HomeMy WebLinkAbout20195056.tiffRESOLUTION
RE: APPROVE TAX INCREMENT REVENUE SHARING AGREEMENT AND AUTHORIZE
CHAIR TO SIGN - ECONOMIC DEVELOPMENT AUTHORITY OF DACONO
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, on December 11, 2019, the Board was presented with a 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 Economic Development Authority of
Dacono, at which time the Board deemed it advisable to continue the matter to December 16,
2019, to allow legal counsel adequate time to correct the terms, and
WHEREAS, after review, the Board deems it advisable to approve said agreement, as
revised, which commences upon full execution of signatures, with further terms and conditions
being as stated in 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 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 Economic Development Authority of Dacono, 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 16th day of December, A.D., 2019.
BOARD OF COUNTY COMMISSIONERS
WD COUNTY, COI.,.bRADO,
ATTEST: d,;t1
Weld County Clerk to the Board
Deputy Clerk to the Board
APP: • ED AS T
ounty orney
Date of signature: 121261141
ara Kirkmeyer, Jhair
Mike Freeman, Pro-Tem
Steve Moreno
cc: cA(BB), FI(Poiso),
Do -co no
1O/Oq/a°
2019-5056
FI0069
TAX INCREMENT REVENUE SHARING AGREEMENT ,, )
THIS AGREEMENT is made and executed effective the/ t a of �j`
2019, by and between the COUNTY OF WELD, COLORADO (hereinafter referred to as "Weld
County" or "County") and the ECONOMIC DEVELOPMENT AUTHORITY OF DACONO
(hereinafter referred to as the "Authority").
WITNESSETH:
WHEREAS, the City of Dacono (the "Municipality") proposes to approve, adopt, and the
Authority proposes to carry out, the Dacono II Urban Renewal Plan ("Plan") in accordance with
the requirements of the Colorado Urban Renewal Law, Sections 31-25-101, et seq., C.R.S., (the
"Act"), including, without limitation, compliance with Section 31-25-107(3.5) of the Act; and
WHEREAS, as authorized by Section 31-25-107(9) of the Act, the Plan provides for
financing the undertakings and activities of the Authority by use of tax allocation or tax
increment financing ("TIF"); and
WHEREAS, the parties hereto desire to enter into this Agreement to offset the costs of
any additional county infrastructure or services necessary to serve development of the Urban
Renewal Area described in the Plan, as it may be amended; and
WHEREAS, the parties hereto are authorized to enter into this Agreement pursuant to
Section 31-25-112(1)(d) of the Act.
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. Sharing of County Levy Allocation:
a. The Authority agrees to calculate and pay to Weld County fifty per cent (50%) of
the net revenue it receives from the Weld County Treasurer each year while the provisions of
Section 31-23-107(9) of the Act are in effect in the Urban Renewal Area from the levy of Weld
County against the incremental property value within the boundaries of the Plan (the "County
Tax Levy Allocation Revenues") on all parcels located within the Urban Renewal Area. Such
revenues to be paid to the County shall be placed in a separate account created for such purpose.
Commencing on the date of this Agreement and for a period of twenty-five (25) years from the
effective date of the Plan, the Authority shall pay to the County on or before the 20th day of each
month all such County Tax Levy Allocation Revenues received into such account through the
preceding month.
b. The remaining fifty per cent (50%) of the County Tax Levy Allocation Revenues
each year shall be used by the Authority for payment of any amounts authorized by the Plan and
Act for the purposes of financing public streets and roadways within or benefitting projects
within the Urban Renewal Area. The street and roadway projects impacted by the Plan are
2019-5056 (1)
19899458.6
identified as priorities for the Urban Renewal Area are listed in the Roadway Project Summary
attached as Exhibit A, which is incorporated herein by this reference. The Authority agrees that
it will contribute or cause to be contributed funds pro rata in an amount to be negotiated and
agreed to by the Authority and Weld County for the purposes of improvements at the
intersections of Weld County Roads 6 and 13 and Weld County Roads 6 and 15.
2. Notification of Substantial Modifications of the Plan; Agreement Not Part of Plan.
The Authority agrees to notify Weld County of any intended substantial modification of the Plan
as required by Section 31-25-107(3.5)(a) of the Act. This Agreement is not part of the Plan.
