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,