HomeMy WebLinkAboutResolution 05-2014TITLE:
WHEAT R IDGE URBAN RENEWAL AU THORITY
RESOLUTION NO. 05
Series of 2014
A RESOLUTION AUTHORIZING THE CHAIR OF
RENEWAL WHEAT RIDGE TO EXECUTE A
COLLATERAL ASSIGNMENT AND CONSENT
AGREEMENT BETWEEN NORTHSTAR BANK OF
COLORADO ,CROSSWIREINVESTMENTS,LLC ,AND
RENEWAL WHEAT RIDGE
WHEREAS , On November 18,2013 Renewal Wheat Ridge entered into a
Wheat Ridge Urban Renewal Authority Improvements Agreement with Crosswire
Investments, LLC ; and
WHEREAS , that agreement called for certain conditions to occur in order for
Crosswire Investments, LLC to receive Tax Increment Financing and
WHEREAS , The Authority authorized a maximum rebate of tax increment to
Crosswire Investments, LLC of $467 ,000 , and ;
WHEREAS , those conditions include the construction of new residential units on
the property located at 5760 West 38th Avenue on the southwest corner of 38 th Avenue
and Depew Street in Wheat Ridge , CO, and ;
WHEREAS , Crosswire Investments, LLC has located financing from Northstar
Bank of Denver to provide construction funding that will provide fully improved lots to
the master builder, and
WHEREAS , Northstar Bank of Colorado has agreed to lend Crosswire
Investments, LLC a total of $725 ,000 as evidenced by a promissory note ; and
WHEREAS , the Authority , by this resolution does hereby acknowledge the
collateral assignment and security interest granted by the Crosswire Investments , LLC
pursuant to the agreement; and
WHEREAS , Northstar Bank of Denver will require that a Collateral Assignment
and Consent Agreement be executed prior to funding on or around March 7, 2014.
THEREFORE, BE IT RESOLVED by the Wheat Ridge Urban Renewal Authority as
follows:
Section 1. Renewal Wheat Ridge Board does find the Collateral Assignment and
Consent Agreement to be in compliance with the 38th Avenue Corridor Redevelopment
Plan , and hereby adopts Resolution 05-2014 and authorizes the Chair to execute the
agreement
ADOP T ED the 25th day of February, 2014.
APPROVED AS TO FORM :
ciJ ~~ / k coreom ~URA Attorney