HomeMy WebLinkAboutResolution 2015-0055CITY OF WHEAT RIDGE, COLORADO
RESOLUTION NO. 55
Series of 2015
TITLE: A RESOLUTION AMENDING THE FISCAL YEAR 2015
GENERAL FUND BUDGET TO REFLECT THE APPROVAL OF
A SUPPLEMENTAL BUDGET APPROPRIATION IN THE
AMOUNT OF $300,000 FOR THE PURPOSE OF FUNDING THE
KIPLING RIDGE TAX INCREMENT FINANCING AGREEMENT
WHEREAS, the Wheat Ridge Charter requires that amendments to the budget
be effected by the City Council adopting a resolution; and
WHEREAS, the Wheat Ridge City Council entered into a Cooperation
Agreement with the Wheat Ridge Urban Renewal Authority dba Renewal Wheat Ridge;
and
WHEREAS, on April14, 2014 Renewal Wheat Ridge entered into a
Redevelopment Agreement with MVG Development for a redevelopment project at the
southwest corner of Kipling Street and West 38th Avenue; and
WHEREAS, two of the three retail pads began operations in 2015 producing
incremental sales tax revenues to the City of Wheat Ridge; and
WHEREAS, the annual debt service on the Tax Increment Financing Agreement
was not budgeted in the 2015 City approved budget.
NOW, THEREFORE, BE IT RESOLVED by the Wheat Ridge City Council, that:
Section 1. A transfer of $300,000 in hereby approved from General Fund
undesignated reserves to account 01-105-700-718 and 2015
General Fund revenues are amended accordingly.
DONE AND RESOLVED this 14th day of December 2015.
ATTEST: