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HomeMy WebLinkAboutResolution-2007-0033 RESOLUTION 33 Series of 2007 TITLE: A RESOLUTION AMENDINGum FISCAL YEAR 2007 GENERAL FUND BUDGET TO REFLECT THE APPROVAL OF A SUPPLEMENTAL BUDGET APPROPRIATION FOR A LOAN TO THE WHEAT RIDGE URBAN RENEWAL AUTHORITY FORltlE PURCHASE OF PROPERTY LOCATED AT 7540 W. 44TH AVENUE IN THE AMOUNT OF $1.5 MILLION WHEREAS, the City of Wheat Ridge Mayor and City Council, Wheat Ridge 2020 and the Wheat Ridge Urban Renewal Authority (the "Parties) are working together to assemble property at the southeast comer of 44th Avenue and Wadsworth Boulevard; and WHEREAS, the Parties desire to work together for a future public/private redevelopment venture; and WHEREAS, in order to continue with this project, it may be necessary that the City of Wheat Ridge provide a loan in the amount of $1.5 Million to the Wheat Ridge Urban Renewal Authority to meet the timeline of the project, and WHEREAS, the loan will only be processed if the Wheat Ridge Urban Renewal Authority is unable to obtain other financing to purchase the property located at 7540 W. 44th Avenue in the time required, and WHEREAS, The Mayor is authorized to enter into any a loan promissory agreement with the Urban Renewal Authority regarding the property located at 7540 W. 44th Avenue. NOW THEREFORE BE IT RESOLVED by the City Council of the City of Wheat Ridge, Colorado, as follows: A. The City of Wheat Ridge fiscal year 2007 Budget be amended accordingly to provide a $1.5 Million loan to the Wheat Ridge Urban Renewal Authority. DONE AND RESOLVED THIS 27th da~ h/ August, 2007. 11;/ . /;A/.l~ i uillo,Mayor ATTEST: ~ Michael D. Snow, City Clerk