3. Use of County Tax Levy Allocation. The County agrees to use County Tax Levy
Allocation Revenues received pursuant to this Agreement in accordance with the requirements of
Section 31-25-107(1) of the Act to address the impacts of the Plan on Weld County revenues and
on infrastructure and services necessary to serve the Urban Renewal Area.
4. Agreement Confined to County Tax Levy Allocation Revenues. This Agreement
applies only to the County Tax Levy Allocation Revenues, as calculated, produced, collected and
paid to the Authority from the Urban Renewal Area in the Plan by the Weld County Treasurer in
accordance with Section 31-25-107(9)(a)(II) of the Act and the rules and regulations of the
Property Tax Administrator of the State of Colorado, and does not include any other revenues of
the Municipality or the Authority.
5. Subordination Consent Required. With the prior written consent of the County, as
evidenced by a resolution approved by the Board of County Commissioners, the obligation of
Authority to pay all or part of the County Tax Levy Allocation Revenues to the County may be
made subordinate to any payment of the principal of, the interest on, and any premiums due in
connection with bonds of, loans or advances to, or indebtedness incurred by Authority for
financing or refinancing, in whole or in part, the Urban Renewal Project specified in the Plan.
6. Delays. Any delays in or failure of performance by any party of its obligations
under this Agreement shall be excused if such delays or failure are a result of acts of God, acts of
public enemy, acts of the Federal or state government, acts of any other party, acts of third
parties, litigation concerning the validity of this Agreement or relating to transactions
contemplated hereby, fire, floods, strikes, labor disputes, accidents, regulations or order of civil
or military authorities, shortages of labor or materials, or other causes, similar or dissimilar,
which are beyond the control of such party. Notwithstanding the foregoing, where any of the
above events shall occur which temporarily interrupt the ability of the Authority to transfer or
pay County Tax Levy Allocation Revenues as provided in Section 1, as soon as the event
causing such interruption shall no longer prevail, the Authority shall transfer and pay the total
amount of the County Tax Levy Allocation Revenues that has been received by Authority that is
then owing to date, as determined according to the provisions of Section 1 of this Agreement.
7. Termination and Subsequent Legislation. In the event of termination of the Plan,
including any provisions authorizing the use of tax increment financing, the Authority may
terminate this Agreement by delivering written notice to the County. The parties further agree
that in the event legislation is adopted after the effective date of this Agreement that invalidates
19899458.6
2
or materially effects any provisions hereof, the parties will in good faith negotiate for an
amendment to this Agreement that most fully implements the original intent, purpose and
provisions of this Agreement, but does not impair any contracts in effect at such time.
8. Entire Agreement. This instrument embodies the entire agreement of the parties
with respect to the subject matter hereof. There are no promises, terms, conditions, or
obligations other than those contained herein; and this Agreement shall supersede all previous
communications, representations, or agreements, either verbal or written, between the parties
hereto. No modification to this Agreement shall be valid unless agreed to in writing by the
parties hereto.
9. Binding Effect. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their successors in interest.
10. No Third -Party Enforcement. 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.
11. No Waiver of Immunities. No portion of this Agreement shall be deemed to
constitute a waiver of any immunities the parties or their officers or employees may possess, nor
shall any portion of this agreement be deemed to have created a duty of care which did not
previously exist with respect to any person not a party to this agreement.
12. Severability. If any provision of this Agreement is found to be invalid, illegal or
unenforceable, the validity and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby. Further, in the event of any such holding of invalidity, illegality or
unenforceability (as to any or all parties hereto), the parties agree to take such action(s) as may
be necessary to achieve to the greatest degree possible the intent of the affected provision of this
Agreement.
13. No Assignment. No party may assign any of its rights or obligations under this
Agreement without the prior written consent of the other party.
14. Conditional Approval. The approval of this Agreement by Weld County and the
Authority is conditional upon the subsequent approval by the City of Dacono, acting by and
through its City Council, of the Dacono II Urban Renewal Plan, without material changes from
the draft of the Plan received by Weld County on November 4, 2019.
19899458.6
3
IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officials
to execute this Agreement effective as of the day and year first above written.
