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Home My WebLink AboutURA Resolution 2007-01 WHEAT RIDGE URBAN RENEWAL AUTHORITY RESOLUTION NO. L2L-07 Series of 2007 A RESOLUTION OF THE WHEAT RIDGE URBAN RENEWAL AUTHORITY APPROVING THE IMPROVEMENTS AGREEMENT WITH WHEAT RIDGE CYCLERY WHEREAS, the 38th Avenue Corridor Redevelopment Plan provides for the redevelopment project consisting ofthe expansion of Wheat Ridge Cyclery at 38th Avenue and High Court; and WHEREAS, representatives of Wheat Ridge Cyclery and the staff of the Authority have negotiated an improvement agreement. THEREFORE BE IT RESOLVED by the Wheat Ridge Urban Renewal Authority that: Section I. The Improvements Agreement between the Authority and Wheat Ridge Cyclery attached hereto as Attachment I is hereby approved. DONE AND RESOLVED this '?I1~ (A/ day of #bvv~ 2007, Chair ~ /717 il I~, ATTEST: (/~U(~~ Secretary APPROVED AS TO FORM: C~f{it{iURAAttomey WHEAT RIDGE URBAN RENEWAL AUTHORITY IMPROVEMENTS AGREEMENT THIS AGREEMENT is made and entered into this 2[9 day of 1'/~cL, , 2007, by and between the Wheat Ridge Urban Renewal Authority ("WRURA"), and the Wheat Ridge Cyclery, with a business address of 70S5 West 3Sth Avenue, Wheat Ridge, CO S0033 (the "Cyclery") (collectively referred to herein as the "Parties"), WHEREAS, WRURA is authorized under the provisions of Colorado's Urban Renewal Law, C.R,S, 9 31-25-101, et seq" to enter into agreements and provide financial incentives for the redevelopment of property to eliminate blight; WHEREAS, such redevelopment may be made and encouraged by granting financial assistance to persons who reside within WRURA boundaries, to businesses within the WRURA boundaries, and to owners of property within WRURA boundaries; WHEREAS, the Cyclery owns a business located at 70S5 West 3Sth Avenue, Wheat Ridge, CO S0033, the legal description of which is attached hereto as Exhibit A (the "Property"), which is within the WRURA boundaries, and which provides an important economic base for the City of Wheat Ridge (the "City"); WHEREAS, WRURA desires to assist the Cyclery in making a number of improvements to the Property, which shall improve the public appearance of the Property, remedy its deterioration, maintain a positive business environment in the neighborhood, and serve as an anchor to attract other desirable businesses to the neighborhood; WHEREAS, the Cyclery desires to expend additional funds as part of the redevelopment of the Property that will assist in remedying blight and preventing future blight in the area, and WRURA desires to assist in providing this additional funding directed towards blight prevention and elimination; and WHEREAS, WRURA desires to reimburse the Cyclery for its expenditures by paying to the Cyclery the sales and property tax increments WRURA receives from the Property, pursuant to the tenus set forth in this Agreement. NOW, THEREFORE, in order to promote redevelopment and eliminate blight within the WRURA boundaries, and in consideration of the promises herein contained, the Parties hereby agree as follows: 1. Definitions. a, "Property Tax Increment" means the amount of property taxes paid to the County for the Property and then paid to WRURA by the County over and above the base amount of property tax last certified to the County for the Property prior to WRURA's implementation of property tax increment financing for the Property, 03/16/07 I Isrv-ci-eng-002Iusers$lawhite \All Filesl URA \38th A venue \ WRCyclerylImprovementAgreement _ Cyclery-4. doc b, "Sales Tax Increment" means the amount of sales tax generated by the Cyclery and collected by the City over and above the base amount of sales tax generated by the Cyclery on the Property and collected by the City in the year immediately preceding WRURA's implementation of sales tax increment financing for the Property, 2. Improvements. a, Attached to this Agreement as Exhibit B is a list of the Cyclery's plan for certain public improvements to the Property, which are referred to collectively as the "Eligible Improvements." The Eligible Improvements shall be constructed in compliance with approved construction plans by a licensed contractor qualified to perform the work b, The Cyclery agrees to complete the Eligible Improvements on or before October 1, 2007, Completion of the Eligible Improvements shall be deemed to have occurred upon final acceptance of the Eligible Improvements by the City, The Eligible Improvements shall be completed by October 1, 2007 regardless of cost increases or other unforeseen circumstances, 3. Sales and Property Tax Increment Rebates. a, Sales Tax Increment. As an inducement to the Cyclery