HomeMy WebLinkAbout20102024.tiff RESOLUTION
RE: APPROVE TWO AGREEMENTS PURSUANT TO SECTION 30-11-123, C.R.S., AND
FIRST AMENDMENT TO AN AGREEMENT FOR CERTAIN ECONOMIC INDUCEMENTS
AND DEVELOPMENT INCENTIVES, AND AUTHORIZE CHAIR TO SIGN ALL
NECESSARY DOCUMENTS -VESTES NACELLES AMERICA, INC.NESTAS BLADES
AMERICA, INC.
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, the Board has been presented with two Agreements pursuant to
Section 30-11-123, C.R.S., and the First Amendment to an Agreement for Certain Economic
Inducements and Development Incentives between the County of Weld, State of Colorado, by and
through the Board of County Commissioners of Weld County, and Vestas Nacelles America, Inc.,
and Vestas Blades America, Inc., commencing September 1, 2010, with further terms and
conditions being as stated in said agreements and amendment, and
WHEREAS, after review, the Board deems it advisable to approve said agreements and
amendment, copies of which are attached hereto and incorporated herein by reference.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the two Agreements pursuant to Section 30-11-123, C.R.S., and a First
Amendment to an Agreement for Certain Economic Inducements and Development Incentives
between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and Vestas Nacelles America, Inc., and Vestas Blades
America, Inc., be, and hereby are, approved.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized to
sign said agreements and amendment.
L C Jq + o 2010-2024
BC0041
TWO AGREEMENTS PURSUANT TO SECTION 30-11-123, C.R.S., AND FIRST AMENDMENT
TO AN AGREEMENT FOR CERTAIN ECONOMIC INDUCEMENTS AND DEVELOPMENT
INCENTIVES -VESTES NACELLES AMERICA, INC./VESTAS BLADES AMERICA, INC.
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 1st day of September, A.D., 2010.
BOARD OF COUNTY COMMISSIONERS
,'-- ELD COUNTY, COLORADO
ATTEST: . 4.<•.'2 n, ( , .. n.,�
ou.l Radem cher, C air
Weld County Clerk to the :�:,4
ara Kirkmeyer, P o-Tem
BY:
Deputy Clerk to the Board
Sean P. Can y (-7)
APED M:
Ga
ounty Attorney EXCUSED
David E. Long
Date of signature: 9/9
2010-2024
BC0041
Donna Bechler
From: Donna Bechler
Sent: Wednesday, September 01, 2010 12:17 PM
To: 'paul.benedetti@comcast.net'
Subject: Vestas Agreements
Attachments: Vestas Nacelles.pdf; Vestas Blades Amendment.pdf; Vestas Blades.pdf
Paul,
I am attaching the signed versions of the agreements that were approved at this morning's Board meeting. Once the
resolution is signed,you will be getting a copy of that as well. Please contact me if you have any questions regarding this
e-mail.
Thanks,
Donna
DONNA BECHLER
Deputy Clerk to the Board
Weld County, Colorado
915 10th Street
Greeley, Colorado 80631
(970)336-7215 Ext. 4227
(970)352-0242 (fax)
1
Donna Bechler
From: Esther Gesick
Sent: Tuesday, August 31, 2010 2:25 PM
To: Donna Bechler
Subject: FW: Weld County agreement with Vestas.
Donna,
Please see Bruce's request for tomorrow's signing packet.
Esther E. Gesick
Deputy Clerk to the Board
Weld County, Colorado
915 10th Street
Greeley, CO 80631
(970)336-7215 X4226
(970)352-0242 (fax)
Original Message
From: Bruce Barker
Sent: Tuesday, August 31, 2010 2:19 PM
To: CTB
Subject: FW: Weld County agreement with Vestas.
Please send Paul copies of the signed versions after approval tomorrow.
Thanks!
Original Message
From: Paul Benedetti [mailto:paul.benedetti@comcast.net]
Sent: Tuesday, August 31, 2010 12:11 PM
To: Bruce Barker
Subject: Weld County agreement with Vestas.
Hi Bruce:
Brighton and Vestas are finally getting together to finalize a reimbursement agreement. I
want to be sure and accurately describe the county personal property tax rebate as one of the
exceptions pledged revenue. I understand that an agreement between Vestas and Weld County
was recently executed and would greatly appreciate a scanned copy for may records. Please e-
mail a copy to me. Thank you. Hope all is going well for you.
Paul C. Benedetti
paul.benedettiOcomcast.net
2730 Iliff Street
Boulder, CO 80305
phone: 303-499-6340
fax: 303-499-6408
1
This e-mail message is confidential, intended only for the named recipient(s) above, and may
contain information that is privileged, attorney work product or otherwise protected by
applicable law. If you have received this message in error, please notify the sender at 303-
499-6340 and delete this e-mail message. Thank you.