COUNTY:
ATTEST: daidta • dge4
COUNTY OF WELD, a political Weld County
Clerk to Board subdivision of the STATE OF COLORADO:
By:
Deputy Cl hi
ATTEST:
By:
19899458.6
AUTHORITY:
arbara ICirkme ' er, Chair
and of County Commissioners,
unty of Weld DEC 112019
ECONOMIC DEVELOPMENJ AUTHORITY OF
DACONO
F -
By:
4
, Chair
oloi9.6b5� (l�
Exhibit A
Roadway Project Summary
One of the key blighting factors within the plan area is a lack of sufficient infrastructure, particularly
roadways and water/sewer facilities to facilitate and support development. The following summary of
proposed roadway projects will both assist in alleviating this condition and fulfilling the Dacono adopted
plans.
Roadway Goals:
• Implement the City of Dacono adopted roadway classification system in coordination with the
adopted Weld County system.
• Improve the capacity and mobility of Dacono and Weld County roadway network
• Develop and maintain a safe and efficient roadway network.
• Improve the movement of people, goods and emergency services, through the City of Dacono
and adjacent Weld County communities by enhancing roadway network.
• Improve roads with culverts and crossings that are structurally deficient and functionally
obsolete because of inadequate lane widths, shoulder widths, to serve current and projected
traffic demand, or those that may be occasionally flooded.
WCR 12- Grand View Blvd. (1-25 east to Holly Street WCR 15)- Grand View Blvd. is an adopted east -west
truck route through the City of Dacono. Grand View Blvd. This roadway serves areas of unincorporated
Weld County and the Mountain View Fire Protection District Station #7.
WCR 8 Summit Blvd (1-25 to WCR 17)-1-25 is a significant east/west highway which serves as a gateway
to Weld County. Summit Blvd. Summit Blvd. serves as a primary links to/from 1-25 eastward into Weld
County.
WCR 10 Graden Blvd (1-25 to WCR 17)- Completion of Graden Blvd. The intent is to upgrade the
roadway, construction of a bridge deck at Little Dry Creek and facilitate mobility. This project will also
provide connectivity between Dacono and areas of unincorporated Weld County. WCR 10
improvements also contribute to network redundancy by creating an east -west alternate route to SH52.
WCR 13- Colorado Blvd. (SH52-WCR 6)- Including the intersection at Colorado Blvd. and WCR 6.
Colorado Blvd. is a significant north -south arterial and designated truck route through the City of
Dacono. Colorado Blvd. serves as an alternate to 1-25. This roadway serves both areas of
unincorporated Weld County and Dacono residents. Weld County Road 13 is identified as a Strategic
Roadway by the Weld County 2035 Transportation Plan. County Road 13 is ranked #17 of roadways in
Weld County identified as "Highest Traveled County Roads."
WCR 15- Holly Street (SH52-WCR 6)- Including the intersection at Holly Street and WCR 6. Holly Street is
an unimproved gravel roadway along the eastern boundary of the current City limits. Improvements to
this roadway will contribute to the continuity and connectivity of roadways between the City of Dacono
and unincorporated Weld County.
WCR 11- York Street (SH52-WCR 10)- York Street is identified as a Strategic Roadway by the Weld
County 2035 Transportation Plan and an alignment study of WCR 9.5 and WCR 11 on the east side of I-
20050410.1
25 was adopted by the Board of County Commissioners in October of 2003. WCR 11 improvements also
contribute to network redundancy by creating a north -south alternative to 1-25.
2
20050410.1
e t\Cesced
TAX INCREMENT REVENUE SHARING AGREEMENT
THIS AGREEMENT is made and executed effective the day of
2019, by and between the COUNTY OF WELD, COLORADO (hereinafter referred to as "Weld
County" or "County") and the ECONOMIC DEVELOPMENT AUTHORITY OF DACONO
(hereinafter referred to as the "Authority").
WI'l'N ES SETH:
WHEREAS, the City of Dacono (the "Municipality") proposes to approve, adopt, and the
Authority proposes to carry out, the Dacono II Urban Renewal Plan ("Plan") in accordance with
the requirements of the Colorado Urban Renewal Law, Sections 31-25-101, et seq. , C.R. S ., (the
"Act"), including, without limitation, compliance with Section 31-25-107(3.5) of the Act; and
WHEREAS, as authorized by Section 31-25-107(9) of the Act, the Plan provides for
financing the undertakings and activities of the Authority by use of tax allocation or tax
increment financing ("TIF"); and
WHEREAS, the parties hereto desire to enter into this Agreement to offset the costs of
any additional county infrastructure or services necessary to serve development of the Urban
Renewal Area described in the Plan, as it may be amended; and
WHEREAS, the parties hereto are authorized to enter into this Agreement pursuant to
Section 31-25-112(1)(d) of the Act.
