HomeMy WebLinkAboutResolution-1997-1586
RESOLliTION NO. 1586
TITLE
A RESOLUTION PROVIDING FOR A SUPPLErvlENTAL BUDGET
APPROPRIATION AL'lD AUTHORIZING PAYMENT OF THE
INTERGOVERt~lENT AL AGREEMENT BETWEEN THE CITY OF WHEAT
RIDGE MID THE WHEAT RIDGE ECONOMIC DEVELOPMENT AND
REVIT ALIZA nON AUTHORITY (EDARC)
WHEREAS, the City of Wheat Ridge did enter Into an agreement to pay $100,000 In sales
tax receipts from the urban renewal dlstnct to EDARC, AND
WHEREAS, an amendment to the budget IS reqUired to Implement the terms of the
agreement, and
NOW, THEREFORE BE IT RESOLVED by the City Council of the CIty of Wheat
Ridge, that the General and Capital Improvement Fund revenues are Increased by $50,000 and
that expenditures of $50,000 each are authonzed to EDARC In the General Fund account number
01-610-700-719 and In the Capital Improvement Fund account number 30-610-700-719
DONE AND RESOLVED thiS 10th Day of February ,1997
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Dan Wilde, Mayor
ATTEST
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Wanda Sang, CIty Clerke -'
INn~Rr;OVERNMENTAL A(;REEMENT
THIS AGREEMENT by ilnd betwecnthe ( It 'I 01 Wheat Ridge (herell1aftcl refclrcd to
as "City") and the Wheat Ridge Lconomlc Development and RevitalIzatIOn CommissIon
(herell1after referred to as "EDARC") IS effective the ].;1 day of November, 199:1
WHEREAS, thc ( Ity has adopted lhe Wheat Ridge Town Center Urban Renewal Plan
whIch proVIdes for the utilizatIon of sales tax Increment Inlhe commercial area east of
Wadsworth Boulevard. between West 38th Ave and West 44th Ave, and
WHEREAS, the CIty's base for calculatlllg the ,ales tax increment was calculated III
January, 1981 at $')28110 upon the adoptIOn of the Wheat Ridge Town Center Urban Renewal
Plan and cannot be 1l1(),ltfled and
\\IIIH1-.\" \:IIl" " ill' 11;ld Ig/(Hl'I\ ,lUll "jJ<'i.J"<lIl,)UL,lCkolll1e\\iJC,11 j,"i",'
Town Center urhan I ellcwal area but moved IIlto the urhan rencwal area wherc Its sales ta" wdl
he 'Ilblcct to Iltdl/,all<l11 \w I I),\RC and
WHEREAS, It IS the Intent of EDARC and the CIty tl1at the City's sales tax receIpts
remain intact from the expansion of the Safeway, Inc store
NOW THEREFORE, it is agreed as follows:
hI! :;ales :tiiel I'J\)vemhcr I, 19()) EDARC sh;111 PilY to the elt\' an iln1<)[ln1 (,,111.11
10 the thl' <,ail', la. ]('((IPI' 11'"11 \aJcway, [Ill' to! tile pl'llod or November I, 19<)4 thllllli'h
October '1 [ I q<J')
2 EDARC and the CIty shall each receive fifty percent (50%) of the sales tax
increment for the Wheat RIdge Town Center after EDARC's payment of an amount equal to the
Safewav, Inc 1994- 199') sales tax receIpts accOl dlOg 10 paragrilph 1
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,1 j-J),\l{( '1),lll pl<:plllL an ,llnc.ndlllCnll(; ii, \\'11e<11 Ridge JOWl1 (ellll'l liD,!!'
R('new;j[ Plan 10 r"I1('('( 111,><;,' "".m"<,-; tr\ the ''',!l' 11' " ., ", 111.:11"\Cll]lC ;111<1, ;:l' ",
Effective the 1st day of November, 1995.
ClT):
EDARC:
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BY
~~
Dan Wilde, Mayor
ATTEST: I
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Wanda Sang, Cltv Clerk <,
APPR(.)V)m AS TO FO~) '1
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Gel'ahl Dahl, CIty Attorney ~,
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