to complete the Eligible Improvements, WRURA agrees to set aside and thereafter rebate to the Cyclery, on the percentage basis identified herein, the Sales Tax Increment generated by the Cyclery to a maximum aggregate amount set forth in Section 4 of this Agreement. Such rebate shall be subject to the following: i. Commencing upon completion of the Eligible Improvements, WRURA shall rebate to the Cyclery one hundred percent (100%) of all Sales Tax Increment generated by the Cyclery and received by WRURA, The rebates shall be made annually on January 31 st of each year, and shall be for the preceding year. ii. If, in any year, no Sales Tax Increment is generated by the Cyclery and received by WRURA, no rebate shall be due to the Cyclery for that year. 111. The Sales Tax Increment rebate payable to the Cyclery shall be prorated for the initial year such rebate is due based upon the date the Cyclery completes the Eligible Improvements, b, Propertv Tax Increment. As an inducement to the Cyclery to complete the Eligible Improvements, WRURA agrees to set aside and thereafter rebate to the Cyclery, on the percentage basis identified herein, the Property Tax Increment generated by the Property to a maximum aggregate amount set forth in Section 4 of this Agreement. Such rebate shall be subject to the following: i. Commencing on completion of the Eligible Improvements, WRURA shall rebate to the Cyclery one hundred percent (100%) of all Property Tax Increment generated by the Property and received by WRURA. The rebates 2 03/16/07 I Isrv-ci-eng-002 lusers$lawhitelAll Files I URA 138th A venue! WR CyclerylImprovementAgreement ~ Cyclery-4. doc shall be payable within thirty (30) days of receipt of the Property Tax Increment by WRURA from the County. ii, If, in any year, no Property Tax Increment is generated by the Property and received by WRURA, no rebate shall be due to the Cyclery for that year. 111. The Property Tax Increment rebate payable to the Cyclery shall be prorated for the initial year such rebate is due based upon the date the Cyclery completes the Eligible Improvements, 4. Maximnm Rebate. In no event shall the total amount rebated by WRURA to the Cyclery exceed the total estimated costs of the Eligible Improvements, which is Two Hundred Sixty Four Thousand One Hundred Eighty dollars ($264,180,00) (the "Estimated Costs"), Notwithstanding the foregoing, if the total actual costs of the Eligible Improvements are less than the Estimated Costs, said maximum amount shall not exceed the actual costs of the Eligible Improvements, The actual costs of the Eligible Improvements shall be evidenced by invoices and receipts satisfactory to WRURA in form and substance, 5. Term, The term of this Agreement shall be ten (10) years from the completion of the Eligible Improvements, Upon receipt of the maximum rebate amount by the Cyclery in accordance with this Agreement, WRURA's obligation to rebate Sales Tax and Property Increments to the Cyclery shall tenninate. Upon expiration of the term of this Agreement, the parties' obligations hereunder shall terminate, whether or not the maximum amount of Sales and Property Tax Increment rebate has been reached, 6. Inspection. The Cyclery agrees to permit officials or representatives from WRURA to inspect the Property at any reasonable time to determine whether the specified improvements have been commenced or completed, and to determine whether such improvements meet the requirements set forth in this Agreement. 7. Compliance with law. In carrying out its obligations under this Agreement, the Cyclery agrees to comply with all applicable laws, including City ordinances and building codes. 8. Limitation of Liability. IN NO EVENT WILL WRURA BE LIABLE FOR ANY CONSEQUENTIAL, INDIRECT, EXEMPLARY, SPECIAL OR INCIDENTIAL DAMAGES, INCLUDING ANY LOST PROFITS, ARISING FROM OR RELATING TO THIS AGREEMENT. WRURA'S TOTAL CUMULATIVE LIABILITY IN CONNECTION WITH THIS AGREEMENT WHETHER IN CONTRACT OR TORT OR OTHERWISE, SHALL NOT EXCEED THE AMOUNT AGREED TO BE PAID TO THE CYCLERY HEREUNDER, BOTH PARTIES ACKNOWLEDGE THAT THE FEES REFLECT THE ALLOCATION OF RISK SET FORTH IN THIS AGREEMENT AND THAT NEITHER PARTY WOULD ENTER INTO THIS AGREEMENT WITHOUT THESE LIMITATIONS ON THEIR LIABILITY. 