred percent (I 00%) of the "Enhanced Sales Taxes" collected by the
City and derived from the Property shall be segregated by the City to be utilized
for the ESTIP P rogram herein establ ished and approved (the "Allocated
Revenues"). For purposes of this Agreement "Enhanced Sales Taxes'' shall have
the meaning set forth in the ESTIP Program at Section 22-75 of the Wheat Ridge
Code of Laws.
b. The amount of Enhanced Sales Taxes shall be calculated as follows: the actual
amount of sales taxes collected on the Property during the period July I. 20 I 1 to
June 30, 2012 (the ''base amount"). shall be subtracted from the actuaJ amount of
sales taxes collected annually commencing after: (i) the first day of the calendar
month following the month in which the Owner receives their certificate of
occupancy on the Property, or (ii) June 30, 2013, whichever occurs first. The
excess of co ll ect ions in each such year above the base amount shaJI be the
Enhanced Sales Taxes for that year.
c. The Owner shall share in the Enhanced Sales Taxes derived from the Property
and the business located thereon as provided herein.
d. Enhanced Sales Taxes from the Property shall be shared and U1e Allocated
Revenues shall be disbursed to the Owner on an annual bas is with sales taxes
collected on and after the Commencement Date. The maximum period of time
that this Agreement shaJI be in effect shall be the earlier of: (i) SEVEN (7) years,
commencing on the Commencement Date, or (ii) until the sum of THREE
HUNDRED THOUSAND Dollars ($300,000.00) in Enhanced Sales Taxes (the
"Maximum Amount") has been paid to Owner for reimbursement for such
improvements, whichever occurs first. at which time this Agreement shall
terminate. It is expressly understood by the Parties that this Agreement will
terminate upon the occurrence of the earlier to be reached of the maximum time
as provided in the preceding sentence (whether or not the Maximum Amount has
been reached) or the disbursement of the Maximum Amount as provided in the
preceding sentence (whether or not the max imum time set forth has expired).
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Notwithstanding the foregoing, the Tenn will be automatica ll y extended for one
year for up to six (6) additional one (I) year pe1iods ifthe Maximum Amount has
not been disbursed during the Extended Tenn because the City Council has not
appropriated the funds as provided in Paragraph 5 of this Agreement.
e. This Agreement is a personal agreement between the City and the Owner and
does not run with the Owner's property interest in the land. The ob li gations,
benefits and/or the provisions of t lli s Agreement may not be assigned in whole or
in part without the express authorization of the City Council. acting in lts so le and
exclusive discretion and no third party shall be entitled to rely upon or enforce
any provisions hereon. Notwithstanding the foregoing, Owner may assign its
interests in this Agreement to an affiliate or to a successor by consolidation. For
the purposes of this Paragraph, an affi li ate means an en tity which controls, is
controlled by, or is under common control with the Owner. This Agreement shall
never constitute a debt or obligation of the City within any constitutional or
statutory provision.
f. Any Enhanced Sales Taxes subject to the Agreement shall be escrowed in the
event there is a legal challenge to the ESTIP Program or to the approval of this
Agreement.
g. At the end of the Tenn of this Agreement as provided for herein, any monies
segregated by the C ity which have not been expended as heretmder provided may
be transferred to another account of the City or used in a manner determined by
the City in its sole discretion, excluding any amounts escrowed under Paragraph
4.fabove.
h. From the Enhanced Sales Tax proceeds segregated by the City, the City shall pay
to the Owner the actual cost incurred by the Owner for the construction and
installation of the Public Improvements beginning at the time that all of the Public
Improvements are substantiaiJy completed, but not to exceed the Maximwn
Amount defined in Paragraph 4.d above and set forth in Exhibit C.
1. In order to obtain reimbursement for such actual costs, the Owner shall submit
invoices to the City after the Effective Date of this Agreement, the payment of
which sha11 be subject to the City's approval for compliance of the expenditures
with this Agreement and the ESTIP Program and the availability of Allocated
Revenues. Each invoice presented to the City by the Owner shall be accompanied
by an affidavit or other supporting documentation from the general contractor
stating:
1. that said improvements have been substantially completed
pursuant to plans and specifications approved by the City through
the issuance of pennits and site plan approvals by the City in the
ordinary course: and
11. that the Owner has paid the full amount specified on the invoice.
