HomeMy WebLinkAbout20090979.tiffRESOLUTION
RE: APPROVE AGREEMENT FOR TAX INCENTIVE PAYMENTS AND AUTHORIZE CHAIR
TO SIGN - EASTMAN KODAK COMPANY
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 an Agreement for Tax Incentive Payments
between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and Eastman Kodak Company, with terms and conditions being
as stated in said agreement, and
WHEREAS, after review, the Board deems it advisable to approve said agreement, a copy
of which is attached hereto and incorporated herein by reference.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the Agreement for Tax Incentive Payments between the County of Weld,
State of Colorado, by and through the Board of County Commissioners of Weld County, and
Eastman Kodak Company, be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized to
sign said agreement.
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 27th day of April A.D., 2009.
ATTEST:
Weld_ ounty Clerk to the
BY
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Dep Clerk .A the Board
ED NORM:
ounty Attorney
Date of signature. 5
BOARD OF CO TY COMMISSIONERS
W LD .sU COLORADO
illiam F. Garcia, Chair
c ,
ouglas ademacher, Pro-Tem
Seen Conway
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David E. Long
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2009-0979
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AGREEMENT
WHEREAS, the Board of County Commissioners of Weld County, Colorado, is desirous
of promoting economic development within Weld County, Colorado (hereinafter referred to as
the "Taxing Authority") for the purposes of stimulating the general well-being of the Taxing
Authority and the generation of employment opportunities; and
WHEREAS, Senate Bill #90-118 was passed by the Colorado General Assembly and
became law on April 24, 1990, and provides that the Taxing Authority may negotiate incentive
payments to taxpayers who establish new business facilities or who expand existing business
facilities; and
WHEREAS, Senate Bill #94-182 was passed by the Colorado General Assembly,
effective January 1, 1995, extending property tax incentive payments indefinitely; and
WHEREAS, the Eastman Kodak Company (hereinafter referred to as the "Taxpayer"),
represents that it has invested or intends to invest in qualifying personal property and wishes to
receive the incentive payment benefits available under Senate Bill #90-118 and Senate Bill #94-
182; and
WHEREAS, the Taxpayer has been determined to be currently eligible for benefits under
Senate Bill #90-118 and Senate Bill #94-182 and the policy concerning incentive payments
passed by Resolution on February 20, 1991, (hereinafter referred to as the "Resolution of the
Taxing Authority").
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that the undersigned parties hereby agree to the following:
Fifty percent of the amount of personal property taxes paid by the Taxpayer for
property appearing on the personal property declaration schedule submitted by
the Taxpayer to the Weld County Assessor for the ten tax years beginning 2010
and ending 2019 and which have not appeared on previous schedules shall be
paid to the company by the Taxing Authority. Only property placed in service in
the County during the tax years given above shall qualify.
2. Such payment shall be made to the Taxpayer or assignee by the County
Treasurer within 90 days of receipt of full payment by the Taxpayer of all
personal property taxes due and receipt of an affidavit from the Taxpayer stating
that the Taxpayer remains eligible for the payment under Senate Bill #90-118
and Senate Bill #94-182 and the Resolution of the Taxing Authority.
3. Such payment shall be made only if all taxes and assessments levied and
assessed by the Taxing Authority shall be current.
4. Such payment shall be made only if Taxpayer remains eligible to receive the
incentive payments under criteria established in Senate Bill #90-118 and Senate
Bill #94-182 and the Resolution of the Taxing Authority in each year of this
Agreement.
5. Payment shall only be made by Taxing Authority if incentive payment is not
calculated as being part of Weld County Home Rule 5% property tax limitation or
State property tax limitation.
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6. Payment shall not be made by Taxing Authority if State Constitutional
Amendment 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, Senate Bill #90-118 and Senate Bill 90-182, or as may be amended,
or the Resolution of February 20, 1991 setting policy concerning incentive
payment to taxpayers to be invalid or unconstitutional during the term of this
Agreement.
7. Any payments made under this agreement that are determined not to be legal
under State law or are determined to be part of the Weld County Home Rule 5%
property tax limitation or State property tax limitation, shall be repaid to Weld
County.
8. PAYMENT TO TAXPAYER SHALL ONLY BE MADE TO THE EXTENT
REVENUES ARE AVAILABLE AND APPROPRIATED IN EACH OF THE TEN
YEARS OF THE TERM OF THIS AGREEMENT.
9. This Agreement is not assignable.
10. Acceptance of incentive payment by Taxpayer constitutes agreement by both
parties to fund incentive payment settlement for the tax year involved.
11. Claim for the credit must be submitted by Taxpayer by October 1st each year or
Taxpayer waives right to receive payment for that year.
12. Notices to Taxpayer shall be made to Eastman Kodak Company, Attn: Goldwyn
Ling, Director, State Tax Audits and Planning, 343 State Street, Rochester, NY
14650. Notices to Taxing Authority shall be made to the Board of County
Commissioners of Weld County, 915 10th Street, Greeley, Colorado 80631.
The above and foregoing Agreement was hereby approved on the 27th day of April,
A.D., 2009.
TAXING AUTHORITY:
ATTEST:
Weld County Clerk to the
BY:
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, P@LORADO
BY: (),
William F. Garcia --Chair
APR 2 7 2009
Deputy Clerk o the Board TAXPAYER:
EASTMAN KODAK COMPANY
BY:
2009- 0979
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