HomeMy WebLinkAbout870427.tiff JOINT RESOLUTION
RE: COOPERATION AGREEMENT - GREELEY URBAN RENEWAL AUTHORITY
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 of County Commissioners is responsible for
determining the budget for Weld County and setting the mill levy
for Weld County, and
WHEREAS, the County Assessor is responsible for calculating a
valuation for assessment for taxable properties within the Urban
Renewal area, and
WHEREAS, the County Treasurer is responsible for the
collection and distribution of property taxes generated by
property within the Greeley Urban Renewal area , and
WHEREAS , there has been formed , pursuant to Colorado Urban
Renewal law, the Greeley Urban Renewal Authority which has
formulated an Urban Renewal Plan for the Greeley Downtown Urban
Renewal Project which provides for the division of property taxes
with respect to the Downtown Greeley Urban Renewal Project area
pursuant to Section 31-25-107 (9) , CRS , as amended, and
WHEREAS , the Board , the Treasurer, and the Assessor have been
presented with an Agreement which essentially states that all
parties to the Agreement are to follow Colorado Urban Renewal law
with respect to the division of property taxes generated within
the Downtown Greeley Urban Renewal Project area , and
WHEREAS, it appears that minor modifications may result
during the review of the proposed Agreement by all the parties .
IT IS HEREBY RESOLVED by the Board of County Commissioners ,
the Treasurer, and the Assessor that the Cooperation Agreement ,
dated as of May 15 , 1987 , by and among the Greeley Urban Renewal
Authority , Weld County, through the Board of County Commissioners ,
the Assessor, and the Treasurer, the Greeley General Improvement
District No. 1 , and Weld County School District No. 6 , is hereby
approved in substantially the form as presented.
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RE: COOPERATION AGREEMENT - GREELEY URBAN RENEWAL AUTHORITY
BE IT FURTHER RESOLVED that the Chairman of the Board of
County Commissioners is authorized to sign on behalf of the Board
of County Commissioners the submitted Cooperation Agreement or one
in substantially the same form as that submitted.
The above and foregoing Resolution was , upon motion duly made
and seconded, adopted by the following vote on the 3rd day of
June , A.D. , 1987 .
BOARD OF COUNTY COMMISSIONERS
ATTEST: �' `�� WELD CO COLO ADO
Weld County Clerk and Recorder
and Clerk to the Bo d G r on E. La y, airman
BY: 6-M-rt-< v-
eputy County C -rk C. Kirb , /Proem
APPR ED TO FORM: �J Gr
Gene R. Brantner
1VV�A�'
ounty Attorney J• cqu\ ine oh son
Frd'til("'4"a aguchi
C z�zcccc ‘d Z., C ,
Francis M. Loustalet
Weld County Treasurer
Ri hard W. Keirne
Wel County Assessor
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4.
WILDCTo Board of County CnmmiaainenrR Date May 29. 1987
COLORADO From Dnnald D. Warden
subject: Cnnperatinn Agreement - Greeley Urban Renewal Authority
Lee Morrison asked me to give you my comments on the Joint Resolution RE:
Cooperation Agreement - Greeley Urban Renewal Authority, since I will not
be here Monday, June 1, 1987.
I concur with Lee that this is the best way to satisfy Greeley's concerns.
It basically says we will follow th law in the division of property tax
with respect to the Downtown Urban Renewal Project area as it relates to
redevelopment district tax increment financing.
f
lX D. Warden
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COOPERATION AGREEMENT
This Cooperation Agreement ( "Agreement" ) dated as of
May 15 , 1987 , is entered into by and among the Greeley Urban
Renewal Authority ( the "Authority" ) , Weld County ( the "County" ) ,
the City of Greeley ( the "City" ) , the Greeley General Improvement
District No. 1 ( the "District" ) , and Weld County School District
No. 6 ( the "School District" ) , all in the State of Colorado,
herein collectively referred to as the Parties .
1 . This Agreement is entered into pursuant to the
Colorado Urban Renewal Law, part 1 of article 25 of title 31 ,
C.R.S. , as amended ( the "Act" ) , and also pursuant to part 2 of
article 1 of title 29 , C.R. S. , as amended.
2 . The Parties understand and acknowledge that ,
pursuant to the Act, the Authority and the City have adopted and
approved the Urban Renewal Plan for the Greeley Downtown Urban
Renewal Project ( the "Plan" ) , which provides for the division of
property taxes with respect to the Downtown Greeley Urban Renewal
Project Area (as described and defined in the Plan; herein the
"Urban Renewal Area" ) pursuant to Section 31-25-107 ( 9 ) , C.R. S . ,
as amended._ The Parties further understand and acknowledge that
said Section 31-25-107 ( 9 ) , C.R. S. , as amended, generally provides
that the portion of the property taxes which are produced by the
levy at the rate fixed each year by or for each public body upon
the valuation for assessment of taxable property in the Urban
Renewal Area last certified prior- to the effective date of the
approval of the Plan, subject to certain adjustments as provided
in the Act ( the "Base Valuation" ) will be paid to the normal
taxing bodies . That portion of said property taxes in excess of
such amount is to be paid to or for the account of the Authority
and applied for the purpose of paying bonds or other obligations
of the Authority or for other purposes authorized by the Act .
