HomeMy WebLinkAboutResolution 2009-0010City of Wheat Ridge, Colorado
RESOLUTION 10
Series of 2009
TITLE: A RESOLUTION AMENDING THE FISCAL YEAR
2008 GENERAL FUND BUDGET TO REFLECT
THE APPROVAL OF A SUPPLEMENTAL
BUDGET APPROPRIATION FOR THE WHEAT
RIDGE CYCLERY SALES TAX INCREMENT
PAYMENT TO THE WHEAT RIDGE URBAN
RENEWAL AUTHORITY (WRURA) IN THE
AMOUNT OF $12,154.60
WHEREAS, the WRURA and the Wheat Ridge Cyclery entered into an
Improvements Agreement on March 20, 2007 for improvements to the Cyclery property;
and
WHEREAS, as an inducement to the Cyclery to complete certain improvements,
WRURA agreed to reimburse to the Cyclery those costs associated with these
improvements by implementing tax increment financing; and
WHEREAS, the Agreement establishes WRi.1RA's maximum obligation for
reimbursement at $264,180 or 10 years of sales and property tax increment, whichever
occurs first; and
WHEREAS, the total sales tax increment generated by the Wheat Ridge Cyclery
project in 2008 was $12,154.60;
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 2008 General Fund Budget be
amended accordingly, specifically transferring a total of $12,154.60 from
General Fund unreserved fund balance into account #01-105-700-718.
DONE AND RESOLVED THIS r day of February 2009.
ATTEST: Michael Snow, Clerk
c.
WHEAT RIDGE URBAN RENEWAL AUTHORITY
IMPROVEMENTS AGREEMENT
THIS AGREEMENT is made and entered into this 2(15t day of P&CL , 2007, by
and between the Wheat Ridge Urban Renewal Authority ("WRURX and the Wheat Ridge
Cyclery, with a business address of 7085 West 38 h Avenue, Wheat Ridge, CO 80033 (the
"Cyclery") (collectively referred to herein as the "Parties").
WHEREAS, WRURA is authorized under the provisions of Colorado's Urban Renewal
Law, C.R.S. § 31-25-101, et seq., to enter into agreements and provide financial incentives for
the redevelopment of property to eliminate blight;
WHEREAS, such redevelopment may be made and encouraged by granting financial
assistance to persons who reside within WRURA boundaries, to businesses within the WRURA
boundaries, and to owners of property within WRURA boundaries;
WHEREAS, the Cyclery owns a business located at 7085 West 38"i Avenue, Wheat
Ridge, CO 80033, the legal description of which is attached hereto as Exhibit A (the
"Property"), which is within the WRURA boundaries, and which provides an important
economic base for the City of Wheat Ridge (the "City');
WHEREAS, WRURA desires to assist the Cyclery in making a number of improvements
to the Property, which shall improve the public appearance of the Property, remedy its
deterioration, maintain a positive business environment in the neighborhood, and serve as an
anchor to attract other desirable businesses to the neighborhood;
WHEREAS, the Cyclery desires to expend additional funds as part of the redevelopment
of the Property that will assist in remedying blight and preventing future blight in the area, and
WRURA desires to assist in providing this additional funding directed towards blight prevention
and elimination; and
WHEREAS, WRURA desires to reimburse the Cyclery for its expenditures by paying to
the Cyclery the sales and property tax increments WRURA receives from the Property, pursuant
to the terms set forth in this Agreement.
NOW, THEREFORE, in order to promote redevelopment and eliminate blight within the
WRUR A boundaries, and in consideration of the promises herein contained, the Parties hereby
agree as follows:
1. Definitions.
a. "Property Tax Increment" means the amount of property taxes paid to the
County for the Property and then paid to WRURA by the County over and above the base
amount of property tax last certified to the County for the Property prior to WRURA's
implementation of property tax increment financing for the Property.
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ATTACHMENT 2
b. "Sales Tax Increment" means the amount of sales tax generated by the
Cyclery and collected by the City over and above the base amount of sales tax generated
by the Cyclery on the Property and collected by the City in the year immediately
preceding WRURA's implementation of sales tax increment financing for the Property.
