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HomeMy WebLinkAboutResolution-1998-1667 RESOLUTION # 1667 SERIES 1998 TITLE: A RESOLUTION REQUESTING JEFFERSON COUNTY TO ENTER INTO A SUBORDINATION AGREEMENT WITH THE CITY OF WHEAT RIDGE TO SUBORDINATE THE OPEN SPACE REVERTER CLAUSE ON THE RECREATION CENTER PROPERTY TO THE TERMS OF THE LEASE AGREEMENT WITH THE CITY OF WHEAT RIDGE RECREATION CENTER FINANCE AUTHORITY FOR A TERM NOT TO EXCEED 25 YEARS. WHEREAS, The CIty of Wheat Ridge has deeded the property purchased for the RecreatIon Center located at 40th and Klphng to Jefferson County and Jefferson County has deeded the property back to the City of Wheat Ridge Via a COmnllSSlOners Deed wIth an Open Space reverter clause mcluded, and WHl:RLAS, The CltV llrWheat RIdge deSIres to lease the portion of the property which contaIns the foot prmt of the buildmg, a mamtenance area around the buildmg together wIth the Jomt use of the access and parkmg areas to the Wheat Ridge RecreatIon Center Finance Authonty for the purpose of constructIOn the RecreatIon Center; and WHEREAS, The reverter clause will prohibIt the ground lease of the RecreatIon Center Site located at 40th and Klphng to the City of Wheat RIdge Finance Authonty; and WHERLAS, A legal descnptlon will be prOVIded to Jefferson County for the foot pnnt of the buIidlllg and the shared parl."ng area, NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WHEAT RIDGE THAT The CIty of Wheat RIdge request Jefferson County to enter in a subordmatlon agreement with the Cay of Wheat RIdge to subordinate the Open Space reverter clause on the RecreatIon Center Property located at 40th and Klplmg to the terms of the lease agreement with the City of Wheat RIdge Finance Authontv for a term not to exceed 25 years OUN~' ''''NO IU:SOI Vel) THIS 1st DAY OF June ,1-998 ATT !:.:) 'I' _- i.t.~~L., "",-4+j.r~- Wanda Sang, City Cleffi-"::::'