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HomeMy WebLinkAboutResolution-1995-1462 RESOLUTION NO. 1462 series of 1995 TITLE: RESOLUTION PROVIDING DEVELOPMENT INCENTIVES TO THE COORS BREWING CO. FOR THE MODERNIZATION AND EXPANSION OF THE COORS BOTTLING FACILITY IN THE CITY OF WHEAT RIDGE WHEREAS, the Coors Brewing Company owns and operates a bottle manufacturing facility in the city of Wheat Ridge; and WHEREAS, said bottle manufacturing facility is located in a Wheat Ridge enterprise zone; and WHEREAS, the bottle manufacturing facility employs 333 people and pays significant sales, use, and property taxes to the City of Wheat Ridge; and WHEREAS, the Coors Brewing Company has proposed a major modernization of the bottle manufacturing facility which will employ additional persons and increase the amount of sales, use, and property tax paid to the City of Wheat Ridge; and WHEREAS, as a business located in an enterprise zone, C.R.S. section 39-30-107.5(2); and section 31-15-903(2); and section 39-30-107.5(1); authorize the city of Wheat Ridge to extend sales and use tax and real and personal property tax incentives to businesses located within enterprise zones; and WHEREAS, the extension of incentives to the Coors bottling manufacturing facility will assist in the economic feasibility of a project which is highly desirable for the city of Wheat Ridge and consistent with Wheat Ridge economic development objectives; NOW, THEREFORE, BE IT RESOLVED by the Wheat Ridge City Council, that the Mayor and city Clerk are hereby authorized to enter into an agreement with the Coors Brewing Company for the provision of the following incentives to facilitate the proposed expansion and modernization of the glass manufacturing facility within the City of Wheat Ridge. a. A 50% reduction in all sales and use taxes attributable to the modernization and renovation of the glass manufacturing facility for a period of three years commencing with the start of construction of said facility in an amount estimated to be $375,000 but not to exceed $425,000 without authorization of the Wheat Ridge City Council. b. A 50% reduction in the increase in personal and real property taxes for a period of ten years commencing in 1996 for taxes payable in 1997, in an amount estimated to be $115,000 and not to exceed $175,000 without specific authorization from the Wheat Ridge city Council. ATTEST: DONE AND RESOLVED this 27th day of February ~~ DAN WILDE, MAYOR " widt0~~~~ ~d/;'~~ , 1995. TAX INCENTIVE AGREEMENT THIS AGREEMENT, dated this ~ day of June, 1995, IS entered into between the City of Wheat Ridge, Colorado, a Colorado home rule city and municipal corporatIon (the "City") and Coors Brewing Company, a Colorado corporatlOn ("Coors"), and IS made pursuant to sectlOns 31-15-903 and 39-30-107 5 of the Colorado Revised Statutes RECITALS A. Coors owns and operates a bottle manufactunng plant (the "Plant") located Within the City and withm the Jefferson County Enterprise Zone B Coors employs more than 300 mdivlduals at the Plant and currently operates the Plant at full capacity C Technology has advanced and competItion has mcreased within the bottle manufactunng and transportation mdustries over the past several years. To maintain the competitive advantage of the Plant and its existmg employment base, Coors wishes to modernIze the Plant by mcreasing the furnace capacity, upgradmg the existmg bottle manufacturing equipment, and installing updated machmery and eqUlpment at the Plant. D The modernizatlOn project will be accomplished through a partnership, Rocky Mountam Bottle Company, a Colorado general partnershIp (the "Partnership"), an entity formed by and between Coors and Anchor Glass Contamer Corporatlon ("Anchor") Coors wllllease the eXlstmg land and buildings to the PartnershIp and will contribute the existmg bottle manufacturing eqUlpment to the Partnership Anchor will contribute the capital required by the Partnership to complete the modernizatlOn project. E. Based on current