HomeMy WebLinkAbout972413.tiffRESOLUTION
RE: APPROVE TAX INCENTIVE AGREEMENT AND AUTHORIZE CHAIR 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, State of Colorado, by and through the Board of County Commissioners of
Weld County, on behalf of the Assessor's Office, and the Eastman Kodak Company, Colorado
Division, commencing November 17, 1997, and ending at the completion of the 2001 tax year,
with further 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, State
of Colorado, by and through the Board of County Commissioners of Weld County, on behalf of
the Assessor's Office, and Eastman Kodak Company, Colorado Division, 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 17th day of November, A.D., 1997.
972413
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BOARD OF COUNTY COMMISSIONERS
WELD1COUNTY, COLO$ADO
eorge . Baxter, Chair
(7FJaz- lac-asw
onstance L. Harbert, Pro-Tem
Daly K. Hall
Y.%
F 1 itzi.S - s4BJ /.r,2
/ Barbara J. Kirkmeyer %,
AS0038
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,Eastman Kodak Company, Colorado Division, (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:
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 1998 and ending 2001 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.
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TAX INCENTIVE AGREEMENT - EASTMAN KODAK COMPANY, COLORADO DIVISION
PAGE 2
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 #94-182, 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. 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.
8. This Agreement is not assignable without written approval of the County.
9. Acceptance of incentive payment by Taxpayer constitutes agreement by
both parties to fund incentive payment settlement for the tax year involved.
10. Notices to Taxpayer shall be made to Larry Connors, Financial Services,
Eastman Kodak Company, Colorado Division, Windsor, Colorado 80551.
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 17th day of November,
A.D., 1997.
TAXING AUTHORITY:
BOARD OF COUNTY COMMISSIONERS
ATTEST: Y 7✓, _ f` 1.%�.�., ' WELD COUN Y, COLORAD
Weld Count
BY.
Deputy
BY'
George'E. Baxter, Chair
TAXPAYER:
EASTMAN ODAK C t PANY
COLO
BY.
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