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HomeMy WebLinkAboutURA Resolution 2009-03WHEAT RIDGE URBAN RENEWAL AUTHORITY WHEAT RIDGE, COLORADO RESOLUTION NO. 3 SERIES OF 2009 TITLE: A RESOLUTION ADOPTING THE THIRD MODIFICATION TO THE 38Tn AVENUE CORRIDOR REDEVELOPMENT PLAN TO SUSPEND THE TIE FOR THE CORNERSTONE PROJECT PROPERTY WHEREAS, in 2001, the Wheat Ridge City Council approved an urban renewal plan known as the 38th Avenue Corridor Redevelopment Plan (the "Urban Renewal Plan") for the elimination of blight and redevelopment of certain portions of the City; WHEREAS, the Urban Renewal Plan included an area described in Exhibit A hereto, which is the location of a discontinued redevelopment project (the "Cornerstone Property"); WHEREAS, Section 5 of the Urban Renewal Plan provided for the utilization of sales and property tax incremental revenue sources for the Cornerstone Property (the "TIF"); WHEREAS, due to the discontinuation of the redevelopment project at the Cornerstone Property, the Wheat Ridge Urban Renewal Authority desires to suspend the TIF for the Cornerstone Property until a new redevelopment project is undertaken at that location; WHEREAS, the Urban Renewal Plan has been amended twice previously; first, on October 27, 2003, by the First Modification to the 38`h Avenue Corridor Redevelopment Plan, and second, on December 11, 2006 by the Second Amendment to the 38th Avenue Corridor Redevelopment Plan; and WHEREAS, in compliance with the Urban Renewal Law of Colorado, C.R.S. § 31-25-101 et seq., the Wheat Ridge Urban Renewal Authority desires to suspend the use of tax increment financing for the Cornerstone Property as described in Exhibit A. NOW THEREFORE BE IT RESOLVED by the Wheat Ridge Urban Renewal Authority of the City of Wheat Ridge, Colorado, as follows: Section 1. The modification to the 38th Avenue Corridor Redevelopment Plan suspending the use of tax increment financing for the Cornerstone Property as described in more detail in Exhibit A is hereby approved. Section 2. The modification set forth in Exhibit A does not substantially change the urban renewal plan in land area, land use, design, building requirements, timing, or procedure, and therefore does not constitute a substantial modification to the 38`h Avenue Corridor Redevelopment Plan pursuant to C.R.S. § 31-25-107(7). Section 3. The Authority hereby transmits the proposed third modification to the 38"' Avenue Redevelopment Plan to the City Council with the request that the City Council adopt the redevelopment plan modification. DONE AND RESOLVED THIS this 7th day of April, 2009. WHEAT IDGEURBAN NEWALAUTHORITY By: Chairman ATTEST: C Secretary to the Autho it THIRD AMENDMENT TO THE 38Tn AVENUE CORRIDOR REDEVELOPMENT PLAN 1. Section 5.3 of the 38"' Avenue Corridor Redevelopment Plan ("Plan") is hereby amended to read as follows: 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 B. 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 B. 2. Appendix A, as referenced in the First and Second Amendments is hereby deleted. Appendix A to the 38th Avenue Corridor Redevelopment Plan shall be the description of all the property contained within the Redevelopment Area as defined in the original Appendix A of the 38th Avenue Corridor Redevelopment Plan. APPENDIX B TO THE 38TH AVENUE CORRIDOR REDEVELOPMENT PLAN 1. Cornerstone Property a. Date TIF implemented: October 27, 2003 Council Resolution: No. 26, Series 2003 (October 27, 2003) b. Date TIF suspended: 12009 Council Resolution: No. Series 2009 2009) 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 00° 15' 49" E along the East line of said Northeast said line also being the centerline of Sheridan Boulevard, 65.00 feet; thence S 89° 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 45° 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 89° 59' 58" W, 115.45 feet; thence N 00° 15' 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 38`h Avenue; thence S 89° 59' 58" W along said Northerly line of Block 1, 135.45 feet to the Northwest corner of said Block 1; thence S 00° 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 4° 15' 17" and whose chord bears S 2° 23' 28" E, 38.83 feet, to the Southwesterly corner of Lot 21 of said Block 1; thence N 89° 59' 58" E along the Southerly line of said Lot 21, 134.01 feet to the Southeast corner of said Lot 21; thence N 00° 15' 49" W along the East line of said Lot 21, 25.00 feet; thence N 89° 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 00° 15' 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. (for purposes of this Section 1 to Appendix B, the "Project Area") d. TIF terms: i. Property Tax Increment. One hundred percent (100%) of the property tax payable to the Authority under C.R.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. § 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. iii. Expiration of Sales and Property 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 after twenty-five (25) years of imposition of the sales and property tax TIF, 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. Council Resolution: No. 55, Series 2006 (December 11, 2006) C. Legal Description: (for purposes of this Section 2 to Appendix B, the "Project Area") d. TIF terms: i. Property Tax Increment. One hundred percent (100%) of the property tax payable to the Authority under C.R.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. § 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. iii. Expiration of Sales and Property 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 after twenty-five (25) years of imposition of the sales and property tax TIF, 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.