2
SVCRSENN VISCIANO
GANGES ROSENSTEIN P.C.
Joel Rosenstein
JRosenstein@SennLaw.com
August 20,2010 '11-4% l;
SENT VIA FEDERAL EXPRESS
t
Bruce Barker, Esq. AUG 2 3 X10 1
Weld County Attorney 1
915 10`° Street
Greeley, CO 80632
Re: Weld County Personal Property Tax Incentives
Vestas Blades America, Inc.—Brighton, Colorado and Windsor, Colorado
Vestas Nacelles America, Inc.—Brighton, Colorado
Dear Bruce:
On behalf of Vestas Blades America, Inc. ("Vestas Blades")and Vestas Nacelles America, Inc.
("Vestas Nacelles"), for review and approval by Weld County, I have enclosed the following:
1. Agreement Pursuant To C.R.S. § 30-11-123 by and between Weld County and Vestas
Nacelles. This pertains to the Nacelles manufacturing facility in Brighton and has been
signed by Torben Poulsen,Vice President and Factory Manager. Torben's signature was
notarized too.
2. Agreement Pursuant To C.R.S. § 30-11-123 by and between Weld County and Vestas
Blades. This pertains to the Blades manufacturing facility in Brighton and has been
signed by Hans Jespersen, Vice President and General Manager. Hans's signature was
notarized too.
3. First Amendment To An Agreement For Certain Economic Inducements And
Development Incentives by and between Weld County and Vestas Blades. This pertains
to the Blades manufacturing facility in Windsor and has been signed by Hans. Hans's
signature was notarized too.
Per your request, none of the above was dated.
Upon formal approval by Weld County, please send 1 copy of each fully executed, dated and
notarized agreement to me. Thanks.
Thanks for facilitating this process and making"this"a reality.
Sinc ely,i)i`noel '
JR/cl
Enclosures
1801 CALIFORNIA STREET,SUITE 4300,DENVER,COLORADO 80202-2604 2010-2024
TELEPHONE(303)298-1122 FACSIMILE(303)296-9101
www.SennLaw.com
P:U]80\015 Weld fly Tex IncenrivekonaR L-Barker,Bruce 081010.doc
AGREEMENT PURSUANT TO C.R.S. § 30-11-123
THIS AGREEMENT PURSUANT TO C.R.S. § 30-11-123 ("Agreement") is
entered into effective the /Jt day of j171 rlibtr , 2010, between WELD
COUNTY, COLORADO ("Weld County" or the "County"), by and through its Board of
County Commissioners ("Taxing Authority" or "Board of County Commissioners") and
VESTAS NACELLES AMERICA, INC., a Delaware corporation ("Taxpayer").
WITNESSETH:
WHEREAS, the Board of County Commissioners desires to promote economic
development within Weld County, Colorado, for the purposes of generating employment
opportunities for residents of Weld County, thereby stimulating the economic well-being
of Weld County's citizens, and
WHEREAS, C.R.S. § 30-11-123 provides that the Taxing Authority may negotiate
incentive payments to taxpayers who establish new business facilities or who expand
existing business facilities, and
WHEREAS, Taxpayer represents that it has invested or intends to invest in
qualifying personal property and wishes to receive the incentive payment benefits
available pursuant to C.R.S. § 30-11-123, and
WHEREAS, Taxpayer has been determined to be currently eligible to receive the
incentive payment benefits available pursuant to C.R.S. § 30-11-123, and pursuant to
the Board of County Commissioners' policy concerning incentive payments passed by
Resolution on February 20, 1991 ("Resolution of the Taxing Authority").
NOW, THEREFORE, the parties hereto hereby agree to the following:
1. Fifty percent (50%) of the amount of personal property taxes paid by the
Taxpayer for personal property at Taxpayer's facility in the City of Brighton
("Brighton") placed or to be placed in service in Weld County during 2009,
2010 and 2011 and appearing on the personal property declaration
schedules submitted by Taxpayer to the Weld County Assessor("Tax
Incentive Payments") shall be paid to Taxpayer for the ten (10)tax years
beginning 2011 and ending 2020 (with the rebate payable in calendar
years beginning 2012 and ending 2021) (the "Term"). By way of example,
if Taxpayer placed $20,000,000 of personal property in service in 2009,
$60,000,000 of personal property in service in 2010, and $20,000,000 of
personal property in service in 2011, Taxpayer will be eligible to receive a
rebate from Weld County equal to 50% of the personal property taxes paid
by Taxpayer each year on the $100,000,000 in personal property starting
in 2012 and ending in 2021. Taxing Authority has a written agreement with
Brighton and the Brighton Urban Renewal Authority ("BURA") pursuant to
C.R.S. § 31-25-107(9)(a)(ll), whereby the Tax Incentive Payments for the
years in which the tax increment plan approved by Brighton and BURA is
F:'3780\015 Weld Cty Tax Iocentivetdoc\Veslas_Nacelles_Brighton_PP_Tax_Agreement_v7_SVCR_o71910(final approved by Bruce Barker).doc
V
in effect shall be paid by BURA from said tax increment amount.
