HomeMy WebLinkAbout970806.tiff RESOLUTION
RE: APPROVE AGREEMENT FOR TAX INCENTIVE PAYMENT FOR RADER RAILCAR II
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, by and between the Board of County Commissioners, Weld County, Colorado,
and Rader Railcar II, 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 Rader Railcar II 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 21st day of May, A.D., 1997.
BOARD OF COUNTY COMMISSIONERS
WEL OUNTYLORAD� �G '
Ai
ATTES �mac
/
• '�; �Geor E. Baxter, Chair
Wele Co :card
1-7
1,;, �C j - A stance L. Harbe , Pr Tem
BY.� .� ,��'B//._r etQ/
1
%`` e Dale K. Hall
APP AS TO RM:
Barbara J. Kirkmeyer
unty Attorn y EXCUSED
W. H. Webster
970806
/751F7, i- AS0036
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, Rader Railcar II, (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 1997 and ending 2001 and which have not
appeared on previous schedules in the State of Colorado 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.
970806
AS0036
AGREEMENT - RADER RAILCAR II
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 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 #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 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.
970806
AS0036
AGREEMENT- RADAR RAILCAR II
PAGE 3
11. Notices to Taxpayer shall be made to Radar Railcar II, 1011 14th Street,
Fort Lupton, Colorado 80621. 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 21st day of May,
A.D., 1997.
TAXING AUTHORITY:
w��g BOARD OF COUNTY COMMISSIONERS
ATTEST: �A,f*t � , WELD CO NTY, CO RADOt i /�
Weld . , hilted BY: �
1 /47
_ ` Si Ge ge E. Baxter, Chair �r
BY: Aii' mil,�. �, �:�:��, _� /- — _,
DetM F Board ��
TAXPAYER:
RADAR RAILCAR II
B •
:IC %.- 14
970806
AS0036
RAD E R RAILCAR II, INC .
May 12, 1997
Mr. Donald D. Warden
Director, Finance and Administration
Weld County Colorado
P.O. Box 758
Greeley, Colorado 80632
Re: Tax Incentive Agreement
Dear Mr. Warden:
Please find two signed copies of a tax incentive agreement you sent to us by
letter dated April 30, 1997. In accordance with our telephone conversation this
morning, one change has been made to the agreement. The four tax years were
changed from 1998 through 2002 to 1997 through 2001. Please give me a call if you
have any questions. Thank you.
Very truly yours,
John L. Wright
Sr. Vice President and General Counsel
JLW/mac
Enclosure
Document No.: 97.784Lmac 741-a "-77t
10525 E. 40"'AVENUE- • SUITE 207 • DENVER, COLORADO • 80239
PII(�N F- (50)) 175-9796 • FAX (101) 175-1895
Hello