HomeMy WebLinkAboutResolution 2014-0024CITY OF WHEAT RIDGE, COLORADO
RESOLUTION NO. 24
Series of 2014
TITLE: A RESOLUTION AMENDING THE 2014 FISCAL YEAR
GENERAL FUND BUDGET TO REFLECT THE APPROVAL
OF A SUPPLEMENTAL BUDGET APPROPRIATION IN AN
AMOUNT NOT TO EXCEED $1 .0 MILLION FOR THE
PURPOSES OF FUNDING PUBLIC IMPROVEMENTS IN
ASSOCIATION WITH THE REDEVELOPMENT OF THE
SOUTHWEST CORNER OF WEST 38TH AVENUE AND
KIPLING STREET
WHEREAS , the City Council has adopted the 1-70/Kipling Corridors Urban
Renewal Plan , as amended (the "Urban Renewal Plan " or the "Plan ") for the area
described therein (the "Urban Renewal Area"); and
WHEREAS , Millennium Venture Group, Inc., a Delaware corporation (the
"Developer") has one or more contracts to purchase certain real property consisting of
approximately 6.5 acres which is located at the southwest corne r of West 381h Avenue
and Kipling Street (the "Property"), which is in the Urban Renewal Area ; and
WHEREAS , the Developer has submitted a proposal to the City and the
Authority to redevelop the Property (the "Project"); and
WHEREAS , the City has determined and hereby determines that it is in
the best interests of the City and its citizens to assist in the redevelopment of the Project
in order to promote employment and increase sales tax revenues ; and
WHEREAS, the Urban Renewal Authority has determined that the
redevelopment of the Project in order to remediate blight is consistent with and in
furtherance of the purposes of the Authority and the Plan; and
WHEREAS , in order to help facilitate the redevelopment of the Project, the
City desires to appropriate between $800 ,000 and $1 ,000 ,000 of City moneys to finance
a portion of certain eligible improvements for the Project in accordance with the terms
and provisions of the Redevelopment Agreement; and
WHEREAS , 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 City of
Wheat Ridge , Colorado , that:
Section 1. Effectiveness. This Resolution shall take effect immed iately.
Section 2 . The City Council authorizes the transfer of $1 .0 million from
the General Fund undesignated reserves to account number 01-105-700-719 and the
amendment of the 2014 Fiscal Year revenues accordingly .
DONE AND RESOLVED this 14th day of April , 2014 .
[SEAL]
Attest
20657842 v2
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