Taxpayer shall submit to the Weld County Assessor an affidavit certifying
the aggregate cost and year of acquisition (2009, 2010 or 2011) of
Taxpayer's personal property that, to Taxpayer's best knowledge,
information and belief, qualifies for incentive payments under C.R.S. § 30-
11-123. The amounts so certified shall be subject to review by the Weld
County Assessor.
2. The Tax Incentive Payments shall be made to Taxpayer by BURA or
Taxing Authority (after the tax increment plan has ended), within 90 days
of receipt of full payment by Taxpayer of all personal property taxes due
and receipt of an affidavit from Taxpayer stating that Taxpayer remains
eligible for the payment pursuant to C.R.S. § 30-11-123 and the
Resolution of Taxing Authority. Tax Incentive Payments shall be made
only if:
a. All taxes and assessments levied and assessed on Taxpayer by
Taxing Authority for Taxpayer's Brighton facility are current;
b. In each year of this Agreement, Taxpayer remains eligible to
receive the Tax Incentive Payments under criteria established in
C.R.S. § 30-11-123 and the Resolution of the Taxing Authority; and
c. Tax Incentive Payments are not calculated as being part of the
Weld County Home Rule five percent (5%) property tax limitation or
State of Colorado property tax limitation.
3. The Tax Incentive Payments shall not be made by Taxing Authority if an
amendment to the Colorado Constitution limiting property taxes is
subsequently passed after the date of this Agreement, or if a court of
competent jurisdiction declares any portion of this Agreement, C.R.S. §
30-11-123 (as may be amended), or the Resolution of the Taxing
Authority, to be invalid or unconstitutional during the term of this
Agreement.
4. Any Tax Incentive Payments made under this Agreement that are
determined not to be legal under the laws of the State of Colorado or are
determined to be part of the Weld County Home Rule five percent (5%)
property tax limitation or State of Colorado property tax limitation, shall be
repaid to Weld County.
5. The County intends to provide all incentives provided for in this
Agreement. HOWEVER, THE TAX INCENTIVE PAYMENTS TO
TAXPAYER SHALL ONLY BE MADE BY TAXING AUTHORITY TO THE
EXTENT REVENUES ARE AVAILABLE AND APPROPRIATED IN EACH
OF THE TEN TAX YEARS OF THE TERM OF THIS AGREEMENT. On
2
P:O780\015 Weld Cty Tax Incentive\doc\Vestas_Nacelles_Brighlon_PP_Tax_Agrecment_v7_SVCR_071910(final approved by Bruce Barker)doe
or about the day in December of each year when the Board approves and
accepts its budget for the next year, the County's Director of Finance and
Administration shall provide Taxpayer with preliminary indications of the
availability of the Tax Incentive Payment. Except as otherwise provided
below, if no funds are budgeted and credited or appropriated by the Board
of County Commissioners for any budget year involved during the Term,
the Taxing Authority shall have no further obligation to grant, and BURA or
the County to pay, any Tax Incentive Payment for that applicable tax year.
Except as otherwise provided below, if a reduced amount of funds is
budgeted and credited or appropriated by the Board of County
Commissioners for any tax year during the Term, the County's financial
obligations for that particular year shall be limited to the funds so budgeted
and credited or appropriated. No penalty, cost, damages or liability of any
nature shall be incurred by Taxing Authority, and/or BURA, as a result of
any decision by the Board of County Commissioners to not budget, credit
or appropriate for the Tax Incentive Payments contemplated by this
Agreement.
6. Acceptance of any Tax Incentive Payment by Taxpayer constitutes
agreement by both parties to fund the Tax Incentive Payment for the tax
year involved.
7. Claim for a Tax Incentive Payment must be submitted to Taxing Authority
by Taxpayer by October 1st of each year or Taxpayer waives the right to
receive payment for that year.
8. Taxpayer agrees that it shall use reasonable efforts to ensure that a
minimum of fifty percent (50%) of its workforce employed at its facility in
Brighton are Weld County residents during the Term.
