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HomeMy WebLinkAboutResolution-1996-1559 RESOLlJTION NO. 1559 Series of 1996 TITLE RESOLUTION APPROV]NG THE INTERGOVERNMENTAL AGREEMENT BETWEEN THE CITY OF WHEAT RIDGE AND THE WHEAT RIDGE ECONOMIC DEVELOPMENT AND REVIT ALlZA TION COMMISSION FOR THE ALLOC A TION OF SALES TAX INCREMENT AL REVENUE FOR THE WHEAT RIDGE TOWN CENTER WHEREAS, the CIty has adopted the Wheat RIdge Town Center Urban Renewal Plan whIch provides for the utilIzatIOn of sales tax mcrement In the commercIal area east of Wadsworth Boulevard, between West 38th Ave and West 44th Ave. and WHEREAS, the City's base for calcu]atIng the sales tax Increment was calculated In January, ] 981 at $528,330 upon the adoption of the Wheat Ridge Town Center Urban Renewal Plan and cannot be modIfied, and WHEREAS, Safeway lnc had a grocery store operatIon outsIde of the Wheat Ridge Town Center urban renewal area, but moved Into the urban renewal area where ItS sales tax will be subJect to utIlIzatIon by EDARC, and WHEREAS, It IS the Intent of ED ARC and the City that the CIty's sales tax receIpts remaIn mtact from the expansIOn of the Safeway, Inc store NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Wheat Ridge, Colorado, as follows: I The Intergovernmental Agreement between the CIty and EDARC s hereby approved, and 2 The Mayor and the CIty Clerk are authonzed to execute saId Intergovemmental Agreement. DONE AND RESOL VED THIS lStlijayof October , ]996 ~~ DAN WILDE, MAYOR ATTEST )) (, Ii ,/ ,. Ltc WANDA SANG. CITY CL~ INTERGOVERNMENTAL AGREEMENT THIS AGREEMENT by and bet\veen the City of Wheat RIdge (herelllafter referred to as "City") and the Wheat Ridge Eeonomlc Development and Revitalization CommIssion (heremafter referred to as "ED ARC") IS etTectIve the 1 S1. day of November. 1995 WHEREAS, the City has adopted the Wheat RIdge Town Center Urban Renewal Plan which proVides for the utIlIzation of sales tax IIlcrement III the commercial area east of Wadsworth Bou]evard. between West 38th Ave and West 44th Ave. and WHEREAS, the Ctty's base for calculatmg the sales tax lIlerement was calculated In January, 198] at $528,330 upon the adoption of the Wheat RIdge Town Center Urban Renewal Plan and cannot be modified. and WHEREAS, Safeway Inc had a grocery store operation outside of the Wheat RIdge Town Center urban renewal area. but moved Into the urban renewal area where ItS sales tax will be sublect to utIlizatIon by EDARC and WHEREAS, It IS the mtent of EDARC and the CIty that the CIty'S sales tax receipts remalll lilt act from the expansion of the Safewav. ]nc store NOW THEREFORE, it is agreed as follows: For sales after November I, 1995, EDARC shall pay to the City an amount equal to the the sales tax receIpts from Safeway, Inc for the penod of November I, 1994 through October 3]. ] 995 .., EDARC and the CIty shall each receIve fifty percent (50%) of the sales tax IIlcrement for the Wheat RIdge Town Center after EDARC s payment of an amount equal to the Safewav. Inc 1994- 1995 sales tax receIpts accordlllg to paragraph] 3 In no event shall the maximum sales tax IIlcrement for the Wheat RIdge Town Center utilized bv EDARC III a fiscal year exceed $ I 00,000 per year 4 EDARC shall prepare an amendment to the Wheat Ridge Town Center Urban Renewal Plan to retlect these changes m the sale tax 1I1cremental revenue allocation Effective the 1st day of November, 1995. BY ~~~ Dan Wilde, Mayor EDARi /7 ,// /.~' BY'-._,:...?-~.-u I ,1\ -,-~-< c --/f.. I ~ Jerry Roath, ChaIr ('JT\ : ATTEST: I' I - I ;}" - I , ' '\ //,::({, (I" ~_:..' /.-.If...., ......,.. , \ Wanda Sang, CIty Clerk ',.\ A~~D AS TO FORl\'J-r' /1 .. ~,... 1(1) --/>~~ 'J (Jz t / Getakl Dahl, CIty Attorne\