HomeMy WebLinkAboutURA Resolution 2003-04
WHEAT RIDGE URBAN RENEWAL AUTHORITY
RESOLUTION NO. 04-2003
Series of 2003
A RESOLUTION OR THE WHEAT RIDGE URBAN RENEWAL
AUTHORITY APPROVING AN INTERGOVERNMENTAL AGREEMENT
WITH THE CITY OF WHEAT RIDGE, REGARDING SALES TAX
INCREMENT AND THE COLLECTION OF A PUBLIC IMPROVEMENT FEE
WHEREAS, The Authority has secured financing to perform its contractual and
legal requirements to redevelop the area at 38th Avenue and Sheridan Boulevard; and
WHEREAS, such financing requires the use of sales tax increment from the
Wheat Ridge Town Center (which adjoins the 38th Avenue Corridor Redevelopment
Area) and requires the use of Public Improvement Fees at the Walgreen's project at 38th
A venue and Sheridan Boulevard; and
WHEREAS, a proposed Intergovernmental Agreement ("IGA") with the City of
Wheat Ridge addresses these matters.
NOW THEREFORE BE IT RESOLVED by the Wheat Ridge Urban Renewal
as follows:
Section 1. The proposed IGA is hereby approved in essentially the form
accompanying this resolution, subject to approval of the City and changes authorized by
the Authority attorney and Chair.
Section 2. The Chair is authorized to sign the IGA subject to the conditions
as stated in Section 1 above.
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DONE AND RESOLVED this ~ day of October 2003.
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Chair
ATTEST: /7 .----.,V
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Secretary '"
ames A. Windholz, WRURA Attorney
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INTERGOVERNMENTAL AGREEMENT
This Intergovernmental Agreement ("IGA") is entered into between the City of
Wheat Ridge, Colorado ("City") and the Wheat Ridge Urban Renewal Authority
("Authority"), as of October _,2003.
WHEREAS, the City has created and the Authority has administered the urban
renewal area known as the Wheat Ridge Town Center ("Town Center"); and
WHEREAS, the Authority has used property and sales tax incremental revenues
from the Town Center to pay its financial obligations and debts related to urban renewal
proj ects; and
WHEREAS, the Town Center is located immediately adjacent to and adjoins the
38th Avenue Corridor Redevelopment Area; and
WHEREAS, the Authority has entered into a Disposition and Development
Agreement effective May 1,2003 with Cornerstone Group I, Inc. to develop a Walgreen's
retail project within the 38th Avenue Redevelopment Area; and
WHEREAS, in compliance with the Disposition and Development Agreement the
Authority has entered into a financial agreement to effect its financial and legal
obligations to develop the Walgreen's project; and
WHEREAS, a portion of the incremental sales tax revenues from the Town
Center are not needed to pay any expenses or debt related to that project; and
WHEREAS, such financing agreement includes among other sources of revenue
this excess portion of sales and property tax increment revenues from the Town Center as
well as the contractual imposition of a Public Improvement Fee ("PIF") of I % imposed
upon retail sales items at the Walgreen's store, which revenues collectively shall be used
to pay the financial debt of the Authority related to the Walgreen's project; and
WHEREAS, the City is desirous of cooperating with the Authority to allow it to
realize the necessary revenues to pay its financial obligations to redevelop the 38th
Avenue Redevelopment Area in conjunction with the Town Center redevelopment; and
WHEREAS, such cooperative efforts by the City allow the elimination of blight,
redevelop certain commercial areas of the City, and afford economic redevelopment for
the community; and
WHEREAS, the Council finds that said Intergovernmental Agreement and the
extension of use by the Authority of the sales tax increment are not a substantial change
of the Town Center Project Urban Renewal Plan or the 38th Avenue Corridor
Redevelopment Plan.
THEREFORE, It is agreed as follows:
1. The City shall extend the sales tax increment for the Wheat Ridge Town
Center for so long as is necessary for the Authority to pay its financial obligations
for the purpose of redeveloping the Town Center and the 38th Avenue Corridor
Redevelopment Area. The amount of the increment shall continue to be paid to
the Authority to be used for its financial obligations related to such redevelopment
activities, provided, however that only that portion of the sales tax incremental
revenues generated within the Town Center not needed to pay the expenses of the
Town Center urban renewal project, including without limitation, debt service,
may be, subject to annual appropriation, made available for the 38th Avenue
Corridor project.
2. By agreement between the Authority and Cornerstone Group I, Inc. there
shall be imposed a 1% Public Improvement Fee, which shall be collected by
Walgreen's, paid to the City, be subject to a vendor's fee in the same amount as
applicable for sales tax purposes, and shall be remitted by the City to the
Authority, less a fee for the City's collection of the same. The Authority shall use
such PIF funds to pay its financial obligations related to the Walgreen's project.
3. The City and Authority agree to execute any subsequent and related
documents, if necessary, to effect the provisions of this IGA.
Effective the date provided above.
City of Wheat Ridge, Colorado
Wheat Ridge Urban Renewal Authority
By:
Gretchen Cerveny, Mayor
By:
Attest: Attest:
Pamela Y. Anderson, City Clerk
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