estimates, the modermzation project Will cost m excess of $50 million and WIll occur m three mdependent phases, one phase in each of 1995, 1996, and 1997 During each phase of the modermzatIOn project, the PartnershIp will upgrade the eXisting eqUlpment, acquire new machinery and eqUlpment, and contract separately for the installatIOn of the new machmery and eqUlpment. F Sections 31-15-903 and 39-30-107 5 of the Colorado Revised Statutes permIt the City to negotlate and provide sales, use, and property tax incentlves to businesses that expand facilitles located within the City and within an enterprise zone G The City and Coors WIsh to enter mto an agreement, pursuant to sections 31-15- 903 and 39-30-107 5 of the Colorado Revised Statutes, through which the City will provide incentives to encourage the modernizatlon of the Plant. The PartnershIp will not commence operatIOns until approxImately June 30, 1995, and does not have the capaCIty to enter mto an agreement pnor to commencement. Therefore, the City and Coors Wish to enter into thIS Agreement on the understanding that upon the commencement of the PartnershIp, Coors will assign all of its rights and obligations under thiS Agreement to the Partnership and the #74047 '\'6 Partnership will be substItuted III Coors' place for all purposes under this Agreement, as if the Partnership had been the orIginal signatory to this Agreement with the City H. The execution, dehvery, and performance of this Agreement are specificall} authorIzed by Wheat Ridge City Council Resolution No. 1462, dated February 27, 1995 TERMS AND CONDITIONS NOW THEREFORE in conSideration of the mutual promises contallled in this Agreement, the parties agree as follows ARTICLE ONE - DEFINITIONS Section 1 01 As used through this Agreement, the term "Plant" means the bottle manufacturing plant located at 10619 West 50th Avenue, Wheat RIdge, Colorado 80033, extendmg to approximately 27 acres, and contaimng approxImately 385,000 square feet of industrIal bUIldings. Section 1.02 As used throughout this Agreement, the term "Facility" means the Plant, mcluding the land on whlch the Plant is located, and all machinery, equipment, and other real and tangible personal property located at or within the Plant and used by Taxpayer in connection With the operatlOn of the Plant. Section 1 03 As used throughout this Agreement, the term "Property Tax Incentive PerIod" means, mdIvIdually, the property tax year that covers 1996 property taxes payable in 1997 and each successive property tax year through such year that covers 2005 property taxes payable m 2006 It is the intent of the parties that each property tax year be conSidered a separate Property Tax Incentive PerIod. Section 1 04 As used throughout this Agreement, the term "Quahfied EqUIpment and Machinery" means eqUIpment, machinery, machme tools, and supphes used in Taxpayer's busmess conducted at the FaCIlIty SectlOn 1 05 As used throughout thiS Ah'Teement, the term "Qualified Property" means real or personal property constructed, mstalled, or otherWIse added to the Facllity after the date of this Agreement. Section 1 06 As used throughout this Ah'Teement, the term "Return" means any sales and use tax return filed by Taxpayer in accordance with sections 22-56 and 22-66 of the Wheat RIdge City Code Section 1 07 As used throughout thiS Agreement, the term "Sales and Use Tax Incentive Period" means the perIod beginmng July 1, 1995, and ending June 30, 1998 #7Y047 1\'6 2 Section 1.08 As used throughout this Agreement, the term "Taxpayer" means. (a) Prior to the assignment by Coors of Its rights and oblIgatIons under thIS Agreement to the Partnership pursuant to Article Seven, all references to "Taxpayer" shall be to Coors. (b) Upon assignment by Coors of its rIghts and obligations under this Agreement to the Partnership pursuant to Article Seven, all references to "Taxpayer" shall be to the Partnership, as If the PartnershIp had been the origmal signatory to this Agreement WIth the City. ARTICLE TWO - SALES AND USE TAX REFUND OR CREDIT SectlOn 2.01 (a) Taxpayer shall file monthly Returns with respect to its operations at the FaCIlity and, subject to the terms of this Agreement, shall pay all sales and use taxes m accordance WIth sectIons 22-56 and 22-66 of the Wheat Ridge City Code. (b) With respect to each monthly Return covermg any portIon of the Sales and Use Tax Incentive Period, Taxpayer shall be entItled to WIthhold an amount equal to 50 percent of the sales and use taxes levied by the City and shown on the Return as attributable to the purchase or use of QualIfied EqUIpment and Machmery. If Taxpayer purchases Qualified EqUIpment and Machinery during the Sales and Use Tax IncentIve Period and, at the time of the sale, Taxpayer pays the full amount of sales tax leVied by the City upon such purchase (the "sales tax amount"), Taxpayer shall be entItled to offset 50 percent ofthe sales tax amount against any balance due on ItS Return for the month in which the Qualified EqUIpment and Machinery was purchased and shall treat the amount of the offset as an amount WIthheld pursuant to the precedmg sentence To the extent that the amount of any offset exceeds the balance due WIth respect to the Return for the month m whIch the Qualified Equipment and Machmery was purchased, the excess may be carried forward from month to month and applIed against any balance due on subsequent Returns until the offset is fully utihzed. (c) For purposes of its mternal accounting, Taxpayer shall account separately for all amounts withheld pursuant to this Section 2.01 Section 2 02 (a) At the tIme that Taxpayer files ItS Returns covermg August 1996, August 1997, and August 1998, Taxpayer shall provide the followmg informatlOn to the City' (i) the total dollar amount of Qualified EqUIpment and Machmery purchased dUrIng the ten (10) preceding calendar months, (11) the total amount of sales and use taxes leVIed by the CIty and paId by Taxpayer on Qualified Equipment and Machinery purchased or used dUrIng the ten (10) precedmg calendar months, (Iii) the total amount withheld by Taxpayer pursuant to Section 201 dUrIng the ten (10) precedmg calendar months, and (iv) the sum of all prior sales and use tax refunds paid or credIts allowed pursuant to thiS Agreement. (b) On or before October 20 in each of 1996, 1997, and 1998, the City shall notify Taxpayer whether the sales and use incentive amount aVaIlable under this Agreement will be provided m the form of a refund or a credIt for the perIod begmnjng November 1 of the #7C)047 'yfl 3 precedmg calendar year and ending on October 31 of the applIcable calendar year (the "applicable l2-month period") Section 2.03 For the penod beginning on July 1, 1995, and endmg on October 31, 1995 (a) Taxpayer shall, at the time it files Its Return covenng October 1995, file a notice of entitlement to sales and use tax incentive credit, which notIce shall set forth. (I) the total dollar amount of Quahfied EqUIpment and Machinery purchased during the preceding five-month penod, (Ii) the total amount of sales and use taxes levied by the City and paid by Taxpayer on Quahfied Equipment and Machinery purchased or used during the preceding five- month period, and (Iii) the total amount WIthheld by Taxpayer pursuant to Section 2.01 dunng the precedmg five-month period. (b) Taxpayer shall be entitled to treat the entire amount WIthheld during the preceding 5-month penod, as shown in the notIce filed pursuant to paragraph 2 03(a), as a credit against sales and use taxes levied by the City pursuant to sectIons 22-56 and 22-66 of the Wheat RIdge CIty Code. To the extent that 50 percent of the amount of sales and use taxes leVied by the City with respect to Qualified EqUIpment and Machinery purchased or used by Taxpayer durmg the precedmg five-month period exceeds the amount withheld by Taxpayer during the precedmg five-month penod, as shown in the notIce filed pursuant to paragraph 2.03(a), Taxpayer shall be entItled to an additIOnal sales and use tax credIt