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HomeMy WebLinkAboutResolution 2014-0021CITY OF WHEAT RIDGE , COLORADO RESOLUTION NO . 21 Series of 2014 TITLE: A RESO LU TION AMENDING THE FISCAL YE AR 2014 GENERAL FUND BUDGET TO REFLECT THE APPROVAL OF A SUPPLEMEN TAL BUDGET APPROPRIATION IN AN AMOUNT NOT TO EXCEED $1,500 ,000 TO PAY DOWN A REN EWAL WHEAT RIDGE L OAN FOR TH E PROPERTY AT TOWN CENTER NORTH WHEREAS , on April 17 , 2008 Renewal Wheat Ridge (RWR) obtained a $3 ,285 ,000 loan from First Bank of Wheat Ridge to purchase property at the southeast corner of Wadsworth Boulevard and 441h Avenue for redevelopment purposes and the removal of blight; and ; and WHEREAS, public infrastructure was installed and an 88-unit affordable , senior apartment building was built on the site which became known as Town Center North ; and WHEREAS , the loan with First Bank of Wheat Ridge has a maturity date of April 15, 2014 and RWR does not have the funds to make the required balloon payment before the maturity date ; and WHEREAS, RWR has entered into negotiations with First Bank of Wheat Ridge and desires to renegotiate the loan terms ; and WHEREAS, First Bank of Wheat Ridge has provided a commitment letter as described in Exhibit A describing te rms of a new loan ; and WHEREAS, The City of Wheat Ridge has reserves on account with First Bank of Wheat Ridge that currently secures the loan in an amount of approximately $1 ,953,338 ; and WHER EAS , RWR will utilize these reserves in an amount not to exceed $1 ,500 ,000 to pay down a portion of the loan ; and WHER EAS , the Wheat Ridge Charter requires that amendments to the budget be effected by the City Council adopting a Resolution. NOW, THEREFORE , BE IT RESOLVED BY THE CITY COUNCIL OF THE C ITY O F W HEAT RIDGE , COLORADO, AS FOLLOWS : A . The City Council authorizes the transfer of $1 ,500,000 from the General Fund designated reserves to account number 37-120-800-801 and amending the General Fund revenues accordingly. DONE AND RESOLVED this 141h day of April, 201~. ATTEST: