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.
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DONE AND RESOLVED THIS 51:!::- day of December, 2006.
WHEAT RIDGE URBAN RENEWAL AUTHORITY
BY:~~-
Chairman
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ATTEST:
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Secretary to the Authori~
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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.