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HomeMy WebLinkAboutResolution 2013-0012CITY OF WHEAT RIDGE, COLORADO RESOLUTION NO. 12 Series of 2013 TITLE: A RESOLUTION ADOPTING A FOURTH MODIFICATION TO THE 38TH AVENUE CORRIDOR REDEVELOPMENT PLAN TO IMPLEMENT THE USE OF TAX INCREMENT FINANCING FOR THE PERRIN 'S ROW PROJECT WHEREAS, in 2001 , the Wheat Ridge City Council approved an urban renewal plan , known as the 381h Avenue Corridor Redevelopment Plan (the "Urban Renewal Plan ") for the elimination of blight and redevelopment of certain portions of the City; and WHEREAS , such Urban Renewal Plan included the area described in Exhibit A hereto, which is the current location of the Crosswire Investments LLC property ; and WHEREAS, Section 5 of the Urban Renewal Plan provided for the utilization of sales and property tax incremental revenue sources within the redevelopment area; and WHEREAS, the Wheat Ridge Urban Renewal Authority has entered into a redevelopment agreement with owner of certain property at 5760 W. 38th Avenue in Wheat Ridge dba Perrin 's Row ; and WHEREAS , the Urban Renewal Authority is recommending to City Council that the Urban Renewal Plan be modified to implement a property tax increment for the project area as described in Exhibit A ; WHEREAS, the Urban Renewal Plan has been amended three times previously ; first , on October 27, 2003 , by the First Modification to the 38th Avenue Corridor Redevelopment Plan ; second , on December 11 , 2006 by the Second Amendment to the 38t h Avenue Corridor Redevelopment Plan and third , on April 7 , 2009 by the Third Amendment to the 381h Avenue Corridor Redevelopment Plan ; and WHEREAS , this Fourth Modification provides for the use of tax increment financing for the development of Perrin 's Row and an agreement with Crosswire Investments, LLC as described in Exhibit B ; and WHEREAS, City Council has determined the use of tax increment financing for the project does not substantially change the plan in the land area ; and WHEREAS , in compliance w ith the Urban Renewa l Law of Colorado , C.R.S . § 31 -25-101 et seq., the Wheat Ridge Urban Renewal Authority desires to implement the use of tax increment financing for the project area described in Exhibit A . NOW, THEREFORE , BE IT RESOLVED by the City Coun c il of the City of Wheat Ridge , Colorado , as follows : Section 1. The City Council hereby adopts this resolutio n amending Appendix A of Exh ibit B to add the Perrin 's Row project providing for the Fourth Modification to the 381h Avenue Corridor Redevelopment Plan, with the modification to new Section 3.d of said Appendix to provide that the Wheat Ridge Fire District shall receive1 00% of the Fire District's property tax increment from the Perrin 's Row project. DONE AND RESOLVED THIS 25"' day of March , 2013/,{ I J,\)u]) ullio , Mayor ATTEST: EXHIBIT A L E GAL DESCRIPTION LOTS I THROUG H 13 PERRIN'S ROW SU BDIVISION A RESUBDIVISION OF LOT I. BLOCK I. BALMAR CONSOLIDATION PLAT SITUATED IN THE NE 114 OF SECT ION 25, T.3S .. R.69W .. OF TilE 6TH P.M . CITY OF WHEAT RIDGE, COUNTY OF JEFFERSON . STATE OF COLORADO EXHIBITB FOURTH AMENDMENT TO THE 38T 11 A VENUE CORRIDOR REDEVELOPMENT PLAN Section 5 of the 38th Avenue Corridor Redevelopment Plan (''Plan") is hereby amended to read as follows: 5.0 PROJECT FINANCING Urban renewal projects may be fmanced in whole or in part by the Aut hority under the tax increment financing (''TIF") provisions of C.R.S § 3 1-25-1 07(9)(a) of the Urban Renewal Law, or by any other available source of financing au th orized to be undertaken by the Authority under C.R.S. § 31-25-105 ofthe Urban Renewal Law. 5.1 Financing Methods The Authority is authorized to finance urban renewal projects within the Redevelopment Area with revenues from property and sales tax increments, interest income, federal loans or grants, or any other avai lable source of revenues. The Authority is a uthorized to issue bonds and in cur other obligation s contemplated by the Urb an Renewal Law in an amount sufficient to finance all or any part of an urban renewal project within the Redevelopment Area. The Authority is authorized to borrow funds and create indebtedness in any authorized form in carrying out this Corridor Redevelopment Plan in the manner contemplated by the Urban Renewal Law. Any principal and interest on suc h indebtedness may be paid from property and sales tax incremen ts, or any other funds, revenues, assets or properties legally availab le to the Authority. 5.2 Potential Utilization of Tax Increment Financing (TIF) After the date of final adoption of this Corridor Redevelopment Plan, as described in the Resolution approving the Plan, the City may authorize the uti lization of TIF pursuant to C.R.S. § 31-25-107(9) ofthe Urban Renewal Law at such time or times that a redevelopment project or projects is/are init iated under the provi sions of this Corridor Redevelopment Plan within the Redevelopment Area. Such TIF may be uti li zed in the entire Redevelopment Area or portions of the Redevelopment Area. The utilization of TIF pursuant to this sect ion will necessitate a modification of, or to , this Corridor Redevelopment Plan. in accordance with the provisions of C.R.S. § 3 1-25-107(7) of the Colorado Urban Renewal Law governing such modifications. Such an amendment shall be accomplished by the procedure set forth in Section 5.3, below. The details of this utilization of TIF may also be provided for by agreement between the City and the Authority. 