HomeMy WebLinkAbout20203908.tiffRESOLUTION
RE: APPROVE AMENDMENT #1 TO TAX INCREMENT REVENUE SHARING
AGREEMENT AND AUTHORIZE CHAIR TO SIGN - FIRESTONE URBAN RENEWAL
AUTHORITY
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 an Amendment #1 to the Tax Increment
Revenue Sharing Agreement between the County of Weld, State of Colorado, by and through the
Board of County Commissioners of Weld County, and the Firestone Urban Renewal Authority,
commencing upon full execution of signatures, with further terms and conditions being as stated
in said amendment, and
WHEREAS, after review, the Board deems it advisable to approve said amendment, 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 Amendment #1 to the Tax Increment Revenue Sharing
Agreement between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and the Firestone Urban Renewal Authority, be, and hereby is,
approved.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized
to sign said amendment.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 30th day of December, A.D., 2020.
ATTEST: dithA) .Jeloo•ei
Weld County Clerk to the Board
4.
BY:
AP
orney
Date of signature: 01/0612
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
cn
Mike Freeman, Chair
Steve Moreno, Pro-Tem
EXCUSED
co . K. James
arbara Kirkmleyer
Kevin D. Ross
CC : CA(B8), FI(DW/sot ACT(BGCD)
FuRA
02/02/21
2020-3908
F10071
FIRST AMENDMENT TO TAX INCREMENT REVENUE SHARING AGREEMENT
THIS FIRST AMENDMENT TO TAX INCREMENT REVENUE SHARING
AGREEMENT ("Amendment") is made and entered into this 3Olay of Oec. , 2020 by
and between the COUNTY OF WELD, COLORADO, by and through the Board of County
Commissioners of the County of Weld (hereinafter referred to as "Weld County"), and the
FIRESTONE URBAN RENEWAL AUTHORITY, a body corporate and politic of the State of
Colorado (the "Authority").
WITNESSETH:
WHEREAS, the Authority recommended, and the Town Board of the Town of Firestone
(the "Town") approved, the urban renewal plan entitled the Bighorn Urban Renewal Plan (the
"Plan") authorizing and utilizing tax increment financing in accordance with the Colorado Urban
Renewal Law, Part 1 of Article 25 of Title 31, C.R.S. (the "Act"); and
WHEREAS, on November 18, 2019, Weld County and the Authority entered into that
certain Tax Increment Revenue Sharing Agreement (the "IGA") to offset the costs of any
additional county infrastructure or services necessary to serve development of the "Urban
Renewal Area" described in the Plan; and
WHEREAS, the IGA provided that for a period of five (5) years commencing with the
first full year after the date of approval by the Town of the Plan, the Authority may retain one
hundred percent (100%) of the tax increment revenues it receives from the Weld County
'1'reasurer each year (the "Initial County Tax Levy Allocation Revenues"); and
WHEREAS, pursuant to the IGA, the Initial County Tax Levy Allocation Revenues must
be used by the Authority for the purpose of financing a water treatment facility; and
WHEREAS, in July 2020, the Town successfully issued water enterprise revenue bonds
for construction of a water treatment facility without pledging any Initial County Tax Levy
Allocation Revenues; and
WHEREAS, the Town has initiated an effort to prepare a master plan (the "Central Park
Master Plan") that will result in the construction of a regional athletic and recreational facility
(the "Recreational Facility") that will provide both active and passive recreational opportunities
for the Town's and Weld County's residents; and
WHEREAS, the purpose of the Authority pursuant to Section 31-25-102(1)-(2) of the Act
includes both the remediation and prevention of blight; and
WHEREAS, the Authority has determined that the Central Park Master Plan is in the
public interest and will further the goals in the Plan and the purpose of the Authority to eliminate
and prevent blight; and
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WHEREAS, Weld County and the Authority desire to provide that the Initial County Tax
Levy Allocation Revenues may be used by the Authority to finance the objectives of the Central
Park Master Plan in addition to financing a water treatment facility.
NOW, THEREFORE, in consideration of the covenants, promises and agreements of
each of the parties hereto, to be kept and performed by each of them, it is agreed by and between
the parties hereto as follows:
1. Section 1.b. of the IGA is hereby amended to permit the use of the Initial County
Tax Levy Allocation Revenues by the Authority to finance the objectives of the Central Park
Master Plan, including without limitation the development of the Recreational Facility, so as to
read in its entirety as follows:
b. The initial one hundred percent (100%) for the first five (5) years shall
only be used by the Authority for the following purposes: financing a water treatment
facility and financing the objectives of the Central Park Master Plan, including without
limitation the development of a regional athletic and recreational facility. The remaining
fifty per cent (50%) of the County Tax Levy Allocation Revenues each year thereafter
shall be used by the Authority for payment of any amounts authorized by the Plan and
Act for the purposes of financing public infrastructure, such as water, sewer, parks, storm
drainage, streets and roads, sidewalks and traffic lights; complying with applicable legal
and contractual obligations; eliminating the conditions of blight in the Urban Renewal
Area; and paying the Authority's bonds or other loan or debt obligations in connection
with carrying out the Urban Renewal Project specified in the Plan.
2. No Further Modification. Except as expressly amended by this Amendment, the
IGA is unmodified and shall continue in full force and effect. To the extent that any provision of
the IGA is inconsistent with the provisions of this Amendment, the terms and conditions of this
Amendment shall control.
3. Binding Agreement. This Amendment shall inure to the benefit of and be binding
upon the parties hereto and their successors in interest.
4. Amendments. This Amendment may only be amended, changed, modified or
altered in writing signed by both parties hereto.
5. Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of Colorado.
6. Jointly Drafted; Rules of Construction. The parties hereto agree that this
Amendment was jointly drafted, and, therefore, waive the application of any law, regulation,
holding or rule of construction providing that ambiguities in an agreement or other document
will be construed against the party drafting such agreement or document.
7. Defined Terms. Capitalized terms used in this Amendment but not otherwise
defined herein shall have the meanings set forth in the IGA.
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IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officials
to execute this Amendment effective as of the day and year first above written.
COUNTY:
ATTEST: ditkosj .X �Go% COUNTY OF WELD, a political Weld County
Clerk to the Board
eputy Clerk to th
ATTEST:
B
ica Koenig, Secret
subdivision of the STATE OF COLORADO:
Mike Freeman, Chair
Board of County Commissioners,
County of Weld
AUTHORITY:
DEC 3 0 2020
FIRESTONE URBAN RENEWAL AUTHORITY,
a body corporate and politic of the State of
?Colorado
By:
3
ri
Samantha Meiring, Chair
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a0 - 390 -
AMENDMENT #1 TO TAX INCREMENT REVENUE SHARING AGREEMENT - FIRESTONE
URBAN RENEWAL AUTHORITY
APPROVED AS TO SUBSTANCE:
Erected Official or Department Head
APPROVED AS TO FUNDING:
Controller
APPROVED AS TO FORM:
County Attorney
FIRESTONE URBAN RENEWAL AUTHORITY
RESOLUTION NO. 2020- 07
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE FIRESTONE
URBAN RENEWAL AUTHORITY APPROVING THE FIRST AMENDMENT TO THE
TAX INCREMENT REVENUE AGREEMENT WITH WELD COUNTY REGARDING
PROPERTY TAX INCREMENT UNDER THE BIGHORN URBAN RENEWAL PLAN
WHEREAS, by Resolution No. 2009-22, on July 9, 2009, the Firestone Board of Trustees
established the Firestone Urban Renewal Authority (the "Authority"), under and in accordance
with the Colorado Urban Renewal Law, Colorado Revised Statutes ("C.R.S.") § 31-25-101, et
seq. (the "Urban Renewal Law"); and
WHEREAS, on November 18, 2019, Weld County (the "County") and the Authority
entered into that certain Tax Increment Revenue Sharing Agreement (the "IGA") regarding the
anticipated Bighorn Urban Renewal Plan (the "Plan"); and
WHEREAS, the Authority recommended, and the Town Board of the Town of Firestone
(the "Town") approved, the Plan authorizing and utilizing tax increment financing in accordance
with the Urban Renewal Law; and
WHEREAS, the IGA provided that for a period of five (5) years commencing with the
first full year after the date of approval by the Town of Firestone (the "Town") of the Plan, the
Authority may retain one hundred percent (100%) of the tax increment revenues it receives from
the Weld County Treasurer each year (the "Initial County Tax Levy Allocation Revenues");
and
WHEREAS, pursuant to the IGA, the Initial County Tax Levy Allocation Revenues must
be used by the Authority for the purpose of financing a water treatment facility; and
WHEREAS, in July 2020, the Town successfully issued water enterprise revenue bonds
for construction of a water treatment facility without pledging any Initial County Tax Levy
Allocation Revenues; and
WHEREAS, the Town has initiated an effort to prepare a master plan (the "Central Park
Master Plan") that will result in the construction of a regional athletic and recreational facility
that will provide both active and passive recreational opportunities for the Town's and the
County's residents; and
WHEREAS, the purpose of the Authority pursuant to Section 31-25-102(1)-(2) of the
Urban Renewal Law includes both the remediation and prevention of blight; and
WHEREAS, the County and the Authority desire to provide that the Initial County Tax
Levy Allocation Revenues may be used by the Authority to finance the objectives of the Central
Park Master Plan in addition to financing a water treatment facility; and
WHEREAS, to accomplish the above -mentioned purposes, the First Amendment to Tax
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Increment Revenue Sharing Agreement attached as Exhibit A and incorporated herein by
reference has been negotiated between the Authority and the County and is anticipated to be
executed by the County.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSIONERS OF THE
FIRESTONE URBAN RENEWAL AUTHORITY AS FOLLOWS:
Section 1. The foregoing Recitals are incorporated herein by this reference.
Section 2. The Authority determines that the Central Park Master Plan is in the
public interest and will further the goals in the Plan and the purpose of the Authority to eliminate
and prevent blight.
Section 3. The Authority hereby approves the First Amendment to Tax Increment
Revenue Sharing Agreement with the County attached hereto as Exhibit A.
Section 4. The Chair is authorized to enter into the First Amendment to Tax
Increment Revenue Sharing Agreement with the County on the Authority's behalf in
substantially the form attached hereto as Exhibit A, subject to minor modifications, including
technical or grammatical changes, but not including any substantive changes which are not
consistent with the intent of this Resolution or the First Amendment to Tax Increment Revenue
Sharing Agreement, as the Chair, in consultation with the Authority's Executive Director and the
Authority's Attorney, may determine to be necessary and appropriate to protect the interests of
the Authority or to effectuate the purposes of this Resolution.
INTRODUCED, READ and ADOPTED this 181' day of November, 2020.
FIRESTONE URBAN RENEWAL AUTHORITY
briA3
By:
ATTEST:
a Koenig, Record' ecretary
Samantha Meiring, Chairperson
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EXHIBIT A
First Amendment to Tax Increment Revenue Sharing Agreement with the County
[attached]
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21786677
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