equal to the amount of the excess, whIch credit may be offset against any balance due on Its Return for October 1995 To the extent that the amount of the additional credit exceeds the balance due with respect to the October 1995 Return, the excess may be carried forward from month to month and applied agamst any balance due on subsequent Returns untIl the additional credit IS fully utIlized. SectIon 2.04 For each applicable 12-month period for whIch the CIty efTectively notifies Taxpayer that the sales and use mcentive amount aVaIlable under this Agreement will be proVIded in the form of a refund. (a) Taxpayer shall, at the time It files its Return covering October of that year, pay to the City an amount equal to the sum of all amounts withheld pursuant to Section 201 during the twelve (12) precedmg calendar months, m addition to any balance due on its October Return. At the tIme it files its Return covenng October of that year, Taxpayer shall also file a claim for sales and use tax mcentive refund, which claim shall set forth. (i) the total dollar amount of Quahfied EqUIpment and Machmery purchased durmg the apphcable 12- month period, (Ii) the total amount of sales and use taxes levied by the City and paId by Taxpayer on Qualified EqUIpment and Machinery purchased or used during the apphcable 12- month penod, includmg any amount paId pursuant to the preceding sentence, and (iii) the sum of all prior sales and use tax refunds paid or credIts allowed pursuant to thIS Agreement. (b) Withm thirty (30) days after receipt of each claIm for refund tiled in accordance with paragraph 2 04(a), the City shall refund to Taxpayer 50 percent ofthe amount of sales and use taxes leVIed by the CIty and paId by Taxpayer with respect to Quahfied Equipment and Machmery purchased or used during the applicable 12-month penod, including #79047/v6 4 amounts paid pursuant to paragraph 2.04(a). Each sales and use tax mcentlve refund shall be made pursuant to the authority granted in sectIon 39-30-107 5(2) of the Colorado Revised Statutes. Section 205 For each penod for which the City does not effectively notify Taxpayer that the sales and use mcentIve amount available under this Agreement will bc provIded m the form of a refund. (a) Taxpayer shall, at the tIme It files its Return covering October of that year, file a notice of entitlement to sales and use tax incentive credit, which notice shall set forth. (i) the total dollar amount of Qualified Equipment and Machinery purchased dunng the applicable l2-month penod, (Ii) the total amount of sales and use taxes levied by the City and paId by Taxpayer on Qualified EqUlpment and Machmery purchased or used durmg the applicable l2-month period, mcluding any amount paid pursuant to paragraph 2 04(a), (iIi) the total amount WIthheld by Taxpayer pursuant to Section 2 01 dunng the applicable 12-month period, and (iv) the sum of all prior sales and use tax refunds paId or credits allowed pursuant to this Agreement. (b) Taxpayer shall be entitled to treat the entIre amount WIthheld durmg the applicable 12-month period, as shown m the notice filed pursuant to paragraph 2.05(a), as a credit against sales and use taxes levied by the City pursuant to sections 22-56 and 22-66 of the Wheat Ridge City Code. To the extent that 50 percent of the amount of sales and use taxes leVIed by the City WIth respect to QualIfied Equipment and Machinery purchased or used by Taxpayer dunng the applicable 12-month period exceeds the amount WIthheld by Taxpayer during the apphcable 12-month penod, as shown in the notice filed pursuant to paragraph 2 05(a), Taxpayer shall be entitled to an additiOnal sales and use tax credIt equal to the amount of the excess, whIch credit may be offset against any balance due on Its Return for October of that calendar year To the extent that the amount of the addItional credIt exceeds the balance due With respect to the October Return, the excess may be carried forward from month to month and applied against any balance due on