9. This Agreement is not assignable without the express written consent of
the other party, provided that such consent shall not be unreasonably
withheld, delayed or conditioned. Notwithstanding the foregoing,
Taxpayer may assign this Agreement to an affiliated entity without the
County's consent.
10. All notices required or permitted under this Agreement shall be given in
writing and shall be effective when delivered in the case of hand delivery,
when transmitted, in the case of facsimile transmission or five days after
mailing, when mailed, provided that mailed notices shall be sent by
certified mail, return receipt requested. Notices shall be sent to the
following addressees at the following addresses or facsimile numbers or to
such other addressees, addresses or facsimile numbers as a party may
designate from time to time by notice given pursuant to this paragraph:
3
P:13780WI5 Weld CtyTax Incentive oc\Vcstrts_NaccllesBrighton PP_Tax_Agreement_v7_SVCR 071910(final approved by Bruce Barker).doc
If to the County: Board of County Commissioners
P.O. Box 758
Greeley, CO 80632
Fax Number: (970) 352-0242
With a Copy to: Weld County Attorney
915 10th Street
Greeley, CO 80632
Fax Number: (970) 352-0242
If to Taxpayer: Vestas Nacelles America, Inc.
1500 East Crown Prince Road, Building N
Brighton, CO 80603
Attn: Mr. Steve Perkins, Finance Manager
Fax Number: (303) 655-5809 (Attn: Nacelles)
With a Copy to: Senn Visciano Canges Rosenstein P.C.
Attn: Joel Rosenstein, Esq.
1801 California Street, Suite 4300
Denver, CO 80202
Fax Number: (303) 296-9101
if to BURA: Brighton Urban Renewal Authority
Executive Director
22 South 4th
Brighton, CO 80601
Fax Number: (303) 655-2047
11. Each of the parties will execute and deliver such other instruments and
documents and will take all such other actions as the other party may
reasonably request and as may reasonably be required in order to
effectuate the purpose of this Agreement and to carry out its terms.
12. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original and all of which together shall
constitute one and the same instrument.
13. This Agreement constitutes the entire agreement between the parties and
supersedes and replaces all prior and contemporaneous agreements,
representations, both written and oral, between the parties with respect to
the subject matter of this Agreement. No variation of modification of this
Agreement, and the waiver of the Agreement's provisions or conditions,
4
P.,3780',015 Weld Cty Tax Incentiveldoc\Vestal_Nacelles_Brightoa_PP_Tax_Agreement v7_SVCR_071910(final approved by Bruce Barker).doc
shall be binding unless made in writing and signed by duly authorized
officers of the County and Taxpayer. As permitted hereunder, this
Agreement shall be binding upon, and inure to the benefit of, the parties
and their respective successors and assigns. This Agreement shall be
governed by and construed according to the laws of the State of Colorado.
The above and foregoing Agreement was hereby approved on theist day of
September , A.D., 2010.
ATTEST: : ' TAXING AUTHORITY:
Weld County Clerk to th3':o• ;• �=OARD OF COUNTY COMMISSIONERS
�,s6I ( „ � ' �,ELD COUNTY, COLORADO
BY: • ( .� •'.��'s . Y; dam{rn�s�`�/`
Deputy Cl- to the Bo ';:.‘5./ ou las R emacher, Chairman
SEP 0 1 2010
TAXPAYER:
VESTAS NACELLES AMERICA, INC.
BY: if
NAME: Torben Paulsen
ITS: Vice President and Factory Manager
5
P:\3780\015 Weld Cty Tax Incentive\duc\Vestas_Nacelles_Brighton_PP_Tan_Agn:cmcnt_v7_SVCR_07I9I0(final approved by Bruce Barker).doc
STATE OF Colorado )
) ss.
COUNTY OF Weld )
Before me, the undersigned, a Notary Public in and for said State, personally
appeared Douglas Rademacher , known to me and known by me to be the
Chair of the Board of County Commissioners, Weld County,
Colorado, and acknowledged the execution of the foregoing Agreement for and on
behalf of said Weld, Colorado.
�ETN Sr
Giv der my , and seal of office this 1St day of September , 2010.
� Tq,?` .c
I
yi' 7z.-7, ,ii,z7-1-r- i
`o Notary Public
lFOF C OLO
EA z. 4 c-7-1-7 S -7-c/)
1V COMM. EXP OP-01 ^^1" Notary's Name (printed)
My commission expires: 6////y
_
STATE OF Co)oei cDo )
) ss.
COUNTY OF Ike-14 )
Before me, the undersigned, a Notary Public in and for said State, personally
appeared Torben Paulsen, known to me and known by me to be the Vice President and
Factory Manager of Vestas Nacelles America, Inc., a Delaware corporation, and
acknowledged the execution of the foregoing Agreement for and on behalf of said
corporation.