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J. TI1e Owner shall be deemed the "owner or proprietor'' of the Property for the
purposes of this Agreement and the ESTIP Program, whether or not the Owner
owns all or any portion of the Property at any relevant time, since the Owner is
coordinating the installation of the Public Improvements.
5. C ity's Bud2et Process. Each year, the City Manager shall include in a
budget presented to the City Council pursuant to Chapter X, Sec. I 0.2 of the Wheat
Ridge Home Rule City Charter, the appropriation of the Allocated Revenues for payment
to the Owner as provided in this Agreemen t. Nothing in this Agreement shall be
construed as obligating the City Council to appropriate the Allocated Revenues in any
fiscal year.
6. No De b t or Pccunia rv Lia bili ty. Notw ithstanding anything in the
Agreement to the contrary, the Agreement is specifically subject to annual appropriation
of sufficient funds to pay the Allocated Revenue as provided in the ESTl P Program. No
multiple year fiscal ob ligation is created hereby. The decision of the City Council not to
appropriate funds in any given year shall not affect, impair or invalidate any of the
remaining provisi o ns of this Agreement. None of the ob ligations of the City hereunder
shall be payable from any source other than Enhanced Sales Taxes.
7. S ubordina tion . Notwithstanding anythjng in this Agreement to the
contrary, the Owner shal l have no right. claim , lien , or priority, in or to the City's sales
tax revenue that would be s uperi or to or on parit y with the rights, claims, or liens of tl1e
holders of any sales tax revenue tl1at would be bonds, notes, certificates, or debentures
paya ble from or s ecured by any sales taxes, outstanding as of the Effective Date of tltis
Agreement. All rights of the Owner are , and at all time s ha ll be, s ubordinate and inferior
to the 1ight s, claims and liens of the holders of any and all such s ales tax revenue bonds,
notes, certificates, o r debentures, issued by the City and payable from o r secured by any
s ales taxes.
8 . N o C ovenant to C onst.-uct or t o Open . The in tent of this Agreement is
to provide tor Owner's participation in the ESTI P Program. in the event that Owner
constructs the Public Improvements or to operate the same once completed or otherwise.
Notwithstanding any prov ision in thi s Agreement to the contrary, Owner shall have no
obligation under this Agreement to construct the Public Improvements, and in that event,
the City shall have no obligation to s hare any of the Enhanced Sales taxes with Owner.
9. R e medies. The Owner wajves any constitutional claims aga inst the City
arising o ut of a breach of this Agreement. The Owner's remedies against the City under
till s Agreement are limited to breach of contract claims. In no event shall the Owner be
entitled to a claim, no r shall the City be liable for , any special, exemplary, purutive or
consequential damages of any kind , including economic damages or lost profits.
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10. Severability. It is understood and agreed by the Parties that if any part,
tenn or provision of this At,rreement is held by the courts to be illegal or in conflict with
any law of the State of Colorado, the va lidity of the remaining portions or provisions
shall not be affected. the rights and obligations of the Parti es shall be construed and
enforced as if the Agreement did not contain the particular part, tenn or provision held to
be invalid, and the Parties sha ll cooperate to cure any legal defects in the Agreement or
the ESTIP. Should the allocation of the Enhanced Sales Tax, or the p ayment of the
Allocated Revenu es be judicially adjudged j]JegaL in valid or unenforceable under the
present or future laws effective during the Tenn of thi s Agreement by a court of
competent jurisdiction in a final , non-appealable judgment, the Parties shal l utilize their
best. good faith efforts to restructure this Agreement or enter into a new agreement
consi s tent with the purposes of this Agreement. Should the Parties be unsuccessful in
their effoits, the Agreement shall terminate without penalty or recourse to the City.
11. Governing Law. The laws of the State of Colorado shall govern the
validity, perforn1ance and enforcement of this Agreement. Should eith er Party in s titute
legal suit or action for enforcement of any obligation conta ined herein, it is agreed that
venue of s uch suit or action sha ll be proper and exclusive in the district court for
Jefferson County. Colorado.