subsequent Returns until the additional credIt IS fully utilized. Section 2.06 The total amount of sales and use tax refunds paid and credits allowed pursuant to this Agreement shall not exceed $425,000 WIthout further authorizatIon from the Wheat Ridge City CouncIl. ARTICLE THREE - PROPERTY TAX INCENTIVE PAYMENTS Section 3 0 I (a) For each Property Tax Incentive Period, the CIty shall refund to Taxpayer an amount equal to 50 percent of the property taxes levied by the City and paId by Taxpayer for that period on QualIfied Property (the "property tax incentive payment") (b) For the maXImum period set forth in section 31-15-903 (currently four years for each of the three phases of the modernization project), each property tax incentIve payment made pursuant to paragraph 3 Olea) shall be compnsed of the following two components. #79047 'v6 5 (l) A portIon of the property tax lllcentIve payment shall be denominated the "general IncentIve portIon" and shall be paid pursuant to the authority granted in sectIon 31-15-903(2) of the Colorado ReVIsed Statutes. The amount of the general IncentIve portIon of any property tax mcentive payment for any Property Tax IncentIve PerIod shall be equal to the maxImum amount of the payment allowed for that period under sectiOn 31-15- 903(2), but in no event shall the amount of the general mcentIve portIOn exceed the total amount of the property tax incentive payment provIded for in paragraph 3 Ol(a). (2) The amount, If any, by which the property tax incentive payment reqUIred by paragraph 3 01(a) for a glVen Property Tax Incentive PerIod exceeds the general incentive portIOn set forth In subparagraph 3 01(b)(l) shall be denominated the "enterprise zone InCentIve portion" and shall be paid pursuant to the authOrIty granted in sectIOn 39-30- 107 5(1) ofthe Colorado Revised Statutes. (c) Followmg the maXImum perIod allowed under section 31-15-903 of the Colorado ReVIsed Statutes for the payment of property tax mcentlve payments WIth respect to each phase of the moderlllzation project, each property tax incentive payment made pursuant to paragraph 3 01(a) shall be paId pursuant to the authority granted m section 39-30-107.5(1) Section 3.02 (a) On or before March 1 followmg each Property Tax IncentIve PerIod, Taxpayer shall file WIth the CIty a schedule settmg forth: (i) the total assessed value for that Property Tax IncentIve Period of all QualIfied Property, (ii) the total amount of property taxes leVIed by the CIty on Qualified Property for that period, and (ui) the sum of all prIor property tax IncentIve payments made under thIS Agreement. (b) Within thIrty (30) days after paymg the final Installment of any property taxes owed by Taxpayer for each Property Tax IncentIve PerIod, Taxpayer shall file WIth the CIty a claim for property tax IncentIve payment, whIch claIm shall set forth. (I) the total assessed value for that Property Tax IncentlVe PerIod of all QualIfied Property, (ii) the total amount of property taxes levied by the CIty and paid by Taxpayer on Qualified Property for that period, and (iii) the sum of all prior property tax mcentlVe payments made under this Agreement. SectIOn 3 03 Withm thirty (30) days after receipt of each claim for refund tiled m accordance with paragraph 3.02(b), the CIty shall refund to Taxpayer 50 percent of the amount of property taxes leVIed by the CIty and paid by Taxpayer on Qualified Property for the Property Tax Incentive Period, Section 3 04 The total amount of property tax mcentIve payments made under this Agreement shall not exceed $175,000 WIthout further authorization from the Wheat Ridge CIty Council. ARTICLE FOUR - REPRESENTATIONS BY TAXPAYER SectlOn 4 01 Taxpayer represents and warrants that the Facility IS located within the CIty and Within the Jefferson County Enterprise Zone. 1/79047 Iv6 6 Section 4 02 Taxpayer represents and warrants that the FacilIty IS a "facilIty" as that term is defined in section 39-22-508.2(2)(a) of the Colorado Revised Statutes. In additIOn, Taxpayer