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HomeMy WebLinkAboutURA Resolution 2006-05 WHEAT RIDGE URBAN RENEWAL AUTHORITY RESOLUTION NO. oS- Series of 2006 ORIGINAL TITLE: A RESOLUTION APPROVING A MODIFICATION TO THE 38TH AVENUE CORRIDOR REDEVELOPMENT PLAN. WHEREAS, in 2001, the Wheat Ridge City Council approved an urban renewal plan, known as the 38th A venue Corridor Redevelopment Plan (the "Urban Renewal Plan") for the elimination of blight and redevelopment of certain portions of the City; WHEREAS, such Urban Renewal Plan included the area described in Exhibit A hereto, which is the current location of the Wheat Ridge Cyclery business; WHEREAS, Section 5 of the Urban Renewal Plan provided for the utilization of sales and property tax incremental revenue sources within the redevelopment area; WHEREAS, the Wheat Ridge Urban Renewal Authority has entered into a redevelopment agreement with owner and tenant of the Wheat Ridge Cyclery property; WHEREAS, the Urban Renewal Authority is recommending to City Council that the Urban Renewal Plan be modified to implement sales and property tax increment for the project area as described in Exhibit A; WHEREAS, the Urban Renewal Plan has only been amended once before, on October 27, 2003, by the First Modification to the 38th Avenue Corridor Redevelopment Plan; WHEREAS, in this first amendment, references were made to nonexistent subsections of Section 5 of the Urban Renewal Plan, and thus, a number of technical errors exist in the current Urban Renewal Plan; and WHEREAS, in compliance with the Urban Renewal Law of Colorado, C.R.S. S 31-25- 101 et seq., the Wheat Ridge Urban Renewal Authority desires to implement the use of tax increment financing for the project area as described in Exhibit A, and to remedy the inaccurate section references made in the First Modification to the 38th Avenue Corridor Redevelopment Plan. NOW THEREFORE BE IT RESOLVED by the Wheat Ridge Urban Renewal Authority of the City of Wheat Ridge, Colorado, as follows: Section 1. The proposed second amendment to the 38th Avenue Corridor Redevelopment Plan attached hereto as Exhibit 1 is hereby approved by the Authority. Section 2. The Authority hereby transmits the proposed second amendment to the 38th Avenue Redevelopment Plan to the City Council with the request that the City Council adopt the redevelopment plan modification. \\srv-ci-eng-002\users$\awhite\AIl Files\URA\38th Avenue\URA Res 38th Ave URP 2nd.doc DONE AND RESOLVED THIS 51:!::- day of December, 2006. WHEAT RIDGE URBAN RENEWAL AUTHORITY BY:~~- Chairman ...::> ATTEST: ~;f " Secretary to the Authori~ C:\MyFiles\WPFiles\URA\ura Res 38th Ave URP.wpd \\srv-ci-eng-002\users$\awhite\All Files\URA\38th Avenue\URA Res 38th Ave URP 2nd.doc SECOND AMENDMENT TO THE 38TH AVENUE CORRIDOR REDEVELOPMENT PLAN Section 5 of the 38th Avenue Corridor Redevelopment Plan ("Plan") is hereby amended to read as follows: 5.0 PROJECT FINANCING Urban renewal projects may be financed in whole or in part by the Authority under the tax increment financing ("TIF") provisions of C.R.S S 3l-25-107(9)(a) of the Urban Renewal Law, or by any other available source of financing authorized to be undertaken by the Authority under C.R.S. S 31-25-105 of the Urban Renewal Law. 5.1 Financing Methods The Authority is authorized to finance urban renewal projects within the Redevelopment Area with revenues from property and sales tax increments, interest income, federal loans or grants, or any other available source of revenues. The Authority is authorized to issue bonds and incur other obligations contemplated by the Urban Renewal Law in an amount sufficient to finance all or any part of an urban renewal project within the Redevelopment Area. The Authority is authorized to borrow funds and create indebtedness in any authorized form in carrying out this Corridor Redevelopment Plan in the manner contemplated by the Urban Renewal Law. Any principal and interest on such indebtedness may be paid from property and sales tax increments, or any other funds, revenues, assets or properties legally available to the Authority. 5.2 Potential Utilization of Tax Increment Financing (TIF) After the date of final adoption of this Corridor Redevelopment Plan, as described in the Resolution approving the Plan, the City may authorize the utilization of TIF pursuant to C.R.S. S 31-25-107(9) of the Urban Renewal Law at such time or times that a redevelopment project or projects is/are initiated under the provisions of this Corridor Redevelopment Plan within the Redevelopment Area. Such TIF may be utilized in the entire Redevelopment Area or portions of the Redevelopment Area. The utilization of TIF pursuant to this section will necessitate a modification of, or to, this Corridor Redevelopment Plan, in accordance with the provisions of C.R.S. S 31-25-107(7) of the Colorado Urban Renewal Law governing such modifications. Such an amendment shall be accomplished by the procedure set forth in Section 5.3, below. The details of this utilization of TIF may also be provided for by agreement between the City and the Authority. 