HomeMy WebLinkAboutResolution 2012-0030CITY O F WHEAT RIDGE, COL ORADO
RESOLUTION NO. 30
Series of 2012
TITLE: A RESOLUTION AMENDING THE FI SCAL YEAR 201 2
G ENERA L FUND BUDGET TO REFLECT THE APPROVAL OF A
SUPPLEMENTAL BUDGET APPROPRIATION IN THE AMOUNT
OF $350,000 TO RENEWAL WHEAT RIDGE FOR THE
PURPOSE OF PROVIDING A LOAN FOR THE TOWN CEN TE R
NORTHPROJ EC T INFRASTRUCTURE IMPROVEMEN TS
W HEREAS , the City of Wheat Ridge has an established urban renewal authority
known as Renewa l Wheat Ridge to eliminate blight and assist the City with economic
development and revitalization efforts ; and
WHEREAS, the citizens of Wheat Ridge will benefit from the improvements
being made by the Town Center North Project; and
WHEREAS, Renewal Wheat Ridge does not have the capital funding currently
needed to complete the required infrastructure improvements per the Subdivision
Improvement Agreement (SIA) between the City and Renewal Wheat Ridge :
WHEREAS, it is prudent to complete these infrastructure improvements in order
to comply with the Purchase Agreement between Renewal Wheat Ridge and Wazee
Partners , LLLP : and
WH EREAS, the City of Wheat Ridge has the needed fund ing ava ilable i n the
General Fund undesignated reserves to make an interest free loan in the amount of
$350 ,000 to Renewa l Wheat Ridge for the completion of the required infrastructure
improvements at the Town Center North Project; and
WHEREAS, the loan will be repaid in full to the City upon the sale of Lot 3 or the
sale of Lot 1 or a combination of both .
NOW, THEREFORE, BE IT RESOLVED by the Ci ty Coun c il of t h e City o f
Wheat Ridge, Col orado, as follows:
A. The City Council authorizes the supplemental budget appropriation to
Renewal Wheat Ridge for the purpose of provid i ng a loan for the
i nfrastructure improvements for the Town Center North Project.
B. The City Council authorizes the payment of $350 ,000 from the general
fund undesignated reserves and amending the 2012 fiscal year budget
accordingly.
C . The loan terms will consist of an i nterest free loan and the loan is to be
paid in full to the City upon the sale of Lot 1 or Lot 3 or a combination of
both.
D. Approval of this resolution by City Council will act as the loan agreement
between the City of Wheat R idge and Renewal Wheat Ridge .
DONE AND R E SOLV ED this 11th d y of J ne 2012.
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