represents and warrants that each phase of the modernization project will result in an expansion of the FacIlity, and that each such expansion will be treated as a separate facility that constitutes a "new bus mess facility" as that term is defined in section 39-22-508.2(3), but exdudmg the requirements of paragraph (b) of section 39-22-508.2(3) Section 4.03 Taxpayer represents and warrants that as a result of each phase of the expansion project It will quahfy for the credit provided by section 39-30-105 of the Colorado Revised Statutes. ARTICLE FIVE - REPRESENTATIONS BY THE CITY SectlOn 5 01 The City represents and warrants that It has informed Jefferson County and JetTerson County School District No R-l of the negotiation of thIs Agreement. Section 5.02 The City represents and warrants that it has full power and authority to enter mto and perform all obligations under this Agreement, mcludmg the authonty granted by sections 31-15-903 and 39-30-107.5 of the Colorado Revised Statutes. ARTICLE SIX - COMPLIANCE WITH AMENDMENT ONE It is the intent of the parties to comply WIth the requirements of Article X, section 20 of the Colorado ConstitutIOn. The parties reasonably believe that the provisions of this Agreement are m complmnce WIth the Colorado Constitution, and that thiS Agreement is not subject to annual quahficatlOn or reauthorization of any kmd. To the extent that annual appropriation ofthe obligatIons of the City created by thiS Agreement is required by Article X, section 20 of the Colorado ConstitutIOn or to the extent that thiS Agreement IS determined to be unenforceable for all or any portion of ItS term, the parties covenant and agree to take all actions reasonably necessary to fultill the purpose of this Agreement, including the negotiatIOn of Similar agreements. ARTICLE SEVEN - ASSIGNMENT Upon the commencement of the PartnershIp, Coors shall assign all of its rights and obligations under this Agreement to the Partnership and the Partnership shall be substituted in Coors' place for all purposes under thiS Agreement and shall succeed to all of Coors' rights and oblIgations under this Ah'Teement. The City agrees that the assignment and substitution of the Partnership in place of Coors shall relate back to the onginal effective date ofthis Agreement, as If the PartnershIp had been the origmal signatory to thIS Agreement with the City Coors and the Partnership shall promptly notify the CIty following the assih'l1ment contemplated by thIS Article Seven. #79047 '\'n 7 ARTICLE EIGHT - MISCELLANEOUS Section 8 01 This Agreement constitutes the entire agreement between the parties and supersedes all pnor ab'Teements and understandmgs, both oral and wntten, between the parties with respect to the subject matter of thIS Ab'Teement. ThIS Agreement may not be amended, waived, or termmated other than by wntten agreement, signed by each party. Section 8 02 Except as otherwise provIded in Article Seven, thiS AE,'Teement IS not assignable by eIther party without the pnor wntten consent of the other party SectIOn 8 03 This Agreement is subject to and shall be interpreted m accordance With the laws of the State of Colorado and the City, mcludmg all apphcable rules and regulatIOns of the Colorado Department of Revenue and the City ExclUSive venue and jurisdiction over any dispute arising under this Agreement shall be m the Distnct Court of Colorado in and for the County of Jefferson. Section 8.04 All notices relatmg to this Agreement shall be effective when sent via certified mall or overnight delivery to the following addresses, or to such other addresses as the parties may from time to time deSignate lI1 writing to the other party lI1 accordance WIth thiS Section 8 04 If to the City, to-- Office of Economic Development City of Wheat Ridge 7500 West 29th Avenue Wheat Ridge, Colorado 80215 with a copy to-- City Attorney City of Wheat Ridge 7500 West 29th Avenue Wheat Ridge, Colorado 80215 If to Coors, to-- Michele Hoovler Coors Brewmg Company Mail #BC490 