12 . Notices. All notices required or pennitted under thi s Agreement shall be
in writing and s hall be hand delivered or sent by certified mail, return receipt reques ted,
postage prepaid. to be addressed to the Parties set forth below. All notices so given s hall
be considered effective upo n the earlier of th e actual receipt or sevent y-two (72) hours
after deposit in the United States Mail with the proper address. Eitl1er Pru1y by notice so
gjven may change the address to which future notices sha ll be sent:
Notice to tl1e City:
Copy to:
Notice to the Owner:
City Manager
City of Wheat Ridge
7500 W. 29th Avenue
Wheat Rjdge, CO 80033
City Attorney
City of Wheat Ridge
7500 W. 29th A ven ue
Wheat Ridge, CO 80033
Dillon Companies, Inc. dba King Soopers
Attention: Real Estate Department
65 Tejon Street
Denver, CO 80223
5
ATTEST:
State of Colorado )
) ss.
County of Jefferson )
CITY
Name: Je
Title: Mayor
The foregoing Agreement was acknowledged before me this ~:fa-day of ~ ,
20-12:. by Jen-y DiTullio as Mayor and Janelle Shaver as City Clerk respectively, of the
City of Wheat Ridge. Colorado.
WITNESS MY HAND ANJ? pFFJCAL SEAL.
My Commission expires: "Yz!Z / 2C\'-\
, Ccv
Notary Publjc
7
EX HIBI T A
Ordi nance 200 I -08
The Enhanced Sales Tax In cent ive Pro1:,rram
(The "EST IP Progran1")
Sec. 22-73.-Progr am establ ished.
There is hereby established~ ithin the city an enhanced sales tax mcentive
program.
fOrti \'o 198.~ 758, .~ /(]4-1). 5-21-88; Ort l . Vo 12i2. ,, I ./:! Y-02)
Sec. 22-74. -Pu rpose.
The purpose of the enhanced sales tax incentive program created by this division
is to encourage the establishment and/or substanual expansion of retail sa les tax
generating busmesses wtthin the ct ty. thereby st imulating the economy of and within the
city, thereby providing employment for residents of t he city and others. thereby further
expanding the goods available for purchase and consumption by residents of the city. and
further increasing the sales taxes collected by the city, which increa sed sales tax
collections will enable the city to provide expanded and improved municipal services to
and for th e benefit of the residents of the ci ty. while at the same time providing public or
public-related improvements at no cost, or at deferred cost. to the city and its taxpayers
and residents.
rOn/ \'t• /<J.\.'\-758. ·'' 1 tJ.J -JJ. 5-J3-S8; On/. No I 1"':! .~ I . I 2-9-0]J
Sec. 22-75. -Definitions.
The following words, tenns and phrases , when used in thi s divi sion , sha ll have
the meanin gs ascribed to them in this sect ion, except where the context clearly indicates a
different meaning:
Enhanced sales lax shall mean the amount of sales tax collected by the city over
and above a base amount negotiated by. and agreed upon by. the applicant and the city.
and which amou nt is approved by the city council, which base amount shal l never be
lower than the amount of sales taxes collected by the city at the propcny in question in
the previous twelve ( 12) month s plus a reasonable and agreed upon percentage of
anticipated increase in sales taxes. or. in the case of a newly established business. an
amount which represents the good faith determination by the applicant and the city as to
the amount of sales taxes which could be generated from the new business without the
participation b> applicant in the ESTlP c reated under this division.
ESTJP means the enhanced sales tax incentive program created under this
division.
011'11er or proprietor shall mean the record owner or operator of an individual
business, or. in the case of a shopping center, the owner of the real property upon which
more than one (I) business is operated. provided that the owner (whether an individual,
corporation, partnership or other entity) is the owner or less or of the individual
businesses operated thereon.
rOn/. No ICJS8-758 .. '' /(:!-J-3) 5-23-\.\ On/ . .Vo. 12i2. _,,I /.! Y-fi]J
Sec. 22-76. -Participation.