5.3 Utilization of Property and S ales T I F Consistent wi th the foregoing provision s of thi s Section 5.0 regardi n g TJF. there is hereby adopted the uti lization o f property and sales tax inc remen t fo r the p roperties described in the attached Appendix A . The propert ies and projects. for which a tax increment shall be utilized, along with a legal description for the properties, the date upon which the utilization of the tax increment s haU take effect. and the terms of the tax increment app licable to each property, shall be as set forth in Appendix A. APPENDIX A 1. Cornerstone P roperty a. Date TIF implemented: October 27 , 2003 Council Resolution: No . 26, Series 2003 (October 27, 2003 ) b. Date TIF suspended: June 8. 2009 Council Resolution: No. 30, Series 2009 (June 8, 2009) c. Legal Description: A tract of land in the Northeast 1/4 of Section 25 , Township 3 Soutl1 , Range 69 West of the 6th Principal Meridian and also being a part of Block 1, Pearson-Woodside Addition as recorded in Book 6, Page 8 of the official records of the County of Jefferson, State of Colorado, and being more part icularly described as follows: Commencing at the Northeast comer of said Northeast 1/4 thence S 00° J 5 ' 49 " E along the East line of said Northeast ~.said line also being the centerline of Sheridan Boulevard, 65.00 feet; thence S 89° 59 ' 58 " W, 30.00 feet to a point on the East line of said Block 1 and the West line of Sheridan Boulevard. said point being the POINT OF BEGfNNING; thence N 45 ° 07'56'' W along the Southerly line of that tract of land described at Reception Number 91056588 , said line also being the Southerly line of West 38th Avenue, 28 .35 feet; thence continuing along said Southerly lineS 89° 59' 58 '' W, 115.45 feet ; thence N 00° 15 ' 49'' W along said Southerly line, 5.00 feet to a point on the North line of said Block 1. said point also being a point on the Southerly line of West 38th Avenue; thence S 89° 59 ' 58" W along said Northerly line of Block 1, 135.45 feet to the Northwest comer of said Block 1 ~ thence S 00 ° 15 ' 49" E along the West line of said Block I ,217.20 feet to the beginning of a curve; thence Southerly along a curve to the left and along the West line of said Block 1, 38.84 feet , which curve has a radius of 523.00 feet, a central angle of 4° 15 ' 1 T' and whose chord bears S 2° 23 · 28 " E, 38.83 feet, to the Southwesterly comer of Lot 21 of said Block 1; thence N 89 ° 59 ' 58 " E along the Souther ly line of said Lot 21 , 134.0 1 feet to the Southeast comer of said Lot 21 ; thence N 00 ° 15 ' 49" W along the East line of said Lot 21, 25.00 feet ; thence N 89 ° 59 ' 58 " E along a line parallel to the North line of said Block 1, 135.45 feet to a point on the East line of said Block 1 and the West line of Sheridan Boulevard; thence N 00° I 5 ' 49" W along said East line of said Block 1 and the West line of Sheridan Boulevard, 206.00 feet to ilie POINT OF BEGINNING , County of Jefferson, State of Colorado. Said parcel contains 1.493 7 acres more or less. (the "Project Area") d. TTF terms: i. Propertv Tax Increment. One hundred percent (100%) of the property tax payable to the Authority under C.R.S. § 31-25-107(9) shaH be aJiocated to, and when collected, paid into a special fund of the Authority, and may be irrevocably pledged by the Authority for the payment of the principal of. premium. if any, and interest on any bonds , loans or advances. or indebtedness (whether funded, refunded , assumed, or otherwise) incurred by the Authority to finance or refinance, in whole or in part, urban renewal projects, and to pay all financial obligations and debts of the Authority. ii. Sales Tax Increment. One hundred percent (I 00%) of the sales tax payable to the Authority under C.R.S. § 31-25-1 07(9) shall be allocated to , and when coJiected. paid into a special fund of the Authority, and may be irrevocably pledged by the Authority for the payment of the principal of, premium, if any, and interest on any bonds, loans or advances, or indebtedness (whether funded, refunded, assumed, or otherwise) incurred by the Authority to finance or refinance, in whole or in part, urban renewal projects, and to pay all financial obligations and debts of the Authority. 111. Expiration of Sales and Property Tax Increments. When such bonds, loans, advances and indebtedness, and all financial obligations and debts of the Authority: if any. including interest thereon and any premiums due in connection therewith, have been paid, but in no event later than twenty-five (25) years following the date the sales and property tax T£F is implemented as set forth in subsection (a) above (which implementation date is October 27, 2028) all property tax revenues upon the taxable property and the total municipal sales tax revenue collections in the Project Area shall be paid into the funds of the respective public bodies. 