5.3 Utilization of Property and Sales TIF Consistent with the foregoing provisions of this Section 5.0 regarding TIF, there is hereby adopted the utilization of property and sales tax increment for the properties described in the attached Appendix A. The properties and projects for which a tax increment shall be utilized, along with a legal description for the properties, the date upon which the utilization of the tax increment shall take effect, and the terms of the tax increment applicable to each property, shall be as set forth in Appendix A. APPENDIX A 1. Cornerstone Property a. Date TIF implemented: October 27, 2003 b. Council Resolution: No. 26, Series 2003 (October 27,2003) c. Legal Description: A tract of land in the Northeast 1/4 of Section 25, Township 3 South, Range 69 West of the 6th Principal Meridian and also being a part of Block 1, Pearson- Woodside Addition as recorded in Book 6, Page 8 of the official records of the County of Jefferson, State of Colorado, and being more particularly described as follows: Commencing at the Northeast corner of said Northeast 1/4 thence S 000 15' 49" E along the East line of said Northeast \4, said line also being the centerline of Sheridan Boulevard, 65.00 feet; thence S 890 59' 58" W, 30.00 feet to a point on the East line of said Block 1 and the West line of Sheridan Boulevard, said point being the POINT OF BEGINNING; thence N 450 07'56" W along the Southerly line of that tract of land described at Reception Number 91056588, said line also being the Southerly line of West 38th Avenue, 28.35 feet; thence continuing along said Southerly line S 890 59' 58" W, 115.45 feet; thence N 00015' 49" W along said Southerly line, 5.00 feet to a point on the North line of said Block 1, said point also being a point on the Southerly line of West 38th Avenue; thence S 890 59' 58" W along said Northerly line of Block 1, 135.45 feet to the Northwest corner of said Block 1; thence S 000 15' 49" E along the West line of said Block 1,217.20 feet to the beginning of a curve; thence Southerly along a curve to the left and along the West line of said Block 1, 38.84 feet, which curve has a radius of 523.00 feet, a central angle of 40 15' 17" and whose chord bears S 20 23' 28" E, 38.83 feet, to the Southwesterly corner of Lot 21 of said Block 1; thence N 890 59' 58" E along the Southerly line of said Lot 21, 134.01 feet to the Southeast corner of said Lot 21; thence N 000 15' 49" W along the East line of said Lot 21, 25.00 feet; thence N 890 59' 58" E along a line parallel to the North line of said Block 1, 135.45 feet to a point on the East line of said Block 1 and the West line of Sheridan Boulevard; thence N 00015' 49" W along said East line of said Block 1 and the West line of Sheridan Boulevard, 206.00 feet to the POINT OF BEGINNING, County of Jefferson, State of Colorado. Said parcel contains 1.4937 acres more or less. (the "Project Area") d. TIF terms: i. Propertv Tax Increment. One hundred percent (100%) of the property tax payable to the Authority under C.R.S. S 31-25-107(9) shall be allocated to, and when collected, paid into a special fund of the Authority, and may be irrevocably pledged by the Authority for the payment of the principal of, premium, if any, and interest on any bonds, loans or advances, or indebtedness (whether funded, refunded, assumed, or otherwise) incurred by the Authority to finance or refinance, in whole or in part, urban renewal projects, and to pay all financial obligations and debts of the Authority. ii. Sales Tax Increment. One hundred percent (100%) of the sales tax payable to the Authority under C.R.S. S 31-25-107(9) shall be allocated to, and when collected, paid into a special fund of the Authority, and may be irrevocably pledged by the Authority for the payment of the principal of, premium, if any, and interest on any bonds, loans- or advances, or indebtedness (whether funded, refunded, assumed, or otherwise) incurred by the Authority to finance or refinance, in whole or in part, urban renewal projects, and to pay all financial obligations and debts of the Authority. 111. Expiration of Sales and Propertv Tax Increments. When such bonds, loans, advances and indebtedness, and all financial obligations and debts of the Authority; if any, including interest thereon and any premiums due in connection therewith, have been paid, but in no event later than twenty-five (25) years following the date the sales and property tax TIF is implemented as set forth in subsection (a) above (which implementation date is October 27, 2028) all property tax revenues upon the taxable property and the total municipal sales tax revenue collections in the Project Area shall be paid into the funds of the respective public bodies. 2. Wheat Ridge Cyclery Property a. Date TIF implemented: December 11, 2006. b. Council Resolution: No. , Series 2006 (December 11, 2006) c. Legal Description: (the "Project Area") d. TIF terms: i. Propertv Tax Increment. One hundred percent (100%) of the property tax payable to the Authority under C.R.S. S 31-25-107(9) shall be allocated to, and when collected, paid into a special fund of the Authority, and may be irrevocably pledged by the Authority for the payment of the principal of, premium, if any, and interest on any bonds, loans or advances, or indebtedness (whether funded, refunded, assumed, or otherwise) incurred by the Authority to finance or refinance, in whole or in part, urban renewal projects, and to pay all financial obligations and debts of the Authority. ii. Sales Tax Increment. One hundred percent (100%) of the sales tax payable to the Authority under C.R.S. S 31-25-107(9) shall be allocated to, and when collected, paid into a special fund of the Authority, and may be irrevocably pledged by the Authority for the payment of the principal of, premium, if any, and interest on any bonds, loans or advances, or indebtedness (whether funded, refunded, assumed, or otherwise) incurred by the Authority to finance or refinance, in whole or in part, urban renewal projects, and to pay all financial obligations and debts of the Authority. 111. Expiration of Sales and Propertv Tax Increments. When such bonds, loans, advances and indebtedness, and all financial obligations and debts of the Authority; if any, including interest thereon and any premiums due in connection therewith, have been paid, but in no event later than twenty-five (25) years following the date the sales and property tax TIF is implemented as set forth in subsection (a) above (which implementation date is December 11, 2006) all property tax revenues upon the taxable property and the total municipal sales tax revenue collections in the Project Area shall be paid into the funds of the respective public bodies.