--..............1 der my hand and seal of office this / 0 day of 4 lc) t s , 2010.( OTA • .i MIA.I
i a0 S No ary Public
+.-7 �;
•...__.' Notary's Name (printed)
My Comm.Expires/2 o /a.
My commission expires: toff 0$11a
6
P:137801015 Weld Cty Tax Incentivedoc\Vcslas_Nacclles_Brighton_PP Tax_Agreement_v7_SVCR_0719I0(finalapprovedbyBruceBarkcr).doc
AGREEMENT PURSUANT TO C.R.S. § 30-11.123
THIS AGREEMENT PURSUANT TO C.R.S. § 30-11-123 ("Agreement") is
entered into effective the /''-- day of h',,iL'e , 2010, between WELD
COUNTY, COLORADO ("Weld County" or the "County"), by and through its Board of
County Commissioners ("Taxing Authority" or"Board of County Commissioners") and
VESTAS BLADES AMERICA, INC., a Delaware corporation ("Taxpayer").
WITNESSETH:
WHEREAS, the Board of County Commissioners desires to promote economic
development within Weld County, Colorado, for the purposes of generating employment
opportunities for residents of Weld County, thereby stimulating the economic well-being
of Weld County's citizens, and
WHEREAS, C.R.S. § 30-11-123 provides that the Taxing Authority may negotiate
incentive payments to taxpayers who establish new business facilities or who expand
existing business facilities, and
WHEREAS, Taxpayer represents that it has invested or intends to invest in
qualifying personal property and wishes to receive the incentive payment benefits
available pursuant to C.R.S. § 30-11-123, and
WHEREAS, Taxpayer has been determined to be currently eligible to receive the
incentive payment benefits available pursuant to C.R.S. § 30-11-123, and pursuant to
the Board of County Commissioners' policy concerning incentive payments passed by
Resolution on February 20, 1991 ("Resolution of the Taxing Authority").
NOW, THEREFORE, the parties hereto hereby agree to the following:
1. Fifty percent (50%) of the amount of personal property taxes paid by the
Taxpayer for personal property at Taxpayer's facility in the City of Brighton
("Brighton") placed or to be placed in service in Weld County during 2009,
2010 and 2011 and appearing on the personal property declaration
schedules submitted by Taxpayer to the Weld County Assessor ("Tax
Incentive Payments") shall be paid to Taxpayer for the ten (10) tax years
beginning 2011 and ending 2020 (with the rebate payable in calendar
years beginning 2012 and ending 2021) (the "Term"). By way of example,
if Taxpayer placed $20,000,000 of personal property in service in 2009,
$60,000,000 of personal property in service in 2010, and $20,000,000 of
personal property in service in 2011, Taxpayer will be eligible to receive a
rebate from Weld County equal to 50% of the personal property taxes paid
by Taxpayer each year on the $100,000,000 in personal property starting
in 2012 and ending in 2021. Taxing Authority has a written agreement with
Brighton and the Brighton Urban Renewal Authority ("BURA") pursuant to
C.R.S. § 31-25-107(9)(a)(Il), whereby the Tax Incentive Payments for the
P:\3780t015 Weld Cty Tax Incentive\doc\Vestas Blades Brighton PP Tax Agreement v6 061910(final approved by Bruce Barker).doc
years in which the tax increment plan approved by Brighton and BURA is
in effect shall be paid by BURA from said tax increment amount.
Taxpayer shall submit to the Weld County Assessor an affidavit certifying
the aggregate cost and year of acquisition (2009, 2010 or 2011) of
Taxpayer's personal property that, to Taxpayer's best knowledge,
information and belief, qualifies for incentive payments under C.R.S. § 30-
11-123. The amounts so certified shall be subject to review by the Weld
County Assessor.
2. The Tax Incentive Payments shall be made to Taxpayer by BURA or
Taxing Authority (after the tax increment plan has ended), within 90 days
of receipt of full payment by Taxpayer of all personal property taxes due
and receipt of an affidavit from Taxpayer stating that Taxpayer remains
eligible for the payment pursuant to C.R.S. § 30-11-123 and the
Resolution of Taxing Authority. Tax Incentive Payments shall be made
only if:
a. All taxes and assessments levied and assessed on Taxpayer by
Taxing Authority for Taxpayer's Brighton facility are current;
b. In each year of this Agreement, Taxpayer remains eligible to
receive the Tax Incentive Payments under criteria established in
C.R.S. § 30-11-123 and the Resolution of the Taxing Authority; and
c. Tax Incentive Payments are not calculated as being part of the
Weld County Home Rule five percent (5%) property tax limitation or
State of Colorado property tax limitation.
