HomeMy WebLinkAbout961856.tiff RESOLUTION
RE: APPROVE AGREEMENT FOR TAX INCENTIVE PAYMENTS WITH EASTMAN
KODAK COMPANY, COLORADO DIVISION, 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, and Eastman Kodak Company, Colorado Division, 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 Tax Incentive Agreement between the County of Weld, State
of Colorado, by and through the Board of County Commissioners of Weld County, 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 30th day of October, A.D., 1996.
BOARD OF COUNTY COM ISSIONERS
W D COUNTY, COLO O
�eq Barb ra J. Kirkmeyer, air
IEGI
i0 ;e#i Co ty Clerk to the Board
,viZi r Baxter Pr - em
Deputy Cl>,jf to the Board ` (
Dale K. Hall
APPRO D AS TO FORM: (CanceL
Harbe Harbert
ounty Attorn y W K W Webster
1,O
CC ; FI;MS) KOtvvc FI0022
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, 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 1996 and ending 1999 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.
961856
F10022
AGREEMENT- THE KODAK COLORADO DIVISION
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 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 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.
11. Notices to Taxpayer shall be made to Financial Services, Eastman Kodak
Company, 9952 Eastman Park Drive, 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.
961856
FI0022
AGREEMENT- THE KODAK COLORADO DIVISION
PAGE 3
The above and foregoing Agreement was hereby approved on the [Notorial Day] day of
[Month], A.D., 1996.
TAXING AUTHORITY:
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORA9
• a„ii Pia4,17
Barbara J. Kirkmeyer, Chair/U/8j/9
1861 I.4e_ ty Clerk to the Board
Irr
OU
eputy Cler do the Board
TAXPAYER:
EAS17Lr-
7DAK COMPANY
COL i"
961856
FI0022
Hello