Participation in ESTIP shall be based upon approval by the city council
exercising its legislative discretion in good faith. Any owner or proprietor of a newly
established or proposed retail sa les tax generating business or location, or the owner or
proprietor of an existi ng retail sales tax generating business or location which wishes to
expand substantially. may apply to the city for inclusion within the ESTIP provided that
the new or expanded business is reasonably likel y to generate enhanced sales taxes of at
least five thousand dollars ($5.000.00) in the first year of operation.
fOrd 1\'o /()8\ "'58.,,,· J(24-4J. 5-23-8,\, Ore/. 1\'o. 1990-854. :f I, 11-.!f>-C)(} Ore/ No
IF2. -~I. 12-Y-02)
Sec. 22-77.-Approva l of agreement; use of funds gen erally.
Approval by the city council of an agreement implementing this ESTIP shall
entitle the successful applicant t o share m enJ1anced sales taxes derived from applicant's
property or business in an amount wluch shall not in any e' ent exceed the enhanced sales
tax es; provided , however. that applicant may use such amounts only for public and/or
public-related purposes such as those spec1fied herein and which arc expressly approved
by the ci ty council at the time of consideration of the application. The time period in
which the enhanced sales taxes may be shared s hall not commence until all public or
public-related improvemems are completed, and shall be limited by the city council, in its
discretion, to a specified tin1e , o r until a specitied amount is reached.
tOre/ No /<J ,\S-758. ,~ lf24-5J. 5-13-88; On/. No . 2002-INO. §I. 1-l\ 02 On/ .. \'o.
/]7], ~,·,, 11-IJ-02)
Sec. 22-78.-u~cs enumerated.
The uses to which the shared enhanced sales taxes may be put by an applicant
shall be s tric tl y limited to those which are public or public-related in nature. For the
purposes of this division, public or public-related purposes shall mean public
impro\ements, including but not limited to streets, sidewalks, curbs, guuers. pedestrian
malls. street lights. drainage facilities. landscaping. decorative structures, statuaries.
fountains. identification signs. traffic safety devices. bicycle paths, off-street parking
facilities. benches. restrooms , infonnation booths. public meetmg facilities , and all
necessary, incidental, and appurtenant structures and improvements. together with the
9
rclocatton and unprovcment of existing utility lines. and any other improvements of a
similar nature which are specifically approved by the city council upon the city council's
finding that said improvement are public or public-related impro,ements, and that such
improvements shall enhance the competitive position of the applicam within the Denver
metropolitan area marketplace.
tOni. A'o. /Y8,\-'58. ,~ lfJ 4-6J. 5-13-88. On/ No . I ~72 . ,,~·I. 12-9-02;
Sec. 22-79.-Increments, sharing of funds.
The base figure for sales taxes shall be divided imo twelve (I 2) monthly
increments, which increments are subject to agreement between the parties. and approval
by the city council, and which increments shall be reasonably related to the average
monthly performance of the business or propeny in question, or similar bu sinesses in the
area (i .e. adjust for seasonal variations). If in any month th e agreed upon figure is not met
by applicant so as to c reate enhanced sales tax for that month. no funds sha ll be shared
with applicant lor that month, and no increment shall be shared until that deficit, and any
other cumulative deficit. has been met. so that at the end of any tweh e-month cycle.
funds in excess of those enhanced sales taxes at,treed to be shared shall not have been
shared with any applicant.
rOr.t. ;\'o. /1)88-758. _,, /(14-IJ. 5-23-88: 01'LI . J\'o . 117:!, ·' I. 11-<J-O]J
Sec. 22-80. -Revenues restricted.
It is an overriding consideration and determination of the city council that
existing sources of city sales tax revenues shall not be used. impaired. or otherwise
affected by this enhanced sales tax incentive program. Therefore, it is hereby
conclusively detennincd that only enhanced sales taxes generated by the properties
described in an application shall be subject to division under this ESTLP. ll shall be U1e
aftirmative duty of the treasurer to collect and hold all such enhanced sa le s taxes in a
separate account apart from the sales ta.xes generated by and collected from the other
sales tax generating uses and businesses within the city and to provide a n accounting
system which accomplishes the ovenicting purpose of this section. It is conclusively
stat ed by the city council that this division would not be adopted or implemented but for
the pro\ is ions of this section.
