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Home My WebLink AboutResolution-2003-0029 RESOLUTION NO. 29 Series of 2003 TITLE: A RESOLUTION ADOPTING THE FIRST MODIFICATION TO THE 38TH A VENUE CORRIDOR REDEVELOPMENT PLAN WHEREAS, m 200l the Wheat Ridge CIty Council approved an urban renewal plan, known as the 38th Avenue COrrIdor Redevelopment Plan (hereafter Urban Renewal Plan), for the ehmination of blight and redevelopment of certain portions of the City; and WHEREAS, such Urban Renewal Plan Included the area depicted on the map desIgnated as Exhibit I hereto, and WHEREAS, the Urban Renewal Plan provIded for the utIhzation of sales and property tax Incremental revenue sources WIthin the redevelopment area, and WHEREAS, the Urban Renewal AuthOrIty has soliCIted development proposals for and has selected a developer to undertake a redevelopment project on the parcel of land depIcted on Exhibit 1 hereto, and WHEREAS, the DIsposition and Development Agreement entered into between the developer and the Urban Renewal Authority authorizes the use of sales and property tax Incremental revenues to finance the public costs related to the redevelopment project; and WHEREAS, the Urban Renewal Authority has recommended to City Council that the Urban Renewal Plan be modIfied to implement sales and property tax mcrement for the proJect area as depicted on Exhibit l; and WHEREAS, comphance With the Urban Renewal Law of Colorado (Sec 3l-25-l 0 1 et ~ C .R.S ) has been effected in the following respects, includIng but not limited to referral of the modificatIOn to the Planning CommiSSIOn and Its written recommendatIOn that the modification IS in conformity With the City's Comprehensive Plan, referral to the Jefferson County Board of CommiSSIOners with mformatlOn shOWIng the Impact to the Count). pubhcatlOn and maIhngs of notIce of the public hearing on thiS proposed modification. holding of the pubhc hearIng on October 27, 2003 with all parties afforded a full opportunity to be heard. NOW THEREFORE BE IT RESOLVED by the City Council of the City of Wheat Ridge, Colorado, as follows: Section I The modification to the Urban Renewal Plan lmplementmg the utIhzatlOn of tax increment financmg m the proJect area depicted In Exhibit 1 hereto is hereby approved. SectIOn 2 All other proVISIOns of the Urban Renewal Plan shall be and remaIn 111 effect. C Documents and ~ettings\kathvt\Local \iettings\Temporary Internet Fi]cs\( HJ,.54\URPlanModResCC.doc DONE AND RESOLVED THIS ATTEST. ~'f'" '\~.. '\\:. , "-- \\~~Nf)A SANG, c;lTY CLI:RK . \ \ I,' ~ :.1'\ l' /.~~ /;/", I I...... (/ J.... I day of I ( ",::.....6" ~ L_ /, 2003. '---- // " ( / ''---- / J'- . I TCHEN CERVENY, MA'v~~/~:~ l '\Documents and "ettings\kathyf\Local ';cttings\Tcmp0fary Internet Filcs\OLI\.54\lJRPlanModResCC.doc \ , o o C") L{) ~1 19 15 711 709 ~ N -Ie 38th ar . Sheridan Urban Renewal ~ Jundary - - ~ o cry L!) ~ o N 38th Ave. 0 0 CO CO L{) 0 N N N L() L() L() 3718 3749 3749 +-' (f) (/) <l> E <( 3712 3710 3708 Le~end ,^v Property Boundary '. ^V Urban Renewal Boundary L-___ 3739 3733 EXHIBIT 1 L "'0 > CO c ro "'0 I- <l> ..c (f) FIRST AMENDMENT TO THE 38TIl AVENUE CORRIDOR REDEVELOPMENT PLAN The 38'h Avenue Corridor Redevelopment Plan ("Plan") is amended by addmg SectIons 5 1 c., d. and e. c. Utilization of Property and Sales TIF Cons15tent with the foregoing provisIOns of this Section 5 0 regarding TIF, there is hereby adopted the utilization of property and sales tax increment for the properties within the Project Area (which is within the Redevelopment Area), and is legally described on Appendix A hereto. That portion of property tax revenues in excess of those described in paragraph 5 1 (a) (i) above and all (100%) of the municipal sales taxes in excess of those municipal sales tax revenues descnbed in paragraph 5 1 (a) (i) above shall be allocated to, and when collected, paid into a special fund of the Authonty, and may be irrevocably pledged by the Authority for the payment of the principal