2. Improvements.
a. Attached to this Agreement as Exhibit B is a list of the Cyclery's plan for
certain public improvements to the Property, which are referred to collectively as the
"Eligible Improvements." The Eligible Improvements shall be constructed in compliance
with approved construction plans by a licensed contractor qualified to perform the work.
b. The Cyclery agrees to complete the Eligible Improvements on or before
October 1, 2007. Completion of the Eligible Improvements shall be deemed to have
occurred upon final acceptance of the Eligible Improvements by the City. The Eligible
Improvements shall be completed by October 1, 2007 regardless of cost increases or
other unforeseen circumstances.
3. Sales and Property Tax Increment Rebates.
a. Sales Tax Increment. As an inducement to the Cyclery to complete the
Eligible Improvements, WRURA agrees to set aside and thereafter rebate to the Cyclery,
on the percentage basis identified herein, the Sales Tax Increment generated by the
Cyclery to a maximum aggregate amount set forth in Section 4 of this Agreement. Such
rebate shall be subject to the following:
i. Commencing upon completion of the Eligible hnprovements,
WRURA shall rebate to the Cyclery one hundred percent (100%) of all Sales Tax
Increment generated by the Cyclery and received by WRURA. The rebates shall
be made annually on January 31st of each year, and shall be for the preceding
year.
ii. If, in any year, no Sales Tax Increment is generated by the Cyclery
and received by WRURA, no rebate shall be due to the Cyclery for that year.
iii. The Sales Tax Increment rebate payable to the Cyclery shall be
prorated for the initial year such rebate is due based upon the date the Cyclery
completes the Eligible Improvements.
b. Property Tax Increment. As an inducement to the Cyclery to
complete the Eligible Improvements, WRURA agrees to set aside and thereafter rebate to
the Cyclery, on the percentage basis identified herein, the Property Tax Increment
generated by the Property to a maximum aggregate amount set forth in Section 4 of this
Agreement. Such rebate shall be subject to the following:
i. Commencing on completion of the Eligible Improvements,
WRURA shall rebate to the Cyclery one hundred percent (100%) of all Property
Tax Increment generated by the Property and received by WRURA. The rebates
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shall be payable within thirty (30) days of receipt of the Property Tax Increment
by WRURA from the County.
ii. If, in any year, no Property Tax Increment is generated by the
Property and received by WRURA, no rebate shall be due to the Cyclery for that
year.
iii. The Property Tax Increment rebate payable to the Cyclery shall be
prorated for the initial year such rebate is due based upon the date the Cyclery
completes the Eligible Improvements.
4. Maximum Rebate. In no event shall the total amount rebated by WRURA to the
Cyclery exceed the total estimated costs of the Eligible Improvements, which is Two Hundred
Sixty Four Thousand One Hundred Eighty dollars ($264,180.00) (the `Estimated Costs").
Notwithstanding the foregoing, if the total actual costs of the Eligible Improvements are less than
the Estimated Costs, said maximum amount shall not exceed the actual costs of the Eligible
Improvements. The actual costs of the Eligible Improvements shall be evidenced by invoices
and receipts satisfactory to WRURA in form and substance.
5. Term. The term of this Agreement shall be ten (10) years from the completion of
the Eligible Improvements. Upon receipt of the maximum rebate amount by the Cyclery in
accordance with this Agreement, WRURA's obligation to rebate Sales Tax and Property
Increments to the Cyclery shall terminate. Upon expiration of the term of this Agreement, the
parties' obligations hereunder shall terminate, whether or not the maximum amount of Sales and
Property Tax Increment rebate has been reached.
6. Inspection. The Cyclery agrees to permit officials or representatives from
WRURA to inspect the Property at any reasonable time to determine whether the specified
improvements have been commenced or completed, and to determine whether such
improvements meet the requirements set forth in this Agreement.
7. Compliance with law. In carrying out its obligations under this Agreement, the
Cyclery agrees to comply with all applicable laws, including City ordinances and building codes.
8. Limitation of Liability. IN NO EVENT WILL WRURA BE LIABLE FOR
ANY CONSEQUENTIAL, INDIRECT, EXEMPLARY, SPECIAL OR INCIDENTIAL
DAMAGES, INCLUDING ANY LOST PROFITS, ARISING FROM OR RELATING TO
THIS AGREEMENT. WRURA'S TOTAL CUMULATIVE LIABILITY IN CONNECTION
WITH THIS AGREEMENT WHETHER IN CONTRACT OR TORT OR OTHERWISE,
SHALL NOT EXCEED THE AMOUNT AGREED TO BE PAID TO THE CYCLERY
HEREUNDER. BOTH PARTIES ACKNOWLEDGE THAT THE FEES REFLECT THE
ALLOCATION OF RISK SET FORTH IN THIS AGREEMENT AND THAT NEITHER
PARTY WOULD ENTER INTO THIS AGREEMENT WITHOUT THESE LIMITATIONS ON
THEIR LIABILITY.
