HomeMy WebLinkAboutResolution-1997-1570
RESOLUTION NO 1570
SerIes of 1996
TITLE CITY COUNCIL AUTHORIZING AN AMENDMENT TO THE
REDEVELOPMENT AGREEMENT BETWEEN EDARC (the "AuthOrIty")
AND WHEAT RIDGE MARKETPLACE, a Colorado General PartnershIp (the
"Redeveloper" )
WHEREAS, EDARC and the Wheat RIdge Marketplace, a Colorado General PartnershIp
entered mto a Redevelopment Agreement wIth an effectIve date of October I, 1994, and
WHEREAS, the Redevelopment Agreement establIshed a publIc-prIvate partnershIp wIth
speCIfic oblIgatIons by the AuthorIty and the Redeveloper; and
WHEREAS, the costs assOCIated wIth the sIte development exceeded the cost projectIOns
for the Project resultmg III the Redeveloper Incurnng an unantIcIpated greater proportIon of the
expenses, and
WHEREAS, due to the publIc-prIvate partnership EDARC and the City of Wheat RIdge
City Council belIeve that there should be addItIOnal compensatIon of$175,000 be paId to the
Redeveloper In an effort to create more equality In the obligatIOns of the partners; and
NOW THEREFORE BE IT RESOLVED by the City Council of the CIty of Wheat RIdge,
Colorado. as follows
I The ChaIr of ED ARC IS hereby authOrIzed to execute an Amendment to the
Redevelopment Agreement between EDARC and Wheat Ridge Marketplace, a Colorado General
Partnership to compensate the Wheat RIdge Marketplace an addItIonal $175,000 to be paId WIthIn
10 years from the date of thIS resolutIOn
2 The payment In the second year shall not be paId until Wheat RIdge Marketplace
has delIvered to Gordon Hinshaw 4 trees to be planted in hIS yard, whIch cost shall not exceed
$1.00000
DONE AND RESOLVED thIS ij!;;day of.
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,< ',r
, 1997
~.-d-cL
DAN WILDE, MAYOR
ATTEST
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WANDA SANG_ CITY CLEThK