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