HomeMy WebLinkAboutURA Resolution 2003-05
WHEAT RIDGE URBAN RENEWAL AUTHORITY
RESOLUTION NO. OS-2003
Series of 2003
A RESOLUTION OF THE WHEAT RIDGE URBAN RENEWAL
AUTHORITY APPROVING THE NOTE AND FINANCING AGREEMENT WITH
CORNERSTONE GROUP XXII, LLC FOR THE DEVELOPMENT OF THE
WALGREEN'S PROJECT
WHEREAS, the Disposition and Development Agreement ("DDA") with Cornerstone
Group XXII, LLC provides for the redevelopment of the Walgreen's project at 38th A venue and
Sheridan Boulevard within the 38th A venue Corridor Redevelopment Area; and
WHEREAS, one of the conditions ofthe DDA is for the Authority to secure financing to
pay its share of the costs related to the project; and
WHEREAS, the developer, Cornerstone, and the staff of the Authority have negotiated a
proposed financing agreement and Note.
THEREFORE BE IT RESOLVED by the Wheat Ridge Urban Renewal Authority that:
Section 1. The proposed Loan Agreement and Note between the Authority and
Cornerstone is hereby approved in the format accompanying this Resolution, subject to
adjustments thereto as provided by the attorney and the Chair, which do not substantially change
the intent or purpose of the Agreement and Note.
Section 2. Subject to said adjustments, the Chair is authorized to execute the Agreement
and Note on behalf of the Authority.
DONE AND RESOLVED the
5Th dayof Nave-mbe..r 2003.
ATTEST:
~4d-l
Seer tary