3. The Tax Incentive Payments shall not be made by Taxing Authority if an
amendment to the Colorado Constitution limiting property taxes is
subsequently passed after the date of this Agreement, or if a court of
competent jurisdiction declares any portion of this Agreement, C.R.S. §
30-11-123 (as may be amended), or the Resolution of the Taxing
Authority, to be invalid or unconstitutional during the term of this
Agreement.
4. Any Tax Incentive Payments made under this Agreement that are
determined not to be legal under the laws of the State of Colorado or are
determined to be part of the Weld County Home Rule five percent (5%)
property tax limitation or State of Colorado property tax limitation, shall be
repaid to Weld County.
5. The County intends to provide all incentives provided for in this
Agreement. HOWEVER, THE TAX INCENTIVE PAYMENTS TO
TAXPAYER SHALL ONLY BE MADE BY TAXING AUTHORITY TO THE
EXTENT REVENUES ARE AVAILABLE AND APPROPRIATED IN EACH
2
P:U780Y115 Weld Cty Tax Incentive'doc\Vcstas Blades Brighton PP Tax Agreement v6 061910(final approved by Bruce Barker).doc
OF THE TEN TAX YEARS OF THE TERM OF THIS AGREEMENT. On
or about the day in December of each year when the Board approves and
accepts its budget for the next year, the County's Director of Finance and
Administration shall provide Taxpayer with preliminary indications of the
availability of the Tax Incentive Payment. Except as otherwise provided
below, if no funds are budgeted and credited or appropriated by the Board
of County Commissioners for any budget year involved during the Term,
the Taxing Authority shall have no further obligation to grant, and BURA or
the County to pay, any Tax Incentive Payment for that applicable tax year.
Except as otherwise provided below, if a reduced amount of funds is
budgeted and credited or appropriated by the Board of County
Commissioners for any tax year during the Term, the County's financial
obligations for that particular year shall be limited to the funds so budgeted
and credited or appropriated. No penalty, cost, damages or liability of any
nature shall be incurred by Taxing Authority, and/or BURA, as a result of
any decision by the Board of County Commissioners to not budget, credit
or appropriate for the Tax Incentive Payments contemplated by this
Agreement.
6. Acceptance of any Tax Incentive Payment by Taxpayer constitutes
agreement by both parties to fund the Tax Incentive Payment for the tax
year involved.
7. Claim for a Tax Incentive Payment must be submitted to Taxing Authority
by Taxpayer by October 1st of each year or Taxpayer waives the right to
receive payment for that year.
8. Taxpayer agrees that it shall use reasonable efforts to ensure that a
minimum of fifty percent (50%) of its workforce employed at its facility in
Brighton are Weld County residents during the Term.
9. This Agreement is not assignable without the express written consent of
the other party, provided that such consent shall not be unreasonably
withheld, delayed or conditioned. Notwithstanding the foregoing,
Taxpayer may assign this Agreement to an affiliated entity without the
County's consent.
10. All notices required or permitted under this Agreement shall be given in
writing and shall be effective when delivered in the case of hand delivery,
when transmitted, in the case of facsimile transmission or five days after
mailing, when mailed, provided that mailed notices shall be sent by
certified mail, return receipt requested. Notices shall be sent to the
following addressees at the following addresses or facsimile numbers or to
such other addressees, addresses or facsimile numbers as a party may
designate from time to time by notice given pursuant to this paragraph:
3
P:'3780\015 Weld Cty Tax 1ncentive\doc\Vestas Blades Brighton PP Tax Agreement v6 0619;0(final approved by Bruce Barker).doe
If to the County: Board of County Commissioners
P.O. Box 758
Greeley, CO 80632
Fax Number: (970) 352-0242
With a Copy to: Weld County Attorney
915 10th Street
Greeley, CO 80632
Fax Number: (970) 352-0242
If to Taxpayer: Vestas Blades America, Inc.
11140 Eastman Park Drive
Windsor, CO 80550
Fax Number: (970) 674-6100
With a Copy to: Senn Visciano Rosenstein P.C.
Attn: Joel Rosenstein, Esq.
1801 California Street, Suite 4300
Denver, CO 80202
Fax Number: (303) 296-9101
If to BURA: Brighton Urban Renewal Authority
Executive Director
22 South 4th
Brighton, CO 80601
Fax Number: (303) 655-2047
11. Each of the parties will execute and deliver such other instruments and
documents and will take all such other actions as the other party may
reasonably request and as may reasonably be required in order to
effectuate the purpose of this Agreement and to carry out its terms.
12. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original and all of which together shall
constitute one and the same instrument.