(On/ \'o 198S-7 j,\ ~' /( 2 4-<\J. 5-23-ll/\ Ore/ .\'o. 12 72 . ,,~ I . 12-9-0!)
Sec. 22-81.-Capital improvement fund.
The one (I) percent of sales and use taxes earmarked for the capital improvement
fund may be utilized in this ESTIP for public improvements so long as the same are
within the meaning of the phrase capital improvements as defined in the voter app roved
sales tax referendum previously held within the city, and provided thai the same are
found and detennined by the city council to be capital improvements which could be
10
provided by the city from tJ1e capital improvement fund but for tJ1e provision of such
improvements by the applicant ; provided , however, that such use of capital improvement
funds as pan of this ESTIP shall be limited to the amotmt agreed pursuant to section 22-
83 hereof: provided further, however. that noth.i11g contained herein shaJI Limit the city
council in the determination to appropriate additional capital improvement funds for
cap.ital improvements affecting the property in question as a part of the city's regular
appropriation and budget process.
(0rd. 1\.'o. /9H(o(-751:1, .~ /(l-1 -Y), 5-23-811: Ord ;\'o. 1272 .. ~I. 11-9-01)
Sec. 22-82.-Crite.-ia fo r appr ova l of a p p li cation.
Approval of an application for inclusion in this ESTIP shall be given by the city
council, at a public hearing held as a portion of a regular ly scheduled city cow1cil
meeting, based upon the following criteria:
(I)
(2)
(3)
(4)
(5)
(6)
The amount of enhanced sales taxes which are reasonably to be
anticipated to be derived by the city through the expanded or new retail
sales tax generating business;
The public benefits which are provided by the applicant Lhrough pub l ic
works, public improvements, additional employment for city residents,
etc:
The amount of expenditures which may be deferred by the city based
upon public improvements to be completed by the applicant;
The conformance of the applicant's property or project witb tbe
comprehensive plan and zoning ordinances of the city:
The agreement required by section 22-83 having been reached, which
agreement shall contain and conform to all requirements of section 22-83
Approval shall be by motion adopted by a majority of the entire city
council .
tOI'(/ .\o J9,'iX-75X. ~ lf24-/IJ). 5-23·8b. Ore/. J\'o . 1171. ·'' /, 12-9-02)
Sec. 22 -83. -Agreement requ ired.
Each application for approval submitted to the ciry council shall be subject to
approval by the council solely on its own merits. Approval of an application shall require
II
that an agreement be executed by the owner and the city, which agreement sha ll. at a
minimum, contain:
(I)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
A list of those public or public-related improvements which justify
applicant's approval. and the amount which shall be spent on such
improvements;
The maximum amount of enhanced sales taxes to be shared, and the
maximum time during which the agreement sha lJ continue, it being
expressly understood that any such agreement shall expire and be of no
further force and effect upon the occurrence of the earlier to be reached
of the maximum time of the agreement (whether or not the maximum
amount to be shared has been reached) or the maximum amount to be
shared (whether or not the maxin1um time set forth has expired):
A statement that this is a personal agreement which is not transferable
and which does not run with the land;
That this agreement shall never constitute a debt or obligation of the city
within any constitutional o r statutory provisio~
The base amount which is agreed upon by month. and the fact that if, in
any month as specified. sales taxes received from the property do not at
least equal such amount, that there shall be no sharing of funds for such
month:
The base amount shall be agreed upon which shall consider the historic
level of sales at the property in question, or a similar property within the
area in the event of a new business. and a reasonable allowance for
increased sales due to the improvements and upgrades completed as a
result of inclusion within this program;
A provision that any enhanced sales taxes subject to sharing shall be
escrowed in the event there is a legal challenge to this enhanced sales tax
incentive program or the approval of any application therefor;
An affm11ative statement that the obligations, benefits, and/or provisions
of this agreement may not be assigned in whole or in any part without the
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(9)
expressed authorization of the city council. and further that no third party
shall be entllled to rely upon or enforce any provision hereof;
Any other pro,·isJOns agreed upon by the part1es and approved by the city
council.
t Or./ \'o /9A.\-"''i 8 ~ !(2"-1 1J 5-23-Ml On /.No./27:!,§1. 12-Y-02)
Sec. 22 -84.-J oi nt ven tur e; li a bility.
