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Home My WebLink AboutResolution-1994-1424 RESOLUTION NO. 1424 TITLE: RESOLUTION APPROVING THE REDEVELOPKENT OF THE PARK 'N SHOP SUBDIVISION AS AN ECONOMIC DEVELOPMENT AND REVITALIZATION COMMISSION (EDARC) PROJECT PURSUANT TO THE WHEAT RIDGE TOWN CENTER URBAN RENEWAL PLAN, AUTHORIZING EDARC TO ENTER INTO A CONTRACT WITH THE REDEVELOPER FOR THE PURPOSE OF REDEVELOPING THE PARK 'N SHOP SUBDIVISION, AND APPROVING AN EDARC BUDGET FOR THE PROJECT. WHEREAS, the Wheat Ridge city Council adopted the Wheat Ridge Town Center Urban Renewal Plan (the "Plan") by Resolution No. 756, Series of 1981 dated December 14, 1981, and amended October 12, 1987 by Resolution No. 1053, Series of 1987, and modified on September 14, 1992 by Resolution No. 1313, Series of 1992, pursuant to the Colorado Urban Renewal Law, Title 31, Article 25, Part 1, C.R.S. as amended; and WHEREAS, the Plan states in pertinent part in section II. A. the following: "It is in the public interest to prevent further deterioration of the Project Area by the cooperation and coordination of Urban Renewal Authority intervention in the private market through property acquisition, assemblage, and resale for development, redevelopment and/ or rehabilitation, or by the Authority's financial participation in similar endeavors by the public sector. The commercially zoned areas east of Wadsworth Blvd. between West 38th Ave. and West 44th Ave. to Upham, ... is therefore identified for acquisition and private development to achieve the goals and objectives of this Urban Renewal Plan and the Wheat Ridge Town Center Master Plan."; and WHEREAS, the Proposed Project Objectives stated in Section II.B. provides as follows: "1. The Authority may acquire property..., assemble the property and sell it to a private developer to achieve new development, rehabilitation or redevelopment which is consistent with and promotes the concepts and goals and objectives of the Urban Renewal Plan. The terms of the sale and redevelopment shall be controlled by a Disposition and Development Agreement between the Authority and a developer. 2. The Authority may rehabilitate existing structures or parkinq lots, provided that the property owners are willing to cooperate financially. 3. The Authority may participate financially in the design and/or construction of private rehabilitation projects when requested by property owners and where substantial progress towards meeting the goals of the Urban Renewal Plan will occur. Financial participation may include but not be limited to services-in-kind, grants or loans."; and "3. Encouragement of increased patronage of businesses within the Urban Renewal Area and adjacent areas by improving signage, traffic circulation, access, attractiveness, unification and recognition of the commercial center. 4. provision of a stronger, more balanced tax base through new development or rehabilitation or existing properties resulting in increased commercial activity. 5. Encouragement of rehabilitation of properties that have a potential for function more compatible with new development."; and WHEREAS, section III. E. "Project Activities" include Property Management, Relocation, Property Acquisition, Demolition Clearance and site Preparation, and Public Improvements and Facilities and all other permitted powers granted to any urban renewal authority under the provisions of the Urban Renewal Law od the state of Colorado, Part 1 of Article 25 of Title 31, Colorado Revised Statutes."; and WHEREAS, section III. E.l. second paragraph states as follows: "Notwithstanding the foregoing, EDARC shall exercise each or any of the powers set forth in this section III. E., Subsections 1 through 6 inclusive, only upon the prior approval by a majority of city Council present and voting at a regular or special city council meeting."; and WHEREAS, section III. F.l. provides as follows: "The Authority is authorized to finance projects for the implementation of this Plan with property tax increments, sales tax increments, interest income, or any other legal source of funds. Until the effective date of abolishment of the Authority, no tax increment funds or other funds in the possession of the Authority shall be expended or otherwise distributed except upon projects, or pursuant to contracts, or pursuant to budgets, which have been approved by a majority of the members of the Wheat Ridge City council present and voting at a regular or special city council meeting."; and WHEREAS, EDARC currently is negotiating an agreement with a developer, Lee Ambrose as general partner, for the redevelopment and rehabilitation of the Park 'N Shop subdivision which may include relocation, property acquisition, demolition clearance and site preparation, and construction of public improvements. NOW THEREFORE BE IT RESOLVED by the city Council of the city of Wheat Ridge as follows: 1. In compliance with the Wheat Ridge Town Center Urban Renewal Plan, the Wheat Ridge City Council hereby adopts and WHEREAS, section II.C. proiect Activities states as follows: " The project activities shall be to participate and assist in the new development, redevelopment or rehabilitation of the Wheat Ridge Town Center, which by way of illustration but not by limitation may include the following: 1. Assist or cooperate with a developer, redeveloper or rehabilitator in the completion of a development in the Wheat Ridge Town Center; and lor 2. Acquire by lease, negotiated agreement or exercise of the power of eminent domain the right to fee simple interest or any other interest in real property and personal property; and/or 3. Assist qualified businesses, tenants and occupants with moving and other relocation expenses associated with redevelopment or rehabilitation in the project area.... and/or 4. Complete site preparation or proposed redevelopment projects within the redevelopment area which may include by not be limited to, demolition and clearance of buildings, structures, pavement, and all other types of improvements, and relocation or provision of pUblic and other utilities; and/or 5. provision of public improvements and facilities iwhich may include but not be limited to traffic control devices, street and traffic access improvements, curbs and gutters, drives, sidewalks, parks and perimeter landscaping, drainage and signage. The acquisition of necessary public right-of-way to satisfy the classification of Wadsworth Blvd. as a "Major Regional Arterial", and the construction of transportation improvements related thereto may also be included in such projects; and/or 6. Provide financial construction of private rehabilitation projects which or loans; and/or assistance in the design and development, redevelopment or may include grants, services-in-kind 7. Assist in the overall beautification Town Center, which may include various landscaping...."; and WHEREAS, Section III. B. second paragraph provides as follows: of the Wheat Ridge improvements and liThe 'project' describes the sum total of all project Elements and Project Purposes previously described in section II.. and described in this section III."; and WHEREAS, section III C. that: provides under "Project purposes" designates the redevelopment of the Park 'N Shop sUbdivision as an approved "Project." 2. The Wheat Ridge city Council hereby approves and authorizes EDARC to enter into a redevelopment contract with Lee Ambrose and/or his partners or representative development entity, for purposes of defining the terms and obligations of EDARC and the redeveloper in completion of the project. A general outline of the proposed agreement is attached as Exhibit A. This approval shall also include authorization of EDARC to expend, distribute, share or use tax increment funds or other funds as financing resources for the Project. 3. The Wheat Ridge City Council hereby approves the amended 1994 EDARC budget, and adopts the 1995 EDARC budget to affect the "Project", copies of this document which are attached as Exhibit B and shall also serve as approval of the budget for purposes of allowing EDARC to expend or distribute tax increment funds or other funds. 4. The Wheat Ridge City Council hereby approves and authorizes EDARC to exercise all powers granted to an urban renewal authority under the provisions of the Urban Renewal Law of the state of Colorado, Part 1 of Article 25 of Title 31, Colorado Revised statutes, as well as the powers of Property Management, Relocation, Property Acquisition, Demolition Clearance and site Preparation and Public Improvements and Facilities as stated in Section III. E. of the Plan for this "Project." 5. All provisions of this resolution are enacted in consideration of and in compliance with the Plan. DONE AND RESOLVED this 22nd day of AUQust , 1994. ~~ Dan W1lde, Mayor ATTEST: