HomeMy WebLinkAbout952354.tiffW. H. Webster
RESOLUTION
RE: APPROVE AGREEMENT FOR SENATE BILL #90-118 TAX CREDIT FOR EASTMAN
KODAK COMPANY 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, State of Colorado, by and through the Board of County Commissioners of Weld
County, and the Eastman Kodak Company, Colorado Division, for the tax years beginning 1996
and ending 1999, 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, State of
Colorado, by and through the Board of County Commissioners of Weld County, and the Eastman
Kodak Company, Colorado Division, for the tax years beginning 1996 and ending 1999, 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 15th day of November, A.D., 1995.
BOARD OF COUNTY COMMISSIONERS
D COUNTY, QOLOF,�ADO
Dale K. Hall, Chairman
EXCUSED
Barber/ J. Kirkmeyer, ro-Tem
• Ge000rrge'E. Baxter
7C-inte_,LJl 7Gb& c/
onstance L. Harbert
Li C' AS; K6 1()
952354
AS0031
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 Section 30-11-123, C.R.S., as amended; 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.
S 529-0
TAX INCENTIVE AGREEMENT - EASTMAN -KODAK COMPANY, COLORADO DIVISION
PAGE 2
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
Hill #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 #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. 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
four years of the term of this Agreement.
TAX INCENTIVE AGREEMENT - EASTMAN KODAK COMPANY, COLORADO DIVISION
PAGE 3
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.
The above and foregoing Agreement was hereby approved on the 15th day of
November, A.D., 1995.
TAXING AUTHORITY:
lerk to the Board
ouny Clerk to the Board
Deputy
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
BY:
Dale K. Hall, ClYairman /05/05
TAXPAYER:
EASTMAN KODAK COMPANY
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