HomeMy WebLinkAbout940923.tiff RESOLUTION
RE: APPROVE TAX INCENTIVE PAYMENT FOR ELECTRONIC FAB TECHNOLOGY
CORPORATION AND AUTHORIZE CHAIRMAN TO SIGN
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 a Tax Incentive Agreement between the
County of Weld, by and between the Board of County Commissioners, Weld County, Colorado, and
Electronic Fab Technology Corporation (EFTC), for the tax years beginning 1993 and ending 1996,
with the 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 Tax Incentive Agreement between the County of Weld, by and between
the Board of County Commissioners, Weld County, Colorado, and Electronic Fab Technology
Corporation be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chairman 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 23rd day of November, A.D., 1994.
ATTEST: ��
�/ 1 BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
Weld County Clerk to the Board 1&-'CJ
H. Webster, hair an
BY: // ,z
Deputy Clerk to the Board Dale all, -T
APPROVED AS TO FORM: m
George Er. Baxter
e----7,--Ce:)unty Attorn4 Constance L. Harbert
EXCUSED
Barbara J. Kirkmeyer
940923
AS0028
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, Electronic Fab Technology Corporation (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 1190-118 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:
1. 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 four tax
years beginning 1993 and ending 1996 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.
940923
AGREEMENT - ELECTRONIC FAB TECHNOLOGY CORPORATION
PAGE 2
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.
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 1194-182, 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 bo be legal under State law or are
determined t 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
four years of the term of this Agreement.
9. This Agreement is not assignable without written
approval of the County.
10. Acceptance of incentive payment by Taxpayer constitutes
agreement by both parties to fund incentive payment
settlement for the tax year involved.
940923
AGREEMENT - ELECTRONIC FAB TECHNOLOGY CORPORATION
PAGE 3
11. Notices to Taxpayer shall be made to Ken Schultz, EFTC,
7251 West 4th Street, Greeley, Colorado 80634. Notices
to Taxing Authority shall be made to the Board of County
Commissioners of Weld County, 915 10th Street, Greeley,
Colorado 80631.
VIThe above and foregoing Agreement was hereby approved on the u' day of
October, A.D. , 1994.
TAXING AUTHORITY:
BOARD OF COUNTY COMMISSIONERS
ATTEST: Lem% WELD COUNTY, COLORADO
/�
Weld County Clerk to the Board BY: I1f, ] �tt
W. H. Webster, Chairman I'),.
7 g19,t
BY: k 1 Vnl l0.Lti..,
Deputy C rk to the Board
TAXPAYER:
ELECTRO C FAB T CHNOLOGY CORPORATION
BY:
Ken h Schultz"; resident
940923
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