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HomeMy WebLinkAboutResolution-1997-1595 RESOLUTION NO. 1595 TITLE: A RESOLUTION APPROVING AN ESTIP AGREEMENT FOR THE REDEVELOPMENT OF THE NORTHWEST CORNER OF WEST 44111 A VENUE AND W ADSWORTH BOULEVARD. WHEREAS, the City of Wheat Ridge has established an Enhanced Sales Tax Incentive Program, the purpose of which IS to encourage substantial expansion of retail sales tax generating businesses within the City, thereby stimulating the economy of the city; WHEREAS, VM Rentals are the real property owners of the northwest corner of West 44th Avenue and Wadsworth Boulevard and desire to redevelop their real property thereby expanding the retail sales tax generating businesses wIthin the city; and WHEREAS, the City of Wheat Ridge benefits from Increased retail sales tax generating businesses by Increasmg the sales taxes collected by the City; which Increased sales tax collectIOn will enable the City to proVide expanded and Improved mUniCipal services to and for the benefit of the reSidents of the City; and WHEREAS, YM Rentals will construct public or public-related Improvements at no cost, or at a deferred cost, to the City and ItS taxpayers and reSidents by dedicating the land and constructing acceleratIOn/deceleratIOn lanes on Wadsworth Boulevard and W 44th Ave NOW, THEREFORE BE IT RESOL YED BY THE WHEAT RIDGE CITY COUNCIL THAT The attached ESTlP Agreement WIth YM Rentals IS hereby approved subject to the follOWing three (3) conditions to Issuance of the building permit a) The owner shall enter Into a JOint agreement to coordinate the constructIOn of a fence and a landscape buffer With adjacent property owners to mitigate the lffipact of the development; and b) The owner shall establish a JOint curb cut onto Wadsworth Boulevard With Red Lobster or dedicate a cross access easement between the owners' real property and Red Lobster across the common northern boundary line (c) The owner shall make an effort to keep the onglnal V ern's sign and utilize It With the new Yern's restaurant 2 The Mayor and City Clerk are hereby authonzed to execute the ESTlP agreement in conformance With the reqUirements of the ESTlP program as stated In SectIOn 22-83 of the Wheat Ridge Code of Laws, DONE AND RESOLVED THIS 28thdayof April ~'c:',-,,--,-LJ dcL~' Dan Wilde, Mayor ATTEST ~ Wanda Sang, City , 1997 ENHANCED SALES TAX INCENTIVE PROGRAM AGREEMENT This AGREEMENT between THE CITY OF WHEAT RIDGE, a Colorado Home Rule MUl1lcipal Corporation (heremafter referred to as the City) and VERNON o and MARJORIE I VOHOSKA (herem after referred to as the "Owners"), owners of the real property situate within the City of Wheat Ridge, County of Jefferson, State of Colorado and more particularly described on Exhibit A attached hereto and mcorporated herem (such parcel referred to as "this property"). WITNESSETH WHEREAS the City desires to provide mcentIves to private owners/developers to upgrade and llllprove the public, as well as commercial, portIOns of theIr propertIes, thereby slglllficantly enhancmg the attractIveness, safety, and functIOnality of SaId properties, WHEREAS propertIes whIch are significantly upgraded as to attractIveness, safety, and functIOn ability are more likely to generate significantly hIgher retail sales volumes, thereby mcreasing the sales taxes receIved by the City from saId sales, WHEREAS m order to offer an mcentIve to commerCIal property owners/developers to upgrade their properties in order to increase retail sales actIvities, the City has established an Enhanced Sales Tax Incentive Program (heremafter referred to as ESTIP) whereby the City may, on a case by case basis, consider shanng with an owner/developer a portion of the sales tax revenues received by the C:ty from sales generated on specific properties which exceed a mutually established and agreed upon base amount previously generated on said properties; WHEREAS the mutual benefits denved by the parties from implementatIon from the ESTlP include, among others, to tlle City, increased sales tax revenues from properties illlproved as a result of SaId prograITI, publIc improvements bemg completed by pnvate owner, all through mcumng of no debt oblIgation on the part of the City For the owner/developer, an opportumty is gaIned to Improve properties whIch generate sales actIVItIes, which Improvements make those properties more competitive m the market place, aIld by proVldmg to the owner/developer an addItional contmgent source of revenue whIch may be used to meet and satIsfy pnvate debt obligatIons,