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
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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
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BY'-._,:...?-~.-u I ,1\ -,-~-< c --/f..
I
~ Jerry Roath, ChaIr
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ATTEST:
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Wanda Sang, CIty Clerk ',.\
A~~D AS TO FORl\'J-r' /1
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Getakl Dahl, CIty Attorne\