HomeMy WebLinkAboutResolution 2012-0048TITLE :
CITY OF WHEAT RIDGE , COLORADO
RESOLUTION NO . 4 8
Series of 2012
A RESOLUTION AMENDING THE FISCAL YEAR 20 1 2 GENERAL
FUND BUDGET TO R EFLEC T THE APPROVAL OF A
SUPPL EMENTA L B U DGET APPROPRIATI O N IN T HE AMOUNT
OF $1 95 ,000 FOR THE ANNUA L SALES TAX S H ARE TO
RENEWAL WHEAT R IDGE (RWR)
WHEREAS , the City of Wheat Ridge , acting through its City Council has created
Renewal Wheat Ridge ("RWR"), an urban renewal authority; and
WHEREAS , projects in the Town Center have generated sales tax revenues .
referred to by the City and RWR as the "sales tax increment" for use by RWR on urban
renewal projects; and
WHEREAS , in 2006 the City and RWR entered into an Intergovernmental
Agreement (the "Agreement") pertaining to the allocation of the sales tax increment
derived from the Town Center project and the sharing of resources relating t o services .
equipment and personnel; and
WHEREAS, the City has amended the Agreement on October 24 , 2011 , to raise
the percentage of sales tax distribution to RWR from 50% to 1 00%; and
WHEREAS , in 2007 RWR entered into an Improvements Agreement with Wheat
Ridge Cyclery (the "Cyclery") to reimburse the Cyclery for certain improvements to the
property to improve its public appearance; and
W HEREAS , adequate resources were not allocated in the 2012 Budget to fund
these expenditures; and
WHEREAS , the Wheat Ridge Charter requires that amendments to the budget
be effected by the City Council adopting a Resolution .
NOW, THEREF ORE , BE IT RE SOLVED by the Wheat Ridge City Council:
Supplemental Appropriation
A . The City Council authorizes the transfer of $168 ,000 from the General Fund
undesignated reserves to account number 01-105-700 -720 and $27,000 from
the Genera l Fund undesignated reserves to account number 01 -105-700-718
and amending the General Fund revenues accordingly.
GEONVRIWRURA
DONE AND RESOLVED this 241h day of September, 2012 .
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' 1\\t'lr
Jerry Di
ATTEST:
&utu/tz;7't11 Def1J-
Janelle Shaver, City C erk