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. Sharing of County Levy Allocation:
a. The Authority agrees to calculate and pay to Weld County fifty per cent (50%) of
the net revenue it receives from the Weld County Treasurer each year while the provisions of
Section 31-23-107(9) of the Act are in effect in the Urban Renewal Area from the levy of Weld
County against the incremental property value within the boundaries of the Plan (the "County
Tax Levy Allocation Revenues") on all parcels located within the Urban Renewal Area. Such
revenues to be paid to the County shall be placed in a separate account created for such purpose.
Commencing on the date of this Agreement and for a period of twenty-five (25) years from the
effective date of the Plan, the Authority shall pay to the County on or before the 20`h day of each
month all such County Tax Levy Allocation Revenues received into such account through the
preceding month.
b. The remaining fifty per cent (50%) of the County Tax Levy Allocation Revenues
each year shall be used by the Authority for payment of any amounts authorized by the Plan and
Act for the purposes of financing public streets and roadways within or benefitting projects
within the Urban Renewal Area. The street and roadway projects impacted by the Plan are
1989945 8.6
identified as priorities for the Urban Renewal Area are listed in the Roadway Project Summary
attached as Exhibit A, which is incorporated herein by this reference. The Authority f�f -s
agrees that the Authorityit will contribute or cause to be contributed funds pro rata in an amount
to be negotiated and agreed to by the Authority and Weld County for the purposes of
improvements on at the intersections of Weld County Roads 6 and 13 and Weld County Roads 6
and 15.
2. Notification of Substantial Modifications of the Plan; Agreement Not Part of Plan.
The Authority agrees to notify Weld County of any intended substantial modification of the Plan
as required by Section 31-25-107(3.5)(a) of the Act. This Agreement is not part of the Plan.
3. Use of County Tax Levy Allocation. The County agrees to use County Tax Levy
Allocation Revenues received pursuant to this Agreement in accordance with the requirements of
Section 31-25-107(1) of the Act to address the impacts of the Plan on Weld County revenues and
on infrastructure and services necessary to serve the Urban Renewal Area.
4. Agreement Confined to County Tax Levy Allocation Revenues. This Agreement
applies only to the County Tax Levy Allocation Revenues, as calculated, produced, collected and
paid to the Authority from the Urban Renewal Area in the Plan by the Weld County Treasurer in
accordance with Section 31-25-107(9)(a)(II) of the Act and the rules and regulations of the
Property Tax Administrator of the State of Colorado, and does not include any other revenues of
the Municipality or the Authority.
5. Subordination Consent Required. With the prior written consent of the County, as
evidenced by a resolution approved by the Board of County Commissioners, the obligation of
Authority to pay all or part of the County Tax Levy Allocation Revenues to the County may be
made subordinate to any payment of the principal of, the interest on, and any premiums due in
connection with bonds of, loans or advances to, or indebtedness incurred by Authority for
financing or refinancing, in whole or in part, the Urban Renewal Project specified in the Plan.
6. Delays. Any delays in or failure of performance by any party of its obligations
under this Agreement shall be excused if such delays or failure are a result of acts of God, acts of
public enemy, acts of the Federal or state government, acts of any other party, acts of third
parties, litigation concerning the validity of this Agreement or relating to transactions
contemplated hereby, fire, floods, strikes, labor disputes, accidents, regulations or order of civil
or military authorities, shortages of labor or materials, or other causes, similar or dissimilar,
which are beyond the control of such party. Notwithstanding the foregoing, where any of the
above events shall occur which temporarily interrupt the ability of the Authority to transfer or
pay County Tax Levy Allocation Revenues as provided in Section 1, as soon as the event
causing such interruption shall no longer prevail, the Authority shall transfer and pay the total
amount of the County Tax Levy Allocation Revenues that has been received by Authority that is
then owing to date, as determined according to the provisions of Section 1 of this Agreement.
7. Termination and Subsequent Legislation. In the event of termination of the Plan,
including any provisions authorizing the use of tax increment financing, the Authority may
terminate this Agreement by delivering written notice to the County. The parties further agree
1989945 8.6
2
that in the event legislation is adopted after the effective date of this Agreement that invalidates
or materially effects any provisions hereof, the parties will in good faith negotiate for an
amendment to this Agreement that most fully implements the original intent, purpose and
provisions of this Agreement, but does not impair any contracts in effect at such time.
8. Entire Agreement. This instrument embodies the entire agreement of the parties
with respect to the subject matter hereof There are no promises, terms, conditions, or
obligations other than those contained herein; and this Agreement shall supersede all previous
communications, representations, or agreements, either verbal or written, between the parties
hereto. No modification to this Agreement shall be valid unless agreed to in writing by the
parties hereto.
9. Binding Effect. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their successors in interest.
10. No Third -Party Enforcement. 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.
11. No Waiver of Immunities. No portion of this Agreement shall be deemed to
constitute a waiver of any immunities the parties or their officers or employees may possess, nor
shall any portion of this agreement be deemed to have created a duty of care which did not
previously exist with respect to any person not a party to this agreement.
12. Severability. If any provision of this Agreement is found to be invalid, illegal or
unenforceable, the validity and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby. Further, in the event of any such holding of invalidity, illegality or
unenforceability (as to any or all parties hereto), the parties agree to take such action(s) as may
be necessary to achieve to the greatest degree possible the intent of the affected provision of this
Agreement.
13. No Assignment. N o party may assign any of its rights or obligations under this
Agreement without the prior written consent of the other party.
14. Conditional Approval. The approval of this Agreement by Weld County and the
Authority is conditional upon the subsequent approval by the City oi' Dacono, acting by and
through its City Council, of the Dacono II Urban Renewal Plan, without material changes from
the draft of the Plan received by Weld County on November 4, 2019.
1989945 8.6
3
IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officials
to execute this Agreement effective as of the day and year first above written.
COUNTY:
ATTEST: COUNTY OF WELD, a political Weld County
Clerk to the Board subdivision of the STATE OF COLORADO:
By: By:
Deputy Clerk to the Board , Chair
Board of County Commissioners,
County of Weld
AUTHORITY: -
ATTEST: ECONOMIC DEVELOPMENT AUTHORITY OF
DACONO
By: By:
, Secretary , Chair
19899458.6
4
acono
c44,4
Roadway Project Summary
One of the key blighting factors within the plan area is a lack of sufficient infrastructure, particularly
roadways and water/sewer facilities to facilitate and support development. The following summary of
proposed roadway projects will both assist in alleviating this condition and fulfilling the Dacono adopted
plans.
Roadway Goals:
• Implement the City of Dacono adopted roadway classification system in coordination with the
adopted Weld County system.
• Improve the capacity and mobility of Dacono and Weld County roadway network
• Develop and maintain a safe and efficient roadway network.
• Improve the movement of people, goods and emergency services, through the City of Dacono
and adjacent Weld County communities by enhancing roadway network.
• Improve roads with culverts and crossings that are structurally deficient and functionally
obsolete because of inadequate lane widths, shoulder widths, to serve current and projected
traffic demand, or those that may be occasionally flooded.
WCR 12- Grand View Blvd. (I-25 east to Holly Street WCR 15)- Estimated project cost $7,924,174.
Grand View Blvd. is an adopted east -west truck route through the City of Dacono. Grand View Blvd.
This roadway serves areas of unincorporated Weld County and the Mountain View Fire Protection
District Station #7.
WCR 8 Summit Blvd (I-25 to WCR 17)- Estimated project cost $15,789,703. 1-25 is a significant east/west
highway which serves as a gateway to Weld County. Summit Blvd. Summit Blvd. serves as a primary links
to/from 1-25 eastward into Weld County.
WCR 10 Graden Blvd (I-25 to WCR 17)- Estimated project cost $12,163,318. Completion of Graden
Blvd. The intent is to upgrade the roadway, construction of a bridge deck at Little Dry Creek and
facilitate mobility. This project will also provide connectivity between Dacono and areas of
unincorporated Weld County. WCR 10 improvements also contribute to network redundancy by creating
an east -west alternate route to SH52.
