HomeMy WebLinkAboutResolution 30, 2021
CITY OF WHEAT RIDGE, COLORADO RESOLUTION NO. 30 Series of 2021
TITLE: A RESOLUTION OF THE CITY OF WHEAT RIDGE, COLORADO APPROVING AN INTERGOVERNMENTAL AGREEMENT CONCERNING THE PROPOSED FINANCE OF CERTAIN ACTIVITIES AND UNDERTAKINGS WITHIN THE I70/KIPLING CORRIDORS URBAN RENEWAL PLAN AREA
SECURED BY THE PROPOSED INCURRENCE OF A BOND BY THE WHEAT RIDGE URBAN RENEWAL AUTHORITY TO BE SECURED BY CERTAIN TAX INCREMENT REVENUES GENERATED BY THE PLAN AREA
WHEREAS, pursuant to Section 14.12 of the Home Rule Charter, C.R.S. §§ 29-
1-201 and 203, and Colo. Const. Art. XIV, § 18(2)(a), the City of Wheat Ridge is authorized to enter into cooperative agreements with other governmental entities to provide any function, service or facility each is authorized to undertake; and
WHEREAS, the City Council of the City (the “City Council”) established the
Wheat Ridge Urban Renewal Authority d/b/a/ Renewal Wheat Ridge (the “Authority”) on
October 18, 1981, as an urban renewal authority pursuant to Colorado Revised Statutes, Part 1 of Title 31, Article 25, as amended; and
WHEREAS, the City Council has adopted the I-70/Kipling Corridors Urban Renewal Plan, as amended (the “Urban Renewal Plan” or the “Plan”) for the area
described therein (the “Urban Renewal Area”); and
WHEREAS, the Authority desires to issue a Bond for certain Public Improvements (Improvements) within the Urban Renewal Plan; and
WHEREAS, the Authority has entered into a Cooperation Agreement with City of Wheat Ridge to relating to replenishment of funds in the bond reserve account; and
WHEREAS, the City has determined and hereby determines that it is in the best
interests of the City and its citizens to assist in the Improvements funded by the Authority through the bond; and
WHEREAS, the Authority has determined that the Improvements will remediate blight and is consistent with and in furtherance of the purposes of the Authority and the
Plan; and
WHEREAS, the Urban Renewal Plan contemplates that a primary method of financing projects within the Urban Renewal Area will be through the use of property tax increment revenues; and
WHEREAS, in connection with the Improvements and the incurrence of the Bond
by the Authority, it is necessary and in the best interests of the City to enter into an
Intergovernmental Agreement (the “Intergovernmental Agreement”) between the City and the Authority; and
WHEREAS, there has been filed with the City Clerk of the City (the “City Clerk”)
the proposed form of the Intergovernmental Agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Wheat Ridge, Colorado, that:
A.Finding of Best Interests and Public Purpose. The City Council hereby finds anddetermines, pursuant to the Constitution, the laws of the State and the City’s home
rule charter (the “Charter”), and in accordance with the foregoing recitals, that
adopting this Resolution, entering into the Intergovernmental Agreement (Exhibit1), and facilitating the performance of duties relating the expenditure toward publicimprovements are necessary, convenient, and in furtherance of the City’spurposes and are in the best interests of the inhabitants of the City.
DONE AND RESOLVED this 14th day of June 2021.
Bud Starker, Mayor ATTEST:
Steve Kirkpatrick, City Clerk
EXHIBIT 1
INTERGOVERNMENTAL AGREEMENT
THIS INTERGOVERNMENTAL AGREEMENT (the "Agreement") dated as of the ____ day of __________, 2021, is entered into by and between the City of Wheat Ridge, Colorado (the
"City"), a home rule municipal corporation of the State of Colorado, and the Wheat Ridge Urban
Renewal Authority dba Renewal Wheat Ridge (the "Authority"), a body corporate duly organized and existing as an urban renewal authority under the laws of the State of Colorado.
RECITALS:
WHEREAS, the City is a home rule municipality and municipal corporation duly organized
and existing under and pursuant to Article XX of the Colorado Constitution and the Home Rule
Charter of the City of Wheat Ridge;
WHEREAS, the Authority is a body corporate and has been duly organized established and authorized by the City to transact business and exercise its powers as an urban renewal authority, all under and pursuant to the Colorado Urban Renewal Law, C.R.S. § 31-25-101, et seq.
(the "Act");
WHEREAS, pursuant to C.R.S. § 31-25-109 of the Act, the Authority has the power and authority to issue or to incur notes, interim certificates or receipts, temporary bonds, certificates of indebtedness, debentures, advances or other obligations including refunding obligations (collectively, the "Obligations"), for the purpose of financing the activities and operations
authorized to be undertaken by the Authority with respect to the projects in accordance with an
adopted urban renewal plan and the Act as approved by the City;
WHEREAS, the Authority has determined pursuant to the statutory authorization set forth in C.R.S. § 31-25-103(10)(c), and C.R.S. § 31-25-105(1)(c) to construct and otherwise provide for public improvements in furtherance of the I-70/Kipling Urban Renewal Plan (collectively, the
"Capital Projects");
WHEREAS, the City and the Authority desire to enter into this Agreement to set forth the relationship between the City and the Authority regarding the construction of the Capital Projects by the Authority; and
WHEREAS, the Act, C.R.S. 29-1-203and Section 18 Article XIV of the Colorado
Constitution authorize the City and the Authority to enter into cooperative agreements such as this
Agreement.
NOW, THEREFORE, in consideration of the foregoing recitals and the following terms and conditions, the City and the Authority hereby agree to this Agreement as follows:
1.CAPITAL PROJECTS WITHIN THE I-70/KIPLING URBAN RENEWAL
PLAN AREA.
The City and the Authority desire to have the Authority fund or otherwise provide the Capital Projects more particularly described in Exhibit A, attached hereto, and incorporated herein
June
14th
by this reference, pursuant to C.R.S. § 31-25-103(10)(c), and C.R.S. § 31-25-105(1)(c), and seek to utilize the process set forth in this Agreement.
A. The City and the Authority therefore agree the provisions of this Agreement
shall apply if the Authority approves the funding for the providing of any of the Capital Projects identified in Exhibit A.
B. The Parties agree that the Authority shall provide the necessary funds for any Capital Project identified on Exhibit A, including necessary soft costs, and said funds
shall thereafter be appropriated by the City for such Capital Projects as more particularly
described in the contracts of the City approving any of the identified Capital Projects. The City shall use the City procurement processes and City employees in order to contract for the completion of the Capital Projects with the segregated funds as set forth herein. The Authority shall have no obligation after providing the funds to the City for construction of
the Capital Projects.
2. MISCELLANEOUS.
A. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado and shall be subject to the limitations if any that are applicable under the Charter or ordinances of the City.
B. Notices. All notices and other communications hereunder shall be
sufficiently given and shall be deemed given when delivered or mailed by first class mail postage prepaid addressed as follows:
If to the City:
City of Wheat Ridge, Colorado
Attn:
7500 West 29th Avenue Wheat Ridge, Colorado 80033
If to the Authority:
Renewal Wheat Ridge
Attn: Steve Art
7500 West 29th Avenue Wheat Ridge, Colorado 80033
The City or the Authority may, by notice given hereunder, designate any further or different addresses to which subsequent notices or other communications shall be sent.
C. Termination. Either party may terminate this Agreement upon thirty (30)
days' written notice to the other party provided however there are no outstanding amounts payable by the Authority to the City, unless satisfactory arrangements have been made in the sole discretion of the City for the payment of such amounts.
Exhibit A