HomeMy WebLinkAboutResolution 2011-0049TITLE:
CITY OF WHEAT RIDGE, COLORADO
RESOLUTION NO. 49
Series of 2011
A RESOLUTION APPROVING A SECOND AMENDMENT
TO THE INTERGOVERNMENTAL AGREEMENT
BETWEEN THE CITY OF WHEAT RIDGE AND THE
WHEAT RIDGE URBAN RENEWAL AUTHORITY, AND IN
CONNECTION THEREWITH, APPROVING A
SUPPLEMENTAL BUDGET APPROPRIATION.
WHEREAS, the City of Wheat Ridge, acting through its City Council has created
the Wheat Ridge Urban Renewal Authority (the "Authority"); and
WHEREAS, the Authority has administered the urban renewal area known as the
Wheat Ridge Town Center Area ("Town Center"); and
WHEREAS, projects in the Town Center have generated sales tax revenues,
referred to by the City and the Authority as the "sales tax increment" for use by the
Authority on projects therein; and
WHEREAS, the Colorado Urban Renewal Law, C.R.S. § 31-25-112, authorizes
the City and the Authority to enter into agreements to cooperatively undertake all
aspects of the administration and operation of urban renewal areas, plans and
redevelopment projects within the City; and
WHEREAS, in 2007 the City and the Authority entered into an Intergovernmental
Agreement as of June 26, 2006 (the "Agreement") under this enabling authority,
pertaining to the allocation of the sales tax increment derived from the Town Center
project and the sharing of resources relating to services, equipment and personnel; and
WHEREAS, ON October 22, 2007, the City and the Authority amended the
Agreement for the sales tax increment allocation provisions in the Agreement by
deleting subsection 3.C.3 thereof, and thereby deleting the $100,000 annual limitation
on the amount of the portion of the sales tax increment payable to the Authority
extending the sales tax increment allocation provisions in the Agreement until
December 31, 2014 by amending subsection 3.C.5 accordingly (the "First
Amendment"); and
WHEREAS, the Council and the Authority wish to further amend the Agreement
by a Second Amendment to increase the sales tax increment paid to the Authority from
50% to 100%, effective retroactively to January 1, 2011, and to extend the same for the
full term of the Agreement; and
GEDNVRNVRURA
EXHIBIT A
Amendment to Intergovernmental Agreement of June 26, 2006
[Attached]
Second Amendment to Intergovernmental Agreement of June 26, 2006
This Second Amendment to Intergovernmental Agreement ("Second
Amendment") is entered into, as of the 24th of October, 2011, between the City of
Wheat Ridge, Colorado (the "City") and the Wheat Ridge Urban Renewal Authority (the
"Authority"), together referred to as the "Parties" to amend that certain
Intergovernmental Agreement entered into by the Parties as of June 26, 2006, as
amended October 22, 2006 (the "Agreement").
In consideration of the mutual promises and covenants contained herein and in
the Agreement, the receipt and sufficiency of which are acknowledged, the Parties
hereby amend subsection 3.C of the Agreement, entitled "Sales Tax Increment
Allocation," to read as follows:
3. Wheat Ridge Town Center Sales Tax Increment
C. Sales Tax Increment Allocation
The Parties agree that the Town Center Project sales tax increment, as
defined at Section 3.A hereof, shall be allocated between them as follows:
1. For all sales after January 1, 2006 irrespective of actual sales tax
receipts, the City shall retain an amount equal to the sales tax receipts
attributable to the Safeway store for the period November 1, 1994 through
October 31 , 1995.
2. After accounting for this retainage, the City and the Authority shall
easll receive W% 100% of the remaining sales tax increment from the Wheat
Ridge Town Center Project THROUGHOUT THE TERM OF THIS AGREEMENT
AS PROVIDED IN SECTION 3.C.4 AND SECTION 6.
3. On or before June 27, 2006, the City shall make a one time
payment to the Authority in the amount of $100,000, to account for outstanding
obligations of the Authority and in consideration of the mutual revocation of the
previous agreements related to allocation of the sales tax increment.
4. The sales tax increment for the Wheat Ridge Town Center is
hereby extended to and including December 31, 2014.
IN WITNESS WHEREOF, the Parties have executed this Amendment as of the
date first set forth above.
WHEAT RIDGE URBAN RENEWAL AUTHORITY
By:--------------
GEDIWRIWRURA IGA