WCR 13- Colorado Blvd. (SH52-WCR 6/city limits)- Estimated project cost $16,535,944. Colorado Blvd. is
a significant north -south arterial and designated truck route through the City of Dacono. Colorado Blvd.
serves as an alternate to 1-25. This roadway serves both areas of unincorporated Weld County and
Dacono residents. Weld County Road 13 is identified as a Strategic Roadway by the Weld County 2035
Transportation Plan. County Road 13 is ranked #17 of roadways in Weld County identified as "Highest
Traveled County Roads."
WCR 15- Holly Street (SH52-WCR 6)- Estimated project cost $15,966,836. Holly Street is an unimproved
gravel roadway along the eastern boundary of the current City limits. Improvements to this roadway will
19899458.6
Exhibit A
Roadway Project Summary
[see attached]
Exhibit A-1
19899458.6
contribute to the continuity and connectivity of roadways between the City of Dacono and
unincorporated Weld County.
WCR 11- York Street (SH52-WCR 10)- Estimated project cost $14,904,583. York Street is identified as a
Strategic Roadway by the Weld County 2035 Transportation Plan and an alignment study of WCR 9.5
and WCR 11 on the east side of 1-25 was adopted by the Board of County Commissioners in October of
2003. WCR 11 improvements also contribute to network redundancy by creating a north -south
alternative to 1-25.
19899458.6
Dacono Area Urbana
City of Dacono, Colorado
1 November 2015
ncwal Plan
Economic Development Authority of Dacono (EDAD)
Dacono City Council
Prepared b
•
Ricker Cunningham
Ricker 0 Cunningham
8200 South Quebec Street, Suite A3-401
Centennial, CO 80112
303.458.5800 phone
www.rickercunningham.com
Page Ii
Dacono II Urban Ronowal Plan
Table of Contents
1.0
Introduction........... a s ...... s ......... s ... s .. s .... . ..... ... . 1 .. 1.1 . E ..... a ......... .... 0 0 e 0 m o 0 o s m 0 0 o e 0 0 0. o .. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 00000080000000000
3
1.1 Preface 3
1.2 Blight Findings 3
1.3 Urban Renewal Area Boundaries 3
1.4 Zoning Classifications 4
1.5 Future Land Use Desicnations 6
1.6 Statutory Compliance 7
2.0 Definitions
0 o e m a m 0 0 0 o a m. a o o m o 0 o o o a o a o 0 0 0 0. e o o e o 0 o c o 0 o a a a a o a o 0 0. s. O a. 9 0 0. a 0 a e a 0 a a 0 0 0 0 a 0 0 0 e. a. a 0 a a 0. 0 0 0 0 0 o s 0. 0 0 0 e 0 s o m 0 0 e o 0 0 0 0 0 0 0 a e o e e. 0 0 0
3.0 Plan Intentions sa..0....eo.sa.000.0.0.....a0oeee.0.........o. nseoeoaeosoeaos00000000000.nm.osooesos000000000eeoe.00e000ea000.oc000
4.0
9
3.1 Purpose 12
3.2 Approach 12
3.3 Implementation ..........................................o0000.o..0.00...00nom 00coo 0.o.0.0..............00 Do. 0013
BlightConditions 0.oaae.se.a.e...e.e.e..aea.aaae.o00000000000oe.a.eme.ee0 oe.eeo.e.o..o...oeeee 0000ooeo eooaoeeeoee ooaeeeeo e.e.e.a. 13
5.0 Plan Relationship to Community Documents......o000aoso.m.m.00aaaaaeeaeeeeeaao...os..eeeoo......0000sa.s..... 15
5.1 Consistency with the Comprehensive Plan 15
6.0 Authorized Authority Undertakings and Activities...ea..o...a..aaaas0a.a...asa..a...aaa.aa.....00e.....aa.aaaa 16
6.1 Prepare and Modify Plans for the Area 16
6.2 Complete Public Improvements and Facilities 17
6.3 Acquire and Dispose of Property 18
6.4 Enter Into Agreements............................................................................0...........019
6.5 Adopt Standards 19
6.6 Provide Relocation Assistance 19
6.7 Incur and Issue Debt 20
6.8 Create Tax Increment Areas 20
6.9 Share Tax Increment 20
7.0 Project Financing.......901a.o.s....s...ssas.oaooe.0oo.0o.o.os0o
0 0 0 0 o a a o e s s e o s s e s s. s. o s e o e 0 e o e e e e e o e o .. o 00•0•00000000•00909061006
