HomeMy WebLinkAboutResolution-2003-0030
CITY OF WHEAT RIDGE, COLORADO
RESOLUTION NO 30
Series of2003
TITLE
A RESOLUTION APPROVING AN INTERGOVERNMENTAL
AGREEMENT WITH THE WHEAT RIDGE URBAN
RENEWAL AUTHORITY
WHEREAS, the CIty has created and the Wheat RIdge Urban Renewal AuthorIty (the
"Authority") has administered the urban renewal area known as the Wheat Ridge Town Center
("Town Center"), and
WHEREAS, the CIty has created and the Authority has admInIstered the urban renewal
area known as the 38th Avenue Corridor ("381h Avenue"), and
WHEREAS, the AuthOrIty has used property and sales tax incremental revenues from the
Town Center to pay its finanCIal obligations and debts related to urban renewal proJects, and
WHEREAS, the Town Center IS located immedIately adJacent to and adJOInS the 381h
A venue Corridor Redevelopment Area, and
WHEREAS, the AuthOrIty has entered Into a DispOSItIOn and Development Agreement
effectIve May 1, 2003 WIth Cornerstone Group I. Inc. to develop a Walgreen's retaIl proJect
WIthIn the 38th Avenue Redevelopment Area; and
WHEREAS, In complIance WIth the DlsposltJon and Development Agreement the
AuthOrIty has entered into a financIal agreement to effect its finanCIal and legal oblIgatIons to
develop the Walgreen's project; and
WHEREAS, a portion of the incremental sales tax revenues from the Town Center are
not needed to pay any expenses or debt related to that project; and
WHEREAS, such finanCing agreement Includes among other sources of revenue thIS
excess portIon of sales and property tax increment revenues from the Town Center as well as the
contractual Imposition of a Public Improvement Fee ("PIF") of 1 % Imposed for to retaIl sales
items at the Walgreen's store, which revenues collectIvely shall be used to pay the financIal debt
of the AuthOrIty related to the Walgreen's project; and
WHEREAS, the CIty IS deSIrous of cooperatIng with the Authority to allo,^, It to realIze
the necessary revenues to pay ItS financial obhgations to redevelop the 38th A venue
Redevelopment Area In conJunction WIth the Town Center redevelopment; and
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WHEREAS, such cooperative efforts by the CIty allow the elIminatIOn of blIght,
redevelop certain commercial areas of the City, and afford economic redevelopment for the
commumty; and
WHEREAS, the Council finds that the extension of use by the Authority of the sales tax
Increment IS not a substantial change of the Town Center Project Urban Renewal Plan or the 38th
Avenue COITIdor Redevelopment Plan.
NOW, THEREFORE, BE IT RESOLVED by the Wheat RIdge CIty Council, that the
Intergovernmental agreement between the City and the Wheat Ridge Urban Renewal AuthorIty
attached hereto as ExhibIt A, IS hereby approved.
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DONE AND RESOLVED thIS ~ day of C>:.:t J; ,: h...___ , 2003
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,G~ tchen Cerveny, Mayor __ "_. \
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ATTEST
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Pubhshed.
November 6
,2003
Wheat RIdge TranscrIpt
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INTERGOVERNMENTAL AGREEMENT
ThIS Intergovernmental Agreement ("IGA") is entered Into between the CIty of
Wheat Ridge, Colorado ("CIty") and the Wheat RIdge Urban Renewal AuthorIty
("AuthOrIty"), as of October J...7, 2003
WHEREAS, the City has created and the AuthorIty has admInistered the urban
renewal area k.nown as the Wheat RIdge Town Center ("Town Center"); and
WHEREAS. the AuthOrIty has used property and sales tax Incremental revenues
from the Town Center to pay ItS financIal oblIgatIons and debts related to urban renewal
proJects, and
WHEREAS, the Town Center IS located ImmedIately adjacent to and adJoms the
38th Avenue COrrIdor Redevelopment Area, and
WHEREAS, the AuthOrIty has entered Into a DIsposition and Development
Agreement effectIve May l, 2003 WIth Cornerstone Group I, Inc to develop a Walgreen's
retaIl project within the 38th Avenue Redevelopment Area, and
WHEREAS, In compliance WIth the DIsposition and Development Agreement the
AuthOrIty has entered into a finanCIal agreement to effect its financial and legal
oblIgatIOns to develop the Walgreen's project; and
WHEREAS, a portion of the incremental sales tax revenues from the Town
Center are not needed to pay any expenses or debt related to that proJect; and
WHEREAS, such financmg agreement includes among other sources of revenue
this excess portIon of sales and property tax Increment revenues from the Town Center as
well as the contractual impOSItIon of a Public Improvement Fee ("PIF") of 1 % Imposed
upon retail sales items at the Walgreen's store, which revenues collectively shall be used
to pay the finanCIal debt of the AuthOrIty related to the Walgreen's proJect; and
WHEREAS, the CIty IS deSIrous of cooperating WIth the Authority to allow It to
realIze the necessary revenues to pay its financial obligations to redevelop the 38th
Avenue Redevelopment Area in conJunction WIth the Town Center redevelopment; and
WHEREAS, such cooperative efforts by the City allow the ellminatJon of blight,
redevelop certam commercial areas of the CIty, and afford economic redevelopment for
the commumty; and
WHEREAS, the Council tinds that SaId Intergovernmental Agreement and the
extensIOn of use by the AuthOrIty of thc sales tax Increment are not a substantIal change
of the Town Center ProJect Urban Renewal Plan or the 38th Avenue Corridor
Redevelopment Plan.
THEREFORE, It tS agreed as follows:
I The CIty shall extend the sales tax Increment for the Wheat Ridge Town
Center for so long as IS necessary for the AuthorIty to pay Its financial obligations
for the purpose of redeveloping the Town Center and the 38th Avenue COrrIdor
Redevelopment Area. The amount of the increment shall continue to be paid to
the AuthOrIty to be used for its tinancIaI obligatIons related to such redevelopment
actIvities, prOVIded, however that only that portIon of the sales tax incremental
revenues generated WIthin the Town Center not needed to pay the expenses of the
Town Center urban renewal project, including WIthout limItatIOn, debt serVIce,
ma) be, subject to annual appropriatlOn, made avaIlable for the 38th Avenue
COrrIdor proJect.
2 By agreement between the Authority and Cornerstone Group 1, Inc there
shall be Imposed a 1 % Public Improvement Fee, which shall be collected by
Walgreen's, paid to the City, be subJect to a vendor's fee In the same amount as
applicable for sales tax purposes, and shall be remitted by the CIty to the
AuthOrIty, less a fee for the CIty's collection of the same. The Authority shall use
such PIF funds to pay ItS finanCial obligatIOns related to the Walgreen's proJect.
3 The CIty and Authority agree to execute any subsequent and related
documents, If necessary, to effect the provisions of thIS IGA
Effective the date proVIded above
CIty of Wheat RIdge, Colorado
Wheat Ridge Urban Renewal Authority
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Gretchen Cerveny, Mayor "
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