3 03/16/07 I Isrv-ci-eng-002 lusers$\awhitelA II Files I URA \38th Avenue I WR Cyclery IlmprovementAgreement _ Cyclery-4. doc 9. Miscellaneous. a, Governing Law and Venue. This Agreement shall be governed by the laws of the State of Colorado, and any legal action concerning the provisions hereof shall be brought in the District Court of Jefferson County, Colorado. b. No Waiver, Delays in enforcement or the waiver of anyone or more defaults or breaches of this Agreement by the WRURA shall not constitute a waiver of any of the other terms or obligation of this Agreement. c, Integration, This Agreement and any attached exhibits constitute the entire Agreement between the Cyclery and WRURA, superseding all prior oral or written communications, d, Third Parties, There are no intended third-party beneficiaries to this Agreement. None of the professionals, contractors, or subcontractors hired by the Cyclery shall be intended third-party beneficiaries of this Agreement. e, Notice, Any notice under this Agreement shall be in writing, and shall be deemed sufficient when directly presented or sent pre-paid, first class United States Mail, addressed to: WURA: Alan White, Executive Director Wheat Ridge Urban Renewal Authority 7500 W, 29th Avenue Wheat Ridge, CO 80033 With a copy to: Cyclery: Corey Hoffmann Hayes, Phillips, Hoffmann & Carberry, PC Suite 450, The Market Center 1350 17th Street Denver, CO 80202-1576 \<0.,) AL.A Ii- I<: oFeL 7085 West 38th Avenue Wheat Ridge, CO 80033 f. Severabilitv, If any provision of this Agreement is found by a court of competent jurisdiction to be unlawful or unenforceable for any reason, the remaining provisions hereof shall remain in full force and effect. g. Modification, This Agreement may only be modified upon written agreement ofthe Parties, 4 03/16/07 ! Isrv-ci-eng-002Iusers$lawhite lAll Files! URA !38th Avenue! WRCycleryllmprovementAgreement _ Cyclely-4. doc h. Assignment. Neither this Agreement nor any of the rights or obligations of the Cyclery shall be assigned by the Cyclery without the written consent ofWRURA, i. Governmental Immunitv. WRURA, its officers, and its employees, are relying on, and do not waive or intend to waive by any provision of this Agreement, the monetary limitations (presently one hundred fifty thousand dollars ($150,000) per person and six hundred thousand dollars ($600,000) per occurrence) or any other rights, immunities, and protections provided by the Colorado Governmental Immunity Act, C.R,S, 9 24-10-101, et seq., as amended, or otherwise available to WRURA and its officers or employees, J, Rights and Remedies, The rights and remedies of WRURA under this Agreement are in addition to any other rights and remedies provided by law, The expiration ofthis Agreement shall in no way limit WRURA's legal or equitable remedies, or the period in which such remedies may be asserted, for work negligently or defectively performed. IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on the date first set forth above. By: STATE OF COLORADO COUNTYOF :ref(:ev--.5oi" ) ) ss. ) The foregoing instrument was subscribed, sworn to and acknowledged before me this :;i( S", day of 1/)0. f'( h , 2007, by1<oila.ld. VI: Kie.{e.I, as V{(.iI. V'ff's. of the Wheat Ridge Cyclery. My commission expires: /0/2.0/07 (S E A L) J1L~.;) Y!W Notary Public ' 03/16/07 I Isrv-ci-eng-002 lusers $Iawhite \All Files I URA !38th Avenue! WR Cyclery IImprovementAgreement _ Cyclely-4. doc 5 EXHIBIT A Commencing at the southeast corner of Section 23, Township 3 South, Range 69 West of the 6th Principal Meridian; thence S89038'23"W a distance of 1018.72 feet along the south line of said Section; thence NOoo14'Ol"W a distance of 30.00 feet to the southeast corner of Lot 1, Craig Subdivision and the Point of Belrinning; thence along the southerly and westerly lines of said Lot 1 and the westerly line of said Lot 2, the following 3 courses: 1) S89038'23"W a distance of 104.97 feet to a point of curvature; 2) along the arc of a curve to the right having a radius of 15,06 feet through a central angle of 90007'36" and having an arc length of 23.60 feet, a chord bearing N45017' 49"W and a chord length of 21.24 feet to a point of tangency; 3) NOoo14'01"W a distance of 210,97 feet to the northwest corner of the south 6 feet of said Lot 2; Thence N89038'23"E a distance of 120,00 feet along the north line of the south 6 feet of said Lot 2; thence SOoo14'01"E a distance of 226.00 feet along the east line of said Lot 1 and said Lot 2 to the Point of Beginning, Containing 27,070 square feet or 0.621 acres more or less. EXHIBIT B ELIGIBLE IMPROVEMENTS AND ESTIMATED COSTS a. Masonry. The Cyclery shall undertake a project at an estimated cost of Thirty Seven Thousand Twenty dollars ($37,020.00) for masonry work around the Property, which shall meet the specifications set forth in the schedule attached hereto as Exhibit B- 1. b, Utilities. The Cyclery shall undertake a project to upgrade its power system to a 3-phase system and to underground the power line across High Court, at an estimated cost of