HomeMy WebLinkAboutResolution 2015-0004CITY OF WHEAT RIDGE , COLORADO
RESOLUTION NO . ~
Series of 2015
TITL E: A RESOLUTION AMENDING THE FISCAL YEAR 2014 GENERAL
FUND BUDGET TO REFLECT THE APPROVAL OF A
SUPPLEMENTAL BUDGET APPROPRIATION IN THE AMOUNT
OF $58 ,417 .91 FOR THE ANNUAL SALES TAX SHARE TO
RENEWAL WHEAT RIDGE
WHEREAS , the City of Wheat Ridge , acting through its City Council has created
Renewal Wheat Ridge ("RWR"), an urban renewal authority ; and
W HEREAS, projects in the T own Center have generated sales tax revenues , referred
to by the City and RWR as the "sales tax increment" for use by RWR on urban renewal
projects ; and
WHEREAS , in 2006 the City and RWR entered into an Intergovernmental Ag reement
(the "Agreement") 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 , the City has amended the Agreement on October 24 , 2011 , to raise the
percentage of sales tax distribution to RWR from 50 % to 100 %; and
WHEREAS , in 2007 RWR entered into an Improvements Agreement with Wheat
Ridge Cyclery (the "Cyclery ") to reimburse the Cyclery for certain improvements to the
p roperty to improve its public appearance ; and
WHEREAS , the Cyclery Agreement expired in 2012 after all financial obligations were
met and therefore the tax increment will continue to be distributed to RWR until the 25 year
TIF cycle expi res ; and
WHEREAS , the sales tax increment exceeded 2014 budget estimates by $58,417 .91 ;
and
WHEREAS , the Wheat Ridge Charter requires that amendments to the budget be
effected by the City Council adopting a Resolution .
NOW, TH EREFORE , BE IT RESOLVED by the Wheat Ridge City Council :
Supplemental Appr opri ati on
Secti on 1. The City Counc il authorizes the transfer of $58,417 .91 from the General
Fund undesignated reserves to account number 01-105-700-720 and amending the
General Fund revenue accordingly.
DONE AND RESOLVED this 26 1h day of January, 2015 .
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