Golden, Colorado 80401 #79047 'v6 8 with a copy to-- Charles A. Ramunno Charles R Bruce, k Holme Roberts & Owen LLC 1700 Lincoln, Suite 4100 Denver, Colorado 80203 SectIOn 8.05 This Agreement may be executed in one or more counterparts, each of which when executed shall be an original and all of which together shall constitute one Agreement. SectIOn 8.06 This Agreement shall be binding upon the parties, and subject to the proviSIOns of Section 8 02 and in accordance with Article Seven, this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Section 8.07 Article titles and headmgs used throughout this Agreement are for guidance only and shall not be given effect m the interpretation of this Agreement. IN WITNESS WHEREOF the parties execute this Tax Incentive Agreement to be effective as of the first date set forth above. CITY OF WHEAT RIDGE, COLORADO, a Colorado home rule city and municipal corporation ATTEST ;/ I - I f / (- , _/ d iC A-/'- r~ ';:'7 Wanda Sang, City Clerk ~) By: ,~J~ Dan Wilde, Mayor Approved as to form. ~,4 ~;/ Gerald . Dahl, City Attorney COORS BREWING COMPANY. a Colorado corporation By: .") (<: .'eeL '- /e_ ulL1 1--. '- Titlel. I C '-. , , , /)1, - .'L J/~f.'71 '- I , :;7l}047Iv6 9 wIth a copy to-- Charles A. Ramunno Charles B Bruce, Jr Holme Roberts & Owen LLC 1700 LIncoln, Suite 4100 Denver, Colorado 80203 Section 8 05 This Agreement may be executed in one or more counterparts, each of which when executed shall be an original and all of which together shall constitute one Agreement. SectIon 8 06 ThIS Agreement shall be bindlllg upon the partIes, and subject to the provlSlons of SectlOn 8 02 and III accordance WIth ArtIcle Seven, this Agreement shalllllure to the benefit of and be bllldmg upon the respectIVe successors and aSSIgns of the parties. SectlOn 8 07 ArtIcle titles and headmgs used throughout thIS Agreement are for guidance only and shall not be given effect III the Illterpretation ofthis Agreement. IN WITNESS WHEREOF the partIes execute this Tax Incentive Agreement to be effectIve as of the first date set forth above CITY OF WHEAT RIDGE, COLORADO, a Colorado home rule cIty and municipal corporatIon ATTEST By' ~~;- ''-'-- t J<--'!.d~ Dan Wilde, Mayor Approved as to form. 4K.,tP~~ Gerald E. Dahl, City Attorney COORS BREWING COMPANY, a Colorado corporation By' Title fl7Q047/v6 9 ASSIGNMENT AND ASSUMPTION AGREEMENT FOR GOOD AND V ALUABLE CONSIDERATION, the receipt and sufficIency of which is hereby acknowledged, Coors Brewing Company, a Colorado corporation ("Coors"), hereby sells, assigns, and transfers all of its rights, duties, and obligations under the Tax Incentive Agreement, dated June~, 1995, between Coors and the City of Wheat Ridge, Colorado, to Rocky Mountam Bottle Company, a Colorado general partnership (the "PartnershIp") and the PartnershIp hereby assumes all of Coors' rights, duties, and obligatlOns under the Tax Incentlve Agreement. Pursuant to Article Seven of the Tax Incentive Agreement, the PartnershIp is hereby substItuted in Coors' place for all purposes under the Tax IncentIve Agreement and Coors shall have no further rights, dutIes, or obligatlOns WIth respect to the Tax IncentIve Agreement, except in its capacIty as a partner of the Partnership. The aSSIgnment, assumptlOn, and substitutIon effected by this mstrument shall relate back to the origmal effective date of the Tax Incentive Agreement, as if the Partnership had been the onginal signatory of such agreement. t <- EXECUTED thIs ~ day of July, 1995 COORS THE PARTNERSHIP: COORS BREWING COMPANY, a Colorado corporation ROCKY MOUNTAIN BOTTLE COMPANY, a Colorado general partnership Jt &t/IJ By. #,/~ / f' By' COORS BREWING COMPANY, a Colorado corporation, a general partner /;2 -C->0 / /j ~ /V-;- . By:;fcP1~ t:c/C!J' " Title. U I ('f' /1/2' ec;,. / MrVT Title { J I ( ~ and by' ANCHOR GLASS CONTAINER CORPORATION, a Delaware corporation, a general partner By' I ,.' <~ / :/v /i ~(; Vi-J,rvJ ;/'/ C"II"lL t-f. (ow,",,,! Pl . 5/c! VIce pJ~~F/~^'f Title' t{J823 &