HomeMy WebLinkAboutResolution-1996-1560
RESOLUTION NO 1560
Senes of 1996
TITLE CITY COUNCIL AUTHORIZING AN AMENDMENT TO THE
REDEVELOPMENT AGREEMENT BETWEEN EDARC (the" Authonty")
AND WHEAT RIDGE MARKETPLACE, a Colorado General Partnership (the
"Redeveloper" )
WHEREAS, EDARC and the Wheat RIdge Marketplace, a Colorado General PartnershIp
entered lIlto a Redevelopment Agreement wIth an effectIve date of October], ] 994, and
WHEREAS, the Redeve]opment Agreement establIshed a publIc-pnvate partnership With
specIfic oblIgatIons by the Authonty and the Redeve]oper; and
WHEREAS, the costs assocIated WIth the site development exceeded the cost proJectIOns
for the Project resultlllg III the Redeveloper lIlcurnng an unanticIpated greater proportion of the
expenses. and
WHEREAS, due to the publIc-pnvate partnership EDARC and the CIty of Wheat Ridge
CIty CouncIl belIeve that there should be addltlOna] compensatIOn of $175,000 be paid to the
Redeveloper III an effort to create more equalIty 1Il the oblIgatIOns of the partners, and
NOW THEREFORE BE IT RESOL YED by the City Council of the City of Wheat
RIdge, Colorado, as follows
1 The ChaIr of EDARC is hereby authorized to execute an Amendment to the
Redevelopment Agreement between EDARC and Wheat RIdge Marketplace, a Colorado General
Partnership to compensate the Wheat Ridge Marketplace an additIOnal $175,000 to be paid
wlthlll 10 years from the date of thiS Resolution
DONE AND RESOLYED this
day of
,1996
~j.-1
DAN WILDE, MAYOR
/'10
~\.
ATTEST
I,
I;'
I
Jj (L ,t r!/ ,;' J, ,/ .-.-
WANDA SANG:ClTY ~
(Ji ,-\' , ('", .,
) ~', r' \, <-) ,
hi!,'!, 1,_
LA (! I -1 "'" _
\ I '\ ~ W ~ \ I '---' L --
I tl
,
-1 ! ~ j,- '-,