of, premium, if any, and interest on any bonds, loans or advances, or mdebtedness (whether funded, refunded, assumed, or otherwise) mcurred by the AuthOrity to finance or refinance, in whole or in part, urban renewal projects, and to pay all finanCial obligations and debts of the Authority Unless and until the total valuation for assessment of the taxable property in the Project Area) exceeds the amount as provided in paragraph 5 1 (a) (i) above, all of the revenue attributable to property taxes levied upon the taxable property in the Project Area shall be paid into the funds of the respective public bcxlies. Unless and until the total municipal sales tax revenue collections in the Project Area exceed the base year municipal sales tax revenue collection, as pruvlded III paragraph 5 I \a) \t) abuve, ,lit sudt :"tie:, CdX revenue collections shall be paid into the funds of the City When such bonds, loans, advances and indebtedness, and all financial obligations and debts of the Authority; if any, including interest thereon and any premiums due in cOlmection therewith, have been paid, but in no event later than twenty-five (25) years following the effective date of the ap~oval of this amendment to this Plan (which effective date is C'/:.- '~r ~2003) all property tax revenues upon the taxable property and the total municipal sales tax revenue collections in the Project Area shall be paid into the funds of the respective public bcxlies. ATTACHMENT 1 d. No Apphcation. The provIsIOns of paragraph 5 l(a)(v) shall not apply to the utihzatlOn ofTIF for thIS ProJect Area. e. ConsIstent InterpretatIOn. All other provIsIons oftlns Plan, not specdically an1ended hereby, shall be lI1terpreted so as to be consIstent with the purpose oftlus amendment to effect the utJhzatlOn ofTIF m the ProJect Area described on AppendIX A. ., APPENDIX A A tract ofland III the Northeast 1/4 of SectIOn 25, TownshIp 3 South, Range 69 West of the 61h Principal MeridIan and also being a part of Block 1, Pearson- WoodsIde AdditIOn as recorded m Book 6, Page 8 of the offiClal records ofthe County of Jefferson, State of Colorado, and bemg more partIcularly described as follows CommencIng at the Northeast corner of Said Northeast 'I., thence S 000 l5' 49" E along the East lme of saId Northeast 'l.. saId lme also bemg the centerline of SherIdan Boulevard, 65 00 feet; thence S 89059' 58" W, 30 00 feet to a pomt on the East lIne of Said Block 1 and the West Ime of SherIdan Boulevard, Said pomt bemg the POINT OF BEGINNING, thence N 450 07' 56" W along the Southerly line of that tract ofland described at ReceptIOn Number 9l056588. Said Ime also bemg the Southerly Ime of West 3 8th Avenue, 28.35 feet; thence contInumg along saId Southerly lIne S 890 59' 58" W, ll5 45 feet; thence N 000 l5' 49" W along said Southerly lme, 5 00 feet to a pomt on the North line of said Block 1. Said pomt also bemg a pomt on the Southerly Ime of West 38th Avenue, thence S 890 59' 58" W along Said Northerly lme of Block 1. l35 45 feet to the Northwest corner of Said Block l. thence S 000 15' 49" E along the West lIne of said Block l. 217.20 feet to the begmnIng of a cun e; thence Southerly along a curve to the left and along the West Ime of said Block 1. 38 84 feet. whIch curve has a radIUS of 523 00 feet, a central angle of 40 l5' 1 T and whose chord bears S 20 23' 28" E, 38 83 feet. to the Southwesterly corner of Lot 2l of Said Block l, thence N 890 59' 58" E along the Southerly Ime of Said Lot 2l, l34 0 1 feet to the Southeast corner of saId Lot 2l, thence N 000 l5' 49" W along the East lIne of said Lot 21, 25 00 feet, thence N 890 59' 58" E along a Ime parallel to the North lme of Said Block l, l35 45 feet to a pomt on the East Ime of said Block 1 and the West Ime of SherIdan Boulevard, thence N 000 15' 49" W along saId East lIne of saId Block 1 and the West Ime of SherIdan Boulevard. 206 00 feet to the POINT OF BEGINNING, County of Jefferson. State of Colorado Said parcel contams 1 4937 acres more or less.