The city council has enacted tllis ESTJP as a joint benefit to the public at large
and to private owners for the purposes of providing the city with increased sales tax
revenues generated upon and by properties improved as a resu lt of Li tis p rogram; pub l ic
improvements being completed by private owners through no deb t obligation being
incurred on t he part of the city, and allowing applican ts a n opportunity to improve
properties which generate sales activities. which improvements make those propert ies
more compeutive in the marketplace and further provide to the applicant additional
contmgent sources of revenues for upgrading such properties. The city council
specifically finds and determines that creation of this ESTIP is consistent wi t h the city's
powers as a home rule municipal corporation. and that exercise of such powers in Lhe
manner set forth herein is in furtherance of the public health, safety and welfare.
Notwithstanding any provision hereof, the city shall never be a joint venture in any
private entity or activity which participates in this ESTI P. and the city shaJI never be
liable or responsible for any debt or obligation of any participant in ESTrP .
rOn/. No . 1988-758. § 10"·11). 5-23-M': Ore/ No . 12 i 2 . .{1. 12-Y-02 )
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EXHffiiTB
Legal Descripti o n of the Property
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LEGAL DESCRIPTION
A PARCa OF I.AAD LDCATID IN l}£ ~ OF SECTION 24, TJS, R69W, OF 1liE 61li
PRINQPL£ MERI!XAN , CITY OF MiEAT RIDGE. COUNTY OF JEFFERSON, STATE OF COI.DRAOO
OESCRIB£.0 AS FOllOWS:
BEGINNING AT ll£ SE CORNER OF SAlO SECTlON 24 Tl£NCE N 89' 59'58 " W ALONG THE
50Urn LINE OF SAl> SEcnON 2-f A DISTANCE OF 122.25 FEET; THENCE N 00' 00' 02" W A
DISTANCE OF 276.07 F'E£T TO THE POINT OF BEGINN~G ll£NCE 1l£ FCUOWING FOUR
COURSfS:
1) N8!T 59' 58"W A DISTANCE OF 350 .21 F'EET;
2) NOCT 00' 02"W A DISTANCE Of 223 .39 F'EET;
3) S89' 59 ' 58"E A DISTANCE OF 350.21 F'EET;
4) SOCT 00' 02"E A DISTANCE Of 223.39 F'E£T TO Tl£ POINT OF Ef:GINNING ;
SAID PARCEl OF W«> CONTAINS 78,233 SQUARE FEET t.IORE OR LESS
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KING SOOPEAS
EXHIBIT 8
38TH AND SHERIDAN
WHEAT RIDGE CO
EXH IBIT C
Qualifying Public Improvement Costs
Owner public improvements are designed to provide a greater product selection to benefit
the community as well as exterior improvements to enhance the property. The rem odel
includes new paint. decorative columns, additional ~ntrances, re sulting in a pedestrian
mall feel, and a new and refresh sto re fascia on th e building. Additionally the Owner
plans to add a Starbucks with outdoor patio seating, which provides customers a
neighborhood gathering place within the Ci ty.
Owner believes that the public impro vement upgrades to this specific stor e will better
se rve the exist ing loyal c ustomer base in the Wheat Ridge area, attract and entice new
shoppers to this sto re and the shopp ing cen ter , and provide public benefit to the
comm unit y. The contribution of $300,000 from the City will aid in the in vestment of
over $2.1 million in building improvements. These improvements arc projected to be
complete by June 30. 2013.
With th e public improvements. the Owner estimates that they can maintain their loyal
customer base as well as add to that customer base in subsequent years, bringing new
revenue to the City and sustaining the economic viability of the si te .
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