2. Wheat Ridge Cyclery Property a. Date TTF implemented: December 11, 2006. b. Council Resolution: No. 55. Series 2006 (December 11. 2006) c. Legal Description: Parcel l The South 163 feet of Lot 1, Craig Subdivision, City of Wheat Ridge, County of Jefferson, State of Colorado, Parcel 2 Lot l , EXCEPT the South 163 teet thereof and the South 6 feet of Lot 2, Craig Subdivision, City of Wheat Ridge, County of Jefferson, State of Colorado , Also described as : Commencing at the southeast corner of Section 23. Township 3 South, Range 69 West of the 6th Principal Meridian ; thence S89°36 '23 "W a distance of 30.00 feet to the southeast corner of Lotl , Craig Subdivision and the Point of Beginning; thence along the southerly and westerl y 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 a point of curvature; 2 ) along the arc of a curve to the right having a radius of 15.00 feet through a central angle of 90°07'36" and having an arc length of 23.00 feet , a chord bearing N45°l T49''W and a chord length of 21.24 feet to a point of tangency ; 3) N00°14 '01"W a distance of210.97 feet to the northwest comer 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 S00° 14 '0 1 "E a distance of 226.00 feet along the east line of said Lot l and said Lot 2 to the Point of Beginning, Containing 27 ,070 square feet or 0.621 acres more or less. d. TIF terms : i. Property Tax Increment. One hundred percent ( l 00%) of the property tax payable to the Authority under C.R.S. § 31-25-1 07(9) shall be allocated to , and when collected, paid into a special fund of the Authority, and may be irrevocably pledged by the Authority for the payment of the principal of, premium , if any, and interest on any bonds, loans or advances , or indebtedness (whether funded, refunded , assumed, or otherwise) incurred by the Authority to finance or refinance, in whole or in part, urban renewal projects, and to pay aiJ fmancial obligalions and debts of the Authority. ii. Sales Tax Increment. One hun.dred percent (100%) of the sales tax payable to the Authority under C.R.S . § 31-25-107(9) shall be allocated to , and when collected , paid into a special fund of the Authority , and may be irrevocably pledged by the Authority for the payment of the principal of, premium , if any , and interest on any bonds, loans or advances , or indebtedness (whether funded , refunded , assumed , or otherwise) incuned by the Authority to finance or refinance, in whole or in part. urban renewal projects, and to pay all financial obligation s and debts of the Authority. 111. Expiration of Sales and Property Tax Increments. When such bonds, loans. advances and indebtedness , and all financial obligations and debts of the Authority; if any, including interest thereon and any premiums due in connection therewith , hav e been paid , but in no event later than twenty-five (25) years following the date the sales and property tax TIF is implemented as set forth in subsection (a) above (which implementation date is December 11. 2006) all property tax rev enues upon the taxable property and the total municipal sales tax revenue collections in the Project Area shall be paid into the funds of the respective public bodies. 3. C r osswire Investments, LLC a. Date TIF implemented: March 25 , 201 3. b. Council Resolution: No. 12, Series 2013 (March 25. 2013) c. Legal Description: LOTS I THROUGH 13 PERRIN'S ROW SUBDIVISION A RESUBDIVISION OF LOT I , BLOCK 1, BALMAR CONSOLIDATION PLAT SITUATED IN THE NE 1/4 OF SECTION TI-l 25 , T.3S., R.69W., OF THE 6 P.M. CITY OF WHEAT RIDGE, COUNTY OF JEFFERSON, STATE OF COLORADO d. TIF terms: i. Propertv Tax Increment. One hundred percent (100%) of the property tax payable to the Authority under C.R.S. § 31-25-1 07(9) shall be allocated to , and when collected , paid into a s pecial fund of the Authority, and may be irrevocably pJedged by the Authority for the payment of the principal of, premium, if any , and interest on any bonds , loans or advances, or indebtedness (whether funded, refunded , assumed, or otherwise) incurred by the Authority to finance or refinance, in whole or in part, urban renewal projects, and to pay all fmancial obligations and debts of the Authority ii. Property Tax Increment Sharing. The Wheat Ridge Fire District shall receive one hundred percent (I 00%) of the Fire District's property tax increment from the Perrin ·s Row project. The Authority will reimburse increment to the Fire District on an annual basis. ii. Expiration of Sales and Property Tax Increments. When such bonds, loans , advances and indebtedness. and all financial obligations and debts of the Authority ; if any, including interest thereon and any premiums due in connection therewith, have been paid , but in no event later than twenty-five (25) years following the date the sales and property tax TIF is implemented as set forth in subsection (a) above (which implementation date is March 25, 2013) all property tax revenues upon the ta.xable property and the total municipal sales tax revenue collections in the Project Area shall be paid into the funds of the respective public bodies.