Thirty Thousand Eight Hundred Twenty dollars ($30,820.00), which shall meet the specifications set forth in the schedule attached hereto as Exhibit B-2, c, Roof Svstem. The Cyclery shall undertake to expend approximately One Hundred Fifty Five Thousand Eight Hundred Ten dollars ($155,810.00) in roof repairs, which shall meet the specifications set forth in the schedule attached hereto as Exhibit B- 3. d. Paving Stone/Hardscape and Landscaping. The Cyclery shall undertake a project to install pave stone or stamped concrete along the new store front on High Court and install planter and landscaping at 38th and High Court at an estimated cost of Fourteen Thousand Eight Hundred Ten dollars ($14,810,00), which shall meet the specifications set forth in the schedule attached hereto as Exhibit B-4. e, Curb and Gutters. The Cyclery shall undertake a project to install 220 lineal feet of curb and gutter along High Court at an estimated cost of Eight Thousand Four Hundred Twenty dollars ($8,420.00), which shall meet the specifications set forth in the schedule attached hereto as Exhibit B-5. f. Demolition. The Cyclery shall undertake a project to demolish certain improvements which are necessary for the elimination of blight and are part of the redevelopment of the Property, at an estimated cost of Four Thousand Eight Hundred dollars ($4,800,00), which shall meet the specifications set forth in the schedule attached hereto as Exhibit B-6. g. Public Arts Panels. The Cyclery shall undertake a project to install public arts panels at an estimated cost of Twelve Thousand Five Hundred dollars ($12,500.00), which shall meet the specifications set forth in the schedule attached hereto as Exhibit B- 7. 03/16/07 I Isn'-ci-eng-002 !users$lawhite \All Files \ URA 13 8th A venue! WRCyclery IImprovementAgreement _ Cyclery-4. doc EXHIBIT B-1 MASONRY WORK SPECIFICATIONS 1, Upgrade 1304 square feet of concrete masomy block, split face and smooth face block with integral coloring. 2, Construct six upgraded stone columns at entrance, including upgraded capstones, construct 1,800 square feet of stone fa9ade, and install three stone landscape pillars with upgraded capstones. 3. Install new storefront window on existing west exterior wall. Total $37,020.00. 03/16/07 \ Isrv-ci-eng-002 lusers$lawhite \All Filesl URA 138th A venue 1 WR CyclerylImprovementAgreement _ Cyclery-4.doc EXHIBIT B-2 UTILITY WORK SPECIFICATIONS 1. Disconnect, relocate and underground overhead electric lines; convert to 3-phase. 2. Disconnect and relocate natural gas line, Total $30,820.00 03/16/07 1 !srv-ci-eng-002Iusers$ !awhite lA II Filesl URA 138th A venue 1 WR CycleryllmprovementAgreement _ Cyclery-4. doc EXHIBIT B-3 ROOF SYSTEM SPECIFICATIONS 1. Install 7,000 square feet of new upgraded metal roof system with special bow trusses, spray-on insulation and green standing seam metal roofing, Total $155,810.00 03/16/07 1 Isrv-ci-eng-002Iusers$lawhitelAll Files I URA 13 8th A venuel WRCyclery IImprovementAgreement _ Cyclery-4. doc EXHIBIT B-4 HARDSCAPE AND LANDSCAPE SPECIFICATIONS 1. Install 1,016 square feet of paver stone at front of new entrance. 2. Install additional landscaping in planter at northwest corner of building . 3. Install new street tree at southwest corner of building . Total $14,810,00 03/16/07 1 Isrv-ci-eng-002Iusers $lawhitelAll Files 1 URA 13 8th A venue 1 WR Cyclery IlmprovementAgreement _ Cyclely-4. doc EXHIBIT B-5 CURB AND GUTTER SPECIFICATIONS 1. Cut and remove asphalt; instal1147linear feet of curb and gutter, drain pan, handicapped ramp; patch back and restripe. Total $8,420.00 03/16/07 1 Isrv-ci-eng-002 lusers $lawhitelAll Files 1 URA 13 8th Avenue \ WR CyclerylImprovementAgreement _ Cyclery-4. doc EXHIBIT B-6 DEMOLITION WORK SPECIFICATIONS 1. Demolition of structures and paved areas within urban renewal portion of property, Total $4,800.00 03/16/07 1 Isrv-ci-eng-002\users$lawhitelAll Files 1 URA 13 8th A venue 1 WR CyclerylImprovementAgreement _ Cyclery-4. doc EXHIBIT B-7 PUBLIC ARTS PANELS SPECIFICATIONS 1, Fabricate and install art panels on west and south exterior walls, including architectural metal banding at top of parapets on south side of building. Total $12,500.00 03/21107 1 Isrv-ci-eng-002 lusers$lawhitelAll Files 1 URA 138th Avenue\ WR CyclerylImprovementAgreement _ Cyclery-4.doc EXHIBIT B- 7 PUBLLIC ARTS PANELS SPECIFICATIONS 1. Fabricate and install art panels on west and south exterior walls, including architectural metal banding at top of parapets on south side of building. Total $12,500.00 03/16/07 1 Isrv-ci-eng-002 lusers$\awh itelAll Files 1 URA 13 8th Avenue 1 WR CyclerylImprovementAgreement _ Cyclery-4.doc