HomeMy WebLinkAboutResolution 19, 2018CITY OF WHEAT RIDGE, COLORADO
RESOLUTION NO. 19
Series of 2018
TITLE: A RESOLUTION APPROVING AN INTERGOVERNMENTAL
AGREEMENT BETWEEN THE CITY OF WHEAT RIDGE AND
THE LONGS PEAK METROPOLITAN DISTRICT FOR HOOK
RAMP COST REIMBURSEMENT
WHEREAS, pursuant to Charter Section 14.2 and C.R.S. § 29-1-203, the City of
Wheat Ridge is authorized to enter into cooperative agreements with other
governmental entities; and
WHEREAS, the City and the Longs Peak Metropolitan District have negotiated
an intergovernmental agreement for reimbursement of certain costs incurred in the
construction of the hook ramp project at the intersection of Interstate 70 and 32nd
Avenue within the City; and
WHEREAS, in accordance with Section 14.2 of the City's Home Rule Charter,
the City Council wishes to approve said intergovernmental agreement by resolution.
NOW, THEREFORE, BE IT RESOLVED by the Wheat Ridge City Council, that:
The Intergovernmental Agreement by and between the Longs Peak Metropolitan District
and the City of Wheat Ridge attached to this Resolution and incorporated herein by
reference, is hereby approved, and the Mayor and City Clerk are authorized and
directed to execute the same.
DONE AND RESOLVED this<2il!Jday of trn1J,eJv , 2018.
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ATTEST:
this Agreement. Capitalized terms not defined herein shall have the meaning provided in the
IGA.
2. REIMBURSEMENT. The District covenants to pay to the City any Contingency
Reimbursement and Mediation Reimbursement (collectively, the "Reimbursement") as follows:
a. Distribution Agreement. The District is a party to that certain Distribution
Agreement for Reimbursement of Capital Advances and Purchase of Public
Infrastructure by and between the District, Cabela's Wholesale, Inc., Evergreen-Clear
Creek Crossing, L.L.C., and Coors Brewing Company dated December 16, 2016 (the
"Distribution Agreement"). Paragraph 6 of the Distribution Agreement sets forth a
mandatory order for the District's distribution of "district revenues" to reimburse
certain capital advances and pay for public infrastructure identified as the "Additional
Infrastructure". Paragraph 6(II) provides that the District may distribute "district
revenues" to "cause the construction of the Additional Infrastructure, by financing the
construction directly and/or paying to Evergreen the cost of any Additional
Infrastructure constructed by Evergreen and acquired by the District... until the
District has financed the cost of all Additional Infrastructure". The "Additional
Infrastructure" is the Project and CCC Project.
b. Payment from Bond Proceeds. The District currently anticipates the issuance of
one or more series of bonds to finance the distributions set forth in Paragraphs 6(1)
and 6(II) of the Distribution Agreement (the "Bonds"). The District covenants to
include the Reimbursement in the approved uses for the Bonds subject to its ability to
issue the Bonds with sufficient proceeds and reasonable terms therefor. If the
Reimbursement is included in the approved uses for the Bonds, the District shall pay
to the City all remaining proceeds up to the Reimbursement amount after the CCC
Project has been financed and completed in its entirety. In no event shall the City be
entitled to any Reimbursement payment from the Bonds until the District has
completed and paid for the CCC Project "Additional Infrastructure" in its entirety.
c. Payment from General Fund. If the District is unable to pay to the City the entire
Reimbursement pursuant to Paragraph 2(b) of this Agreement, the District, in any
year, and subject to the requirements of the Distribution Agreement, may appropriate
and pay from its general fund some or all of the Reimbursement.
d. Subject to Annual Appropriation. The District's obligation to. pay the
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Reimbursement to the City is subject to the annual appropriation of funds by the
District upon a determination by the District's Board of Directors that funds are
available therefor and that such funds are not needed or pledged for other District
obligations. Accordingly, the District's obligation to pay the Reimbursement to the
City does not constitute a debt, indebtedness, or multiple fiscal year obligation of the
District.
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e. No Interest. The City agrees that the Reimbursement shall accrue interest at a rate of
zero percent (0%) per annum and shall not be subject to any statutory interest or
penalty of any kind whatsoever.
3. TERM. This Agreement shall become effective upon the creation of a Contingency
Reimbursement or Mediation Reimbursement and sha11 continue in effect until the District has
paid the Reimbursement in full. This Agreement may be terminated by the mutual agreement of
the City and District, upon which all obligations herein shall be deemed satisfied.
4. ACCOUNTING FOR FUNDS. The City and District shall direct their accounting staff
and consultants to account for and determine the amount of any Reimbursement obligation to be
paid by the District. Any dispute over the amount of the Reimbursement shall be resolved in the
same manner as a payment objection as set forth in Paragraph 4(D) of the IGA.
5. NOTICES. Any notices or other communications required or permitted by this
Agreement or by law to be served on, given to or delivered to either party hereto, by the other
party shall be in writing and shall be deemed duly served, given or delivered when personally
delivered to the party to whom it is addressed or in lieu of such personal service, upon receipt in
the United States mail, first-class postage prepaid, or by personal delivery service addressed as
follows:
to the City of Wheat Ridge:
Patrick Goff, City Manager
City of Wheat Ridge
7500 W. 29th Ave.
Wheat Ridge, CO 80033
with a copy to Wheat Ridge City Attorney:
Gerald Dahl, City Attorney
Murray Dahl Kuechenmeister & Renaud, LLP
710 Kipling Street, Suite 300
Lakewood, CO 80215
to the Longs Peak Metropolitan District c/o:
Kirn J. Seter, Esq.
Seter & Vander Wall, P.C.
7400 E. Orchard Rd., Suite 3300
Greenwood Village, CO 80111
Either party, the District or the City, may change its address for the purpose of this paragraph by
giving written notice of such change to the other party in the manner provided in this paragraph.
6. ASSIGNMENT. This Agreement may be assigned only with the prior written consent of
the non-assigning party.
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