13. This Agreement constitutes the entire agreement between the parties and
supersedes and replaces all prior and contemporaneous agreements,
representations, both written and oral, between the parties with respect to
the subject matter of this Agreement. No variation of modification of this
Agreement, and the waiver of the Agreement's provisions or conditions,
shall be binding unless made in writing and signed by duly authorized
4
P.\3780\015 Weld Cty Tax In centive'docWestas Blades Brighton PP Tax Agreement v6 061910(final approved by Bruce Barl er).doc
officers of the County and Taxpayer. As permitted hereunder, this
Agreement shall be binding upon, and inure to the benefit of, the parties
and their respective successors and assigns. This Agreement shall be
governed by and construed according to the laws of the State of Colorado.
The above and foregoing Agreement was hereby approved on the 1st day of
September , A.D., 2010.
ATTEST: '• � TAXING AUTHORITY:
Weld County lerk to the :.F%ti /_ �OARD OF COUNTY COMMISSIONERS
ELD COUNTY, COLORADO
i f1 r
BY: /1 iI �� �.tir��►�� ,i . 'lam . 4 7
Deputy Cle ' o the ~`'• ? I Dou; as Ra►emacher, Chairman
♦ �jJ '\� v
SEP 0 1 2010
TAXPAYER:
VESTAS BLA S AME A, INC.
BY: 1
Hans Jesper
Vice Presiden and General Manager
STATE OF Colorado )
) ss.
COUNTY OF Weld )
Before me, the undersigned, a Notary Public in and for said State, personally
appeared Douglas Rademacher , known to me and known by me to be the
Chair of the Board of County Commissioners, Weld County,
Colorado, and acknowledged the execution of the foregoing Agreement for and on
behalf of said County of Weld, Colorado.
Gi y hand and seal of office this l st day of September , 2010.
sT
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9jF6F C 0�'''
Notary's Name (printed)
',Iv COMM. EXP. 06M1 ')^1 A
My commission expires: Z.0 /'/ X z/
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P\1780\015 Weld Cty Tax incentive doc\Vestas Blades Brighton PP Tax Agreement v6 061910(final approved by Bruce Barker)doe
ac/C
STATE OF CO ra9!Ir )
) ss,
COUNTY OF tVe=v )
Before pie, the undersigned, a Notary Public in and for said State, personally
appeared Cths Ser., known to me and known by me to be the
VP( M ' of Vestas Blades America, Inc., a Delaware corporation, and
acknowledged the execution of the foregoing Agreement for and on behalf of said
corporation.
Given under my hand and seal of office this 24's-day of c4s�- , 2010.
vr'��pTAR�,�;c
Nota Public
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LS ;
•
Nota 's Name (printed) •
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My commission expires: I I -O I - f3 p Cam
6
P:V 780\015 Weld Cty Tax Incentive\doc\Vestas Blades Brighton PP Tax Agreement v6 061910(final approved by Bruce Barker).doc
•
FIRST AMENDMENT TO AN AGREEMENT FOR
CERTAIN ECONOMIC INDUCEMENTS AND DEVELOPMENT INCENTIVES
This FIRST AMENDMENT TO AN AGREEMENT FOR CERTAIN ECONOMIC
INDUCEMENTS AND DEVELOPMENT INCENTIVES ("First Amendment") is entered into
as of 1_, 2010, between WELD COUNTY, STATE OF COLORADO, a Colorado
county the "County"), and VESTAS BLADES AMERICA, INC., a Delaware corporation
("Vestas").
RECITALS:
A. The County and Vestas entered into An Agreement for Certain Economic
Inducements and Development Incentives effective as of March 12, 2007 (the "Original
Agreement"), in connection with the construction of a wind blade manufacturing facility (the
"Facility") in the Town of Windsor in the County.
B. In order to facilitate the construction of the Facility, pursuant to Section 5 of the
Original Agreement,the County agreed to provide Vestas a fifty percent(50%)personal property
tax rebate on qualifying personal property pursuant to Section 30-11-123, C.R.S., for a period of
ten(10)years.
C. The County and Vestas desire to enter into this First Amendment to clarify the
terms and conditions of the fifty percent (50%) personal property tax rebate provided to Vestas
by the County.
NOW, THEREFORE, in consideration of the foregoing and mutual covenants contained
herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged,the County and Vestas agree as follows:
AGREEMENT:
1. The recitals to this First Amendment are incorporated herein by this reference
thereto with the same force and effect as though restated herein.
2. Unless as the context otherwise requires and unless otherwise expressly provided
herein, the capitalized terms in this First Amendment shall have the same meaning as any
similarly capitalized term defined in the Original Agreement.
3. Section 5(a) of the Original Agreement is hereby amended and restated in its
entirety as follows:
"a. Fifty percent (50%) of the amount of personal property taxes paid
by Vestas to the County for personal property placed in service in the County during 2008 and
2009 and appearing on the personal property declaration schedule submitted by Vestas to the
Weld County Assessor for the ten-year tax period beginning 2009 and ending 2018 (with such
rebate payable in calendar years beginning 2010 and ending 2019), shall be reimbursed to Vestas
by the County. Only property placed in service in the County during 2008 and 2009 shall
P:1378010151doc\First Amendmentv4(Final).doc
ollce-ac y
qualify. By way of example, if Vestas placed $10,000,000 of personal property in service in
2008 and an additional $10,000,000 of personal property in service in 2009, Vestas will be
eligible to receive a rebate from the County equal to 50%of the personal property taxes paid by
Vestas each year on the$20,000,000 in personal property starting in 2010 and ending in 2019."
4. The Original Agreement, as amended hereby, is referred to as the Agreement.
This Agreement expresses the entire understanding of the parties and supersedes and abrogates
any and all prior dealings and commitments, whether oral or written, with respect to the subject
matter of the Agreement and may not be amended or modified except in writing signed by the
County and Vestas. Any waiver of any provision of the Agreement must be in writing and
signed by the party whose rights are being waived. No waiver of any breach of any provision
hereof shall be or be deemed to be a waiver of any preceding or subsequent breach of the same
or any other provision of the Agreement. The failure of either party to enforce or seek
enforcement of the terms of the Agreement following any breach shall not be construed as a
waiver of such breach.
5. The Original Agreement, as amended hereby, shall be construed in accordance
with and be governed by the laws of the State of Colorado without regard to conflict of law
principles.
6. The person signing this First Amendment in the name of and on behalf of Vestas
represents and warrants that he and Vestas have the requisite power and authority to enter into,
execute, and deliver this First Amendment, and that this First Amendment is a valid and legally
binding obligation of Vestas enforceable against Vestas in accordance with its terms. The
persons signing this First Amendment in the name of and on behalf of the County represent and
warrant that they and the County have the requisite power and authority to enter into, execute,
and deliver this First Amendment, and that this First Amendment is a valid and legally binding
obligation of the County enforceable against the County in accordance with its terms.
7. This First Amendment may be executed in any number of counterparts, and each
such counterpart shall be deemed for all purposes to be an original, and all such counterparts
shall together constitute but one and the same original.
P:1378010151doc1First Amendmentv4(Final).doc 2
Executed the day and year first above written.
CLERK OF THE BOARD BOARD OF COUNTY
Bruce T. Barker COMMISSIONERS OF
EWELD COUNTY, COLORADO
By: l g/ ! .rJl ''%�iI' e .' ��BA 6-, lichraavn a L/
Deputy -rk to the E oa ' il+ L uglas R demacher, Chairman
tr' SEP 0 1 2010
L VESTAS BL ES AM CA,INC.
By: S
ans Jesperse , Vi e President and
General Manager
PA3780\015\doc\First Amendmentv4(Final).doc 3 C ?
&C�._c ice(
STATE OF Colorado )
)ss.
COUNTY OF Wp 1 d )
Before me, the undersigned, a Notary Public in and for said State, personally appeared
Douglas Rademacher , known to me and known by me to be the
Chair, Board of Weld County Commissioners of the County of Weld, Colorado, and
acknowledged the execution of the foregoing First Amendment to an Agreement for Certain
Economic Inducements and Development Incentives for and on behalf of said County of Weld,
Colorado.
Give_- :., ; •,..and and seal of office this 1st day of September ,2010.
41/1 i ��TA R` ' I e e2-.42 7 5717-2771
sp-' Notary Pu >.c
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Bl. . S
".:**............OQP ,/1 2 Qb c f Li S7�ra rl
F°FC0� Notary's Name (printed)
�dv COMM. EXP. 06')1 1^'
My commission expires: o////y
STATE OF cc to(d0 )
ss.
COUNTY OF V Ile-Lc{ )
Before me, the undersigned, a Notary Public in and for said State, personally appeared
Hans Jespersen, known to me and known by me to be the Vice President and General Manager
of Vestas Blades America, Inc., a Delaware corporation, and acknowledged the execution of the
foregoing First Amendment to an Agreement for Certain Economic Inducements and
Development Incentives for and on behalf of said corporation.
Given under my hand and seal of office this Li day of A-SE ,2010.
Not Public ' •
•
•
JJcc 11 (
•
Notar 's Name(printed) it,4)". •OP
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My commission expires: I ( - 0 ( (3
P:\3780\015\docTFint Amendmentv4(Final).doc 4
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