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3 . The Parties understand and acknowledge that ,
pursuant to the Act, the Authority intends to issue property tax
increment bonds or other similar obligations ( the "Bonds" ) for
the purpose of paying certain outstanding bond anticipation notes
of the Authority and possibly paying or reimbursing the City for
costs of certain public improvements , funding a reserve fund for
the Bonds , and paying other incidental and issuance costs .
4 . The Parties understand and acknowledge that on
September 11, 1986, the County Assessor of the County has
certified that the Base Valuation (with certain adjustments ) is
$7 , 044 , 350 , and that the 1986 assessed valuation of the Urban
Renewal Area is $7 , 044, 350 , thereby producing an increment of $0
for the year 1986 . The undersigned County Assessor hereby
specifically confirms the foregoing certifications .
5 . The Parties hereby agree that it is in the best
interests of all of the Parties, their citizens, inhabitants , and
taxpayers , that there be certainty and predictability in the
implementation of the Plan and in the financing transactions of
the Authority; and in mutual consideration thereof each of the
Parties hereby accepts and consents to the certifications of the
County Assessor set forth in Section 4 above, and agrees that it
will not contest or object to the 1986 Base Valuation, the 1986
assessed valuation, or the 1986 increment as set forth in
Section 4 above, nor to the certifications of the County Assessor
therein referred to.
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6 . The Parties further understand and acknowledge
that :
(a) The Base Valuation will be subject to modification
upon the identification of any omitted or erroneously included
property, to the extent permitted by and in accordance with
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applicable provisions of the Act and other applicable provisions
of Colorado law.
(b) In the event of a general reassessment of property
within the Urban Renewal Area, the respective portions of the
valuation for assessment allocated to the Base Valuation and to
the increment will be adjusted in accordance with applicable
provisions of the Act and other applicable provisions of Colorado
law.
This Agreement does not restrict any rights the Parties may have
to contest or object to the specific manner or outcome of
modifications or adjustments described in (a ) and (b) above.
Other than as provided in (a) and (b) above, the Parties do not
anticipate any modification of the Base Valuation as set forth in
Section 4 hereof .
7 . The undersigned County Assessor hereby agrees that
the office of the County Assessor will adhere to applicable
provisions of the Act and other applicable provisions of Colorado
law with respect to the assessment and valuation of taxable
property within the Urban Renewal Area, and will cooperate,
within the -scope of applicable provisions of the Act and other
applicable provisions of Colorado law, with the Authority and its
officers , with other officers of the County, and with the trustee
for the Bonds in the implementation of the tax increment
financing provisions of the Plan and applicable tax increment
financing provisions of the Act .
8 . The undersigned County Treasurer hereby agrees that
the office of the County Treasurer will adhere to applicable"
provisions of the Act and other applicable provisions of Colorado
law with respect to the collection of property taxes within the
Urban Renewal Area, and will pursue all procedures and remedies
legally available in order to collect property taxes derived from
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the Urban Renewal Area. All taxes collected within the Urban
Renewal Area which the Authority is entitled to receive pursuant
to applicable provisions of the Act and the Plan shall be
distributed to the trustee for the Bonds, for the account of the
Authority (or , if the Bonds have not been issued, or if there is
no trustee for the Bonds, to the Authority) , on the tenth day of
each month for alltaxes and penalty interest collected during
the immediately preceding month. Concurrently with each such
distribution, the office of the County Treasurer will submit to
the Authority a statement showing the amount of all taxes
collected during such period. The undersigned County Treasurer
and his office will cooperate, within the scope of applicable
provisions of the Act and other applicable provisions of Colorado
law, with the Authority and its officers , with other officers of
the County, and with the trustee for the Bonds in the
implementation of the tax increment financing provisions of the
Plan and applicable provisions of the Act .
9 . The Parties understand and acknowledge that the
Authority will rely on this Agreement in issuing the Bonds , and
that the owners of the Bonds will rely on this Agreement in
purchasing the Bonds.
10 . This Agreement shall be effective as of May 15 ,
1987 and shall continue in effect until December 31 , 2007 ( i . e. ,
the end of the fiscal year following the termination of the tax
increment financing provisions of the Plan pursuant to
Section 31-25-107 ( 9 ) , C.R.S . , as amended) .
11. Each of the Parties represents and warrants that
the execution and delivery of this Agreement by the undersigned
officers has been duly authorized by its governing body.
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12 . This Agreement may be executed in several
counterparts, each of which shall be an original and all of which
shall constitute one and the same instrument .
IN WITNESS WHEREOF, the undersigned have set their
hands :and seals as of May 15, 1987. _
( SEAL) GREELEY URBAN RENEWAL
AUTHORITY
Attest :
Secretary of the Board of Chairman of the Board of
Commissioners Commissioners
( SEAL)
WELD COUNTY, COLORADO
Attest :
L.'
Q.C.y. 44LC f
{County Clerk Cha th d of
County Commiss ' ers
By zJ77(ru-cg i t�e�
eputy County lerk //�/(4/ _
[Co my� " s r
y Assessor
County Treasurer
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( SEAL) CITY OF GREELEY, COLORADO
Attest :
City Clerk Mayor
Reviewed as to form:
City Attorney
Approved as to substance:
City Manager
( SEAL) GREELEY GENERAL IMPROVEMENT
DISTRICT NO. 1
Attest :
Secretary President
( SEAL) WELD COUNTY SCHOOL DISTRICT
NO. 6
Attest :
.d
Secretary President
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