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: