HomeMy WebLinkAboutRedevelopment Agreement Extension 2-23-16Patrick Goff
Executive Director
Wheat Ridge Urban Renewal Authrotty
7500 West 29'h Avcnut·
Wheat Ridge. Colorado 80033
[mail· pgoO'@ c1. '' heatndgc.co.us
Via Federal Express
Quadrant Wheat Ridge Comers. LLC
clo TKG Management, Inc.
211 N. Stadium Blvd., Suite 20 I
Columbia, Missouri 65203
Attn: Legal DepartmenL
February 23. 2016
Re: Extension under Redevelopment Agreement
Ladies and Gentlemen,
Wheat Ridge Urban RenewaJ Authority dlb a Renewal Wheat Ridge. an urban renewal
authority and a body corporate and politic of the State of Colorado (the "Authonty'') and
Quadrant Wheat Ridge Comers, LLC, a Missoun limtted liability company. fka TKG Wl1eat
Ridge, LLC (the "Quadrant'') entered into that certain Redevelopment Agreement dated June 22,
2015 (the "Agreement"). All tenns not othe1wise defined in this letter shall have the meaning set
forth in the Agreement.
Pursuant to Section 4.1 of the Agreement, Quadrant agreed to Commence Construction of
Phase One of the Project by March 31, 2016, and to reasonably proceed with substantial
Completion of Construction of Phase One of the Project no later than March 31, 2018. unless
otherwise agreed to in writing by the Executtve Director.
On November 3, 2015. the voters of Wheat Ridge approved Ballot Question 300
("Question 300"), which asked:
DCN-XJ-152-J
Shall the Wheat Ridge City Charter be amended as follows? Any action by an
agency, agent, authority, commission, commi ttee, City Council, department,
employee or official of the City of Wheat Ridge, approving or changing a sales or
property tax increment financing (TIF), revenue sharing or cost sharing
arrangement pursuant to Part I of the Colorado Urban Renewal Law, must be
ratified by the Wheat Ridge City Council via a vote on a fonnal agenda item. at a
regularly scheduled business meeting, that is advertised as a public hearing. If the
value of the said sales or property tax increment financing (TIF). revenue sharing
or cost sharing exceeds $2.5 million, the City Council action of approval must be
ratified by the registered electors of the City of Wheat Ridge at a special or
regular election. The base amoWlt for voter approval of any sales or property tax
increment financing (TIF) will be any financing exceeding $2.5 million. To
account for inf1ation and/or increased constntction costs, every third year after
March 1, 2015, the base amount will be increased by 5%. Effective Date: This
amendment will take effect and apply to all actions undertaken by an agency,
agent, authority,
On January 12, 2016, Quadrant filed a lawsuit in the District Court for Jefferson County,
Colorado challenging the validity of Question 300 (the "Lawsuit").
In light of the passage of Question 300 and the pendency of such lawsuit, Developer has
requested that the Executive Director agree in writing that Section 4. I of the Agreement be
revised as follows:
(a) the date "March 3 I. 20 I 6" as set forth in Section 4.1 of the Agreement (the
··commencement Deadline") be changed to the date that is 180 days after the later
to occur of: (i) the date of Final Approval of a final plat for the Property (the
"Final Plat''), and (ii) the date of Final Resolution of the Lav.rsuit: provided,
however, that if Commencement of Construction of Phase One of the Project
cannot reasonably occur on such 180tl, day due to frozen ground. weather
conditions or other factors set forth in Section 16, then such 1801h day shall be
deemed postponed until such date as fi-ozen ground, weather and other factors set
forth in Section 16 causing such postponement are no longer present;
(b) the date "March 31. 20 18" as set forth in Section 4.1 be changed to the date that is
730 days after the Commencement Deadline;
(c) for purposes of paragraph (a) above, the term "Final Approval" shall mean the
later to occur of: (i) date by which a Final Plat approved by the City Council of
the City is recorded in the official real property records of Jefferson County,
Colorado. (ii) the date following expiration of all applicable time periods pursuant
to which any person or entity could challenge t11e validity of such approval by
appeal or other legal action, or (iii) if any such appeal or other legal action is filed.
the date upon which such appeal or other legal action is resolved to the reasonable
satisfaction of the City, the Authority and Quadrant: and
(d) for purposes of paragraph (a) above, the tenn ''Final Resolution" shall mean the
later to occur of: (i) the date by which a court of competent jurisdiction with
respect to the Lawsuit has issued a final decision resolving all issues disputed and
answering all questions raised in the Litigation as reasonably determined by the
City, the AutJ1ority and Quadrant (a "Decision"), (ii) the date following expiration
of all applicable time periods pursuant to which any person or entity could
challenge the validity of, or otherwise appeal or request certiorari with respect to,
a Decision. (iii) if any such appeal or other challenge is ftled, or if certiorari to the
Colorado State Supreme Court or the United States Supreme Court is requested,
DEN-83452-J
the date afler such appeal or other challenge is resolved to the reasonable
satisfaction of the City. the Authority and Quadrant. or the date after certiorari is
denied by the Colorado State Supreme Court or denied by the United States
Supreme Court. as applicable. and following expiration of all app li cable time
periods pursuant to which any person or entity could challenge the validity of
such denial or tile an appeal or other document to extend judicial review of any
issues regarding the Litigation. or (d) the date after the Litigation is dismissed
with prejudice.
The Executive Director hereby agrees that Section 4.1 of the A!:,JTeement shall be
amended as requested by Quadrant and detailed above.
WHEAT RIDGE URBAN RENEWAL
AUTIIORITY. an urban rene·wal authority and a
body corporate and politic of the State of Colorado
~~~Q~
Title: Executive Direcg r
Date: c2 -~3 -/
cc: Robert W. Turner(\ ia Federal Express. 981 SouthPark Drive. Littleton. Colorado 801 20)
Rodney K. Jones (via Federal Express. 353 Marshall A venue. Suite I. St. Louis. Missouri
63 I 19)
Robe11 P. Detrick (via email at Robert.detrick@huschbJackwell.com)
OfN-IU-452-3