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9. Miscellaneous.
a. Governing Law and Venue. This Agreement shall be governed by the
laws of the State of Colorado, and any legal action concerning the provisions hereof shall
be brought in the District Court of Jefferson County, Colorado.
b. No Waiver. Delays in enforcement or the waiver of any one or more
defaults or breaches of this Agreement by the WRURA shall not constitute a waiver of
any of the other terms or obligation of this Agreement.
C. Integration. This Agreement and any attached exhibits constitute the
entire Agreement between the Cyclery and WRURA, superseding all prior oral or written
communications.
d. Third Parties. There are no intended third-party beneficiaries to this
Agreement. None of the professionals, contractors, or subcontractors hired by the
Cyclery shall be intended third-party beneficiaries of this Agreement.
C. Notice. Any notice under this Agreement shall be in writing, and shall be
deemed sufficient when directly presented or sent pre-paid, first class United States Mail,
addressed to:
WURA: Alan White, Executive Director
Wheat Ridge Urban Renewal Authority
7500 W. 29th Avenue
Wheat Ridge, CO 80033
With a copy to:
Corey Hoffmann
Hayes, Phillips, Hoffmann & Carberry, PC
Suite 450, The Market Center
1350 17u' Street
Denver, CO 80202-1576
Cyclery l? OtJ ALL k1 1 X % _
7085 West 38u' Avenue
Wheat Ridge, CO 80033
f. Severability. If any provision of this Agreement is found by a court of
competent jurisdiction to be unlawful or unenforceable for any reason, the remaining
provisions hereof shall remain in full force and effect.
g. Modification. This Agreement may only be modified upon written
agreement of the Parties.
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h. Assignment. Neither this Agreement nor any of the rights or obligations
of the Cyclery shall be assigned by the Cyclery without the written consent of WRURA.
i. Governmental Immunity. WRURA, its officers, and its employees, are
relying on, and do not waive or intend to waive by any provision of this Agreement, the
monetary limitations (presently one hundred fifty thousand dollars ($150,000) per person
and six hundred thousand dollars ($600,000) per occurrence) or any other rights,
immunities, and protections provided by the Colorado Governmental Immunity Act,
C.R.S. § 24-10-101, et seq., as amended, or otherwise available to WRURA and its
officers or employees.
j. Rights and Remedies. The rights and remedies of WRURA under this
Agreement are in addition to any other rights and remedies provided by law. The
expiration of this Agreement shall in no way limit WRURA's legal or equitable remedies,
or the period in which such remedies may be asserted, for work negligently or defectively
performed.
IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on the date
first set forth above.
STATE OF COLORADO )
ss.
COUNTY OF 7Q TfrS on )
The foregoing instrument was subscribed, sworn to and acknowledged before me this 9L(5 i
day of May-Ch 2007, by1Ponalr) R kie{el, as Vico ?Vts• of the Wheat
Ridge Cyclery.
My commission expires: /o/Zolo f
(S E A L) J. SC /
TA R Notary Public
. ~py .
u'9. BUG Q~
OF COLC~
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WHEAT RIDGE URBAN RENEWAL
EXHIBIT A
Commencing at the southeast comer of Section 23, Township 3
South, Range 69 West of the 6a' Principal Meridian; thence
S89°38'23"W a distance of 1018.72 feet along the south line of
said Section; -thence NO0°14'01' W a distance of 30.00 feet to the
southeast comer of Lot 1, Craig Subdivision and the Point of
Beginuing thence along the southerly and westerly lines of said
Lot 1 and the westerly line of said Lot 2, the following 3 courses:
1) S89°38'23"W a distance of 104.97 feet to apoint of curvature;
2) along the arc of a curve to the right having a radius of 15.06
feet through a central angle.of WOW' and having an are length
of 23.60 feet, a chord bearing N45°17749"W and a chord length of
21.24 feet to a point of tangency;
3) N00014'01"W a distance of 210.97 feet to the northwest corner
of the south 6 feet of said Lot 2;
Thence N89°38'23"E a distance of 120.00 feet along the north line
of the south 6 feet of said Lot 2; thence S00114'01"B a distance of
226.00 feet along the east line of said Lot 1 and said Lot 2 to the
Point of Beghming
Containing 27,070 square feet or 0,621 acres more or less.
EXHIBIT B
ELIGIBLE IMPROVEMENTS AND ESTIMATED COSTS
a. Masonry. The Cyclery shall undertake a project at an estimated cost of Thirty
Seven Thousand Twenty dollars ($37,020.00) for masomy work around the Property,
which shall meet the specifications set forth in the schedule attached hereto as Exhibit B-
1.
b. Utilities. The Cyclery shall undertake a project to upgrade its power system to a
3-phase system and to underground the power line across High Court, at an estimated
cost of Thirty Thousand Eight Hundred Twenty dollars ($30,820.00), which shall meet
the specifications set forth in the schedule attached hereto as Exhibit B-2.
C. Roof System, The Cyclery shall undertake to expend approximately One
Hundred Fifty Five Thousand Eight Hundred Ten dollars ($155,810.00) in roof repairs,
which shall meet the specifications set forth in the schedule attached hereto as Exhibit B-
3.
d. Paving Stone/Hardscape and Landscaping. The Cyclery shall undertake a project
to install pave stone or stamped concrete along the new store front on High Court and
install planter and landscaping at 38`h and High Court at an estimated cost of Fourteen
Thousand Eight Hundred Ten dollars ($14,810.00), which shall meet the specifications
set forth in the schedule attached hereto as Exhibit B-4,
e. Curb and Gutters. The Cyclery shall undertake a project to install 220 lineal feet
of curb and gutter along High Court at an estimated cost of Eight Thousand Four
Hundred Twenty dollars ($8,420.00), which shall meet the specifications set forth in the
schedule attached hereto as Exhibit B-5.
f. Demolition. The Cyclery shall undertake a project to demolish certain
improvements which are necessary for the elimination of blight and are part of the
redevelopment of the Property, at an estimated cost of Four Thousand Eight Hundred
dollars ($4,800.00), which shall meet the specifications set forth in the schedule attached
hereto as Exhibit B-6.
g. Public Arts Panels. The Cyclery shall undertake a project to install public arts
panels at an estimated cost of Twelve Thousand Five Hundred dollars ($12,500.00),
which shall meet the specifications set forth in the schedule attached hereto as Exhibit B-
7.
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EXHIBIT B-I
MASONRY WORK SPECIFICATIONS
1. Upgrade 1304 square feet of concrete masonry block, split face and smooth face block
with integral coloring.
2. Construct six upgraded stone columns at entrance, including upgraded capstones,
construct 1,800 square feet of stone fagade, and install three stone landscape pillars with
upgraded capstones.
3. Install new storefront window on existing west exterior wall.
Total $37,020.00
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EXHIBIT B-2
UTILITY WORK SPECIFICATIONS
1. Disconnect, relocate and underground overhead electric lines; convert to 3-phase.
2. Disconnect and relocate natural gas line.
Total $30,820.00
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EXHIBIT B-3
ROOF SYSTEM SPECIFICATIONS
1. Install 7,000 square feet of new upgraded metal roof system with special bow trusses,
spray-on insulation and green standing seam metal roofing.
Total $155,810.00
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EXHIBIT B-4
HARDSCAPE AND LANDSCAPE SPECIFICATIONS
1: Install 1,016 square feet of paver stone at front of new entrance.
2. Install additional landscaping in planter at northwest comer of building.
3. Install new street tree at southwest corner of building.
Total $14,810.00
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EXHIBIT B-5
CURB AND GUTTER SPECIFICATIONS
1. Cut and remove asphalt; install 147 linear feet of curb and gutter, drain pan, handicapped
ramp; patch back and restripe.
Total $8,420.00
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EXHIBIT B-6
DEMOLITION WORK SPECIFICATIONS
1. Demolition of structures and paved areas within urban renewal portion of property.
Total $4,800.00
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EXHIBIT B-7
PUBLIC ARTS PANELS SPECIFICATIONS
1. Fabricate and install art panels on west and south exterior walls, including architectural
metal banding at top of parapets on south side of building.
Total $12,500.00
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