HomeMy WebLinkAbout20220438.tiffRESOLUTION
RE: APPROVE TAX INCENTIVE AGREEMENT PURSUANT TO C.R.S.§ 30-11-123 AND
AUTHORIZE CHAIR TO SIGN - COLORADO STUD COMPANY
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 hasbeen presented with a Tax Incentive Agreement Pursuant to
C.R.S. §30-11-123 between the County of Weld, State of Colorado, by and through the Board of
County Commissioners of Weld County, and Colorado Stud Company, 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 Pursuant to C.R.S. §30-11-123
between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and Colorado Stud Company, 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 31st day of January, A.D., 2022.
ATTEST: C/•��W/ W. .�Clld%4iC.
Weld County Clerk to the Board
BY:
puty Clerk tt5 the Boa
APPROVED
Date of signature:
BOARD OF COUNTY COMMISSIONERS
WELD COUNT , COLORADO
S �t K` James, Chair
Mike Fr man, Pro-Tej1
Perry L. Buc
V
ED
CC: F1(nu'J/So), ACT(-P/cv),CR(gg), 2022-0438
CTC3(EG) F10076
02/1 0/2 z
AGREEMENT PURSUANT TO C.R.S. & 30-11-123
THIS AGREEMENT is made and entered into this 3day of January, 2022, by
and between the County of Weld, a body corporate and politic of the state of Colorado, by and
through the Board of County Commissioners of the County of Weld, whose address is P.O. Box
758, 1150 0 Street, Greeley, CO 80632, hereinafter referred to as, "Taxing Authority," and
Colorado Stud Company whose corporate address is 210 E. 12th Street, Loveland, CO 80537
hereinafter referred to as, "Taxpayer."
WITNESSETH:
WHEREAS, Taxing Authority desires to promote economic development within Weld
County, Colorado, for the purposes of generating employment opportunities for residents of Weld
County, thereby stimulating the economic well-being of Weld County's citizens, and
WHEREAS, C.R.S. § 30-11-123 provides that the Taxing Authority may negotiate
incentive payments to taxpayers who establish new business facilities or who expand existing
business facilities, and
WHEREAS, Taxpayer represents that it has invested or intends to invest in qualifying
personal property and wishes to receive the incentive payment benefits available pursuant to
C.R.S. § 30-11-123, and
WHEREAS, Taxpayer has been determined to be currently eligible to receive the incentive
payment benefits available pursuant to C.R.S. § 30-11-123, and pursuant to the Board of County
Commissioners' policy concerning incentive payments passed by Resolution on February 20, 1991
("Resolution of the Taxing Authority").
NOW, THEREFORE, the parties hereto hereby agree to the following:
Subject to annual appropriation by Taxing Authority, fifty -percent (50%) of the amount of
personal property taxes paid by the Taxpayer for personal property located at Taxpayer's
Facility at 850, 910 (L2) and 910 (L3) Lone Tree, Nunn, Colorado ("the Facility"), placed
into service in Weld County in:
a. 2022, and appearing on the personal property declaration schedule submitted by the
Taxpayer to the Weld County Assessor, which personal property has not appeared
on previous schedules, shall be paid to the Taxpayer by the Taxing Authority for
the ten (10) tax years beginning 2023 and ending 2032 (hereinafter referred to as,
"10 -Year Term").
All tax incentive payments made pursuant to this Agreement shall hereinafter be referred
to as, "Tax Incentive Payments." Taxpayer shall submit to the Weld County Assessor an
affidavit certifying the aggregate cost and year of acquisition of Taxpayer's personal
property that, to Taxpayer's best knowledge, information and belief, qualifies for incentive
payments under C.R.S. § 30-11-123, for the 10 -Year Term. The amounts so certified shall
2022-0438
01/31 F1.0U-1lQ
be subject to review by the Weld County Assessor.
2. Tax Incentive Payments shall be made by Taxing Authority only upon appropriation, and
only if:
a. All taxes and assessments levied and assessed on Taxpayer by Taxing Authority
for Facility are current, and
b. In each year of this Agreement, Taxpayer remains eligible to receive the Tax
Incentive Payments under criteria established in C.R.S. § 30-11-123 and the
Resolution of the Taxing Authority, and
Tax Incentive Payments are not calculated as being part of the Weld County
Home Rule five percent (5%) property tax limitation or State of Colorado
property tax limitation.
3. Any appropriated Tax Incentive Payments shall be made to Taxpayer by Taxing Authority
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 such payment pursuant to C.R.S. § 30-11-123 and the Resolution of Taxing
Authority.
4. The Tax Incentive Payments shall not be made by Taxing Authority if an amendment to
the Colorado Constitution 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, C.R.S. § 30-11-123 (as may be amended), or the Resolution of the Taxing
Authority, to be invalid or unconstitutional.
5. Any Tax Incentive Payments made under this Agreement that are determined not to be
legal under the laws of the State of Colorado or are determined to be part of the Weld
County Home Rule five percent (5%) property tax limitation or State of Colorado property
tax limitation, shall be repaid to Weld County.
6. TAX INCENTIVE PAYMENTS TO TAXPAYER SHALL ONLY BE MADE TO THE
EXTENT REVENUES ARE AVAILABLE AND APPROPRIATED IN EACH OF THE
TEN (10) TAX YEARS OF THE 10 -YEAR TERM.
7. This Agreement is not assignable.
8. Acceptance of any Tax Incentive Payment by Taxpayer constitutes agreement by both
parties to fund the Tax Incentive Payment for the tax year involved.
9. Claim for a Tax Incentive Payment must be submitted to Taxing Authority by Taxpayer by
October 1st of each year or Taxpayer waives the right to receive payment for that year.
2
10. Taxpayer agrees that it shall attempt to use reasonable efforts to ensure that a minimum of
fifty percent (50%) of its workforce employed at the Facility are Weld County residents
during the terms of this Agreement.
11. All notices required or permitted under this Agreement shall be given in writing and shall
be effective when delivered in the case of hand delivery, when transmitted, in the case of
facsimile transmission or five days after mailing, when mailed, provided that mailed notices
shall be sent by certified mail, return receipt requested. Notices shall be sent to the
following addressees at the following addresses or facsimile numbers or to such other
addressees, addresses or facsimile numbers as a party may designate from time to time by
notice given pursuant to this paragraph:
If to the County: Board of County Commissioners
P.O. Box 758
Greeley, CO 80632
With a Copy to: Weld County Attorney
1150O Street
Greeley, CO 80632
If to Taxpayer: Colorado Stud Company
Owner: Kurt Skott
210 E. 12th Street
Loveland, CO 80537
(970) 566-1635
12. Each of the parties will execute and deliver such other instruments and documents and
will take all such other actions as the other party may reasonably request and as may
reasonably be required in order to effectuate the purpose of this Agreement and to carry
out its terms.
13. This Agreement may be executed in one or more counterparts, each of which shall be
deemed an original and all of which together shall constitute one and the same instrument.
14. This Agreement constitutes the entire agreement between the parties and supersedes and
replaces all prior and contemporaneous agreements, representations, both written and oral,
between the parties with respect to the subject matter of this Agreement. No variation of
modification of this Agreement, and the waiver of the Agreement's provisions or
conditions, shall be binding unless made in writing and signed by duly authorized officers
of the County and Taxpayer. As permitted hereunder, this Agreement shall be binding
upon, and inure to the benefit of, the parties and their respective successors and assigns.
This Agreement shall be governed by and construed according to the laws of the state of
Colorado.
3
15. It is expressly understood and agreed that the enforcement of the terms and conditions of
this Agreement, and all rights of action relating to such enforcement, shall be strictly
reserved to the undersigned parties and nothing in this Agreement shall give or allow any
claim or right of action whatsoever by any other person not included in this Agreement. It
is the express intention of the undersigned parties that any entity other than the
undersigned parties receiving services or benefits under this Agreement shall be an
incidental beneficiary only.
The above and foregoing Agreement was hereby approved on theday of January
A.D., 2022.
ATTEST: BOARD OF COUNTY COMMISSIONERS
Weld, inty Clerk to the , WELD COUNTY, COLORADO
Deputy
James, Chair JAN 3 12022
APPROVED AS TO SUBSTANCE:
Ele to i t Head
TAXPAYER:
Colorado Stud Company
By:
Kurt Skott, Owner
E
Hello