HomeMy WebLinkAbout2024 - RESO 31 - Clearvale TIF agreementCITY OF WHEAT RIDGE, COLORADO RESOLUTION NO. 31 Series of 2024
TITLE: A RESOLUTION APPROVING A TAX INCREMENT REVENUE AGREEMENT BETWEEN THE CITY OF WHEAT RIDGE AND THE WHEAT RIDGE URBAN RENEWAL AUTHORITY DBA RENEWAL WHEAT RIDGE PERTAINING
TO THE CLEARVALE URBAN RENEWAL PLAN WHEREAS, the City is a home rule municipality and political subdivision of the State of Colorado organized and existing under a home rule charter pursuant to Article XX of the Constitution of the State of Colorado; 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 reviewed the Tax Increment Revenue
Agreement, as shown in Exhibit A, for a proposed Clearvale Urban Renewal Plan area; and
WHEREAS, the Authority has determined that the inclusion of Tax Increment Revenues are necessary to remediate blighting conditions in the proposed plan area 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 City sales tax increment revenues; and
WHEREAS, the Plan will adopt the utilization of property and sales tax increment
for the Property and authorizes the Authority to pledge such property tax increment revenues and City sales tax increment revenues to finance public infrastructure that benefits the Urban Renewal Area (as defined therein); and
WHEREAS, in order to finance certain eligible improvements for the Plan Area, the requirements for the establishment of an urban renewal plan are outlined in the
Colorado Urban Renewal Law, Colorado Revised Statutes (C.R.S.) § 31‐25‐101 et seq.
In order to establish an area for urban renewal, there are an array of conditions that
must be documented to establish a condition of blight (C.R.S.) § 31‐25‐103; and
WHEREAS, there have been identified many blighting conditions and the necessity to remediate those blighting conditions through the use of Tax Increment Financing.
ATTACHMENT 1
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NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Wheat Ridge, Colorado, that:
Section 1. Finding of Best Interests and Public Purpose. The City Council
hereby finds and determines, 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 a Tax Increment Revenue Agreement is in the best interests of the inhabitants of the City.
Section 2. Direction to Act. The City Clerk is hereby authorized and directed
to attest all signatures and acts of any official of the City in connection with the matters authorized by this Resolution and to place the seal of the City on any document authorized and approved by this Resolution. The Mayor, the City Manager, the City Clerk, the City Attorney, and all other appropriate officials or employees of the City are hereby authorized and directed to execute and deliver
for and on behalf of the City any and all additional certificates, documents, instruments and other papers, and to perform all other acts that they deem necessary or appropriate, in order to facilitate the redevelopment of the Project and implement and carry out the transactions and other matters authorized by this Resolution.
Section 3. Ratification. All actions (not inconsistent with the provisions of this
Resolution) heretofore taken by the City Council, or the officers, employees or agents of the City directed toward the redevelopment of the Project and the execution and delivery of the First Amendment are hereby ratified, approved and confirmed.
Section 4. Severability. If any section, subsection, paragraph, clause or
provision of this Resolution or the documents hereby authorized and approved shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, subsection, paragraph, clause or provision shall not affect any of the remaining provisions of this Resolution or such documents,
the intent being that the same are severable.
Section 5. Repealer. All prior resolutions, or parts thereof, inconsistent herewith are hereby repealed to the extent of such inconsistency.
Section 6. Effectiveness. This Resolution shall take effect immediately.
DONE AND RESOLVED this 24th day of June 2024.
Bud Starker, Mayor
Attest:
Margy Greer, Senior Deputy City Clerk
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EXHIBIT A
TAX INCREMENT REVENUE AGREEMENT (CITY OF WHEAT RIDGE) (CLEARVALE URBAN RENEWAL PLAN)