20
7.1 Public Investment Objective 20
7.2 Financial Mechanisms..................................................... ...........e...
7.3 Incremental Revenues 21
7.4 Other Financing Mechanisms and Structures 22
7.5 Agricultural Land 23
Dacono II Ur
oan Renewal Plan (Draft as of 11.1.2019
Page 12
7.6 Compliance with Section 31-25-107(9.5) (a) of the Act 23
8.0 Severability 23
Figure 1 Dacono II Urban Renewal Plan Area Map
Appendices
Appendix A:
Appendix B:
Excerpts from the 2017 Dacono Forward Comprehensive Plan Update
Dacono II Urban Renewal Area Legal Description(s) and Supporting Illustrations
Dacono II Urban Renewal Plan (Draft as of 1 1.1.2019)
Page 1 3
Dacono II Urban Renewal Plan
City of Dacono, Colorado
1.0 Introduction
1.1 Preface
This Dacono II Urban Renewal Plan (herein referred to as the "Plan" or "Urban
Renewal Plan") has been prepared for the City of Dacono (herein referred to as
the "City") and Economic Development Authority of Dacono (herein referred to
as the "Authority" or "E®A®"), the latter being the entity which will lead its
administration and implementation pursuant to the provisions of the Urban
Renewal Law of the State of Colorado, Part 1 of Article 25 of Title 31, Colorado
Revised Statutes, 1973, as amended (herein referred to as the "Act" or "Law") .
1.2 Blight Findings
Under the Act, an urban renewal area is a blighted area, which has been
designated as appropriate for an Urban Renewal Project. In order for the
Authority to exercise its powers within the area, the municipality's board or
council must find that the presence of blight, as defined by the Act, "substantially
impairs or arrests the sound Growth of the municipality or constitutes an economic
or social liability, and is a menace to the public health, safety, morals or welfare."
The Dacono II Area Conditions Survey (herein referred to as the "Survey"),
prepared by Ricker I Cunningham in July and August 2019, and presented to the
Authority under separate cover, demonstrates that the Dacono II Urban Renewal
Plan Area (herein referred to as the "Area", "Urban Renewal Plan Area" or
"Dacono II Area"), qualifies as a blighted area under the Act. Specifically, the
Survey concluded that nine (9) of the 11 total possible factors are present at
varying degrees of intensity, but all at levels considered significantly adverse. A list
of statutory factors either observed or identified, along with a characterization of
the same, is presented below in Section 4.0.
1.3 Urban Renewal Area Boundaries
The Dacono II Area, as presented in Figure 1 and set forth in Appendix B, includes
19 lecal parcels comprisinc approximately 1,200 acres, as well as adjacent richts-
Dacono II Urban Renewal Plan (Draft as of 11.1.2019)
Page HI
of -way, located within the municipal borders, between State Highway 52 on the
north and County Road 6 on the south.
1.4 Zoning Classifications
Properties in the Area arecurrently zoned one of the following: R-2 Resicential; C-
1 Commercial; C -R Commercial Residential; MH Pre -Manufactured Housinc; or
PUD Planned Unit Development. Permitted uses within these zoning classifications
are provided below as identified in Chapter 15 of the Dacono Municipal Code.
R-2 Residential
(1) One (1) family dwelling;
(2) Two (2) family dwelling;
(3) Three (3) family dwelling;
(4) Multi -family dwelling;
(5) Boardinghouses and roominc houses;
(6) Dormitories;
(7) Religious and educational institutions, the same limitation as in R-1 district;
(8) Public utilities, the same limitation as in R-1 district;
(9) Municipal building;
(10) Day care centers; and
(1 1) Personal wireless service facilities.
C-1 Commercial
Amusement and recreation, theaters, bowling alleys, skating rinks and
dancehalls;
(2) Food and beverage serving, restaurants, nightclubs, taverns and liquor
stores;
(3) Hotels and motels;
(4) Laundry and dry-cleaning establishments;
(5) Offices, business, professional and agencies;
(6) Personal services;
(7) Retail businesses;
(8) Printing, publishing and reproduction establishments;
(9) Religious and educational institutions and other municipal uses;
(10) Public utilities; and
(1 1) Personal wireless service facilities.
Dacono H Urban Renewal Plan (Draft as of 11.1.2019)
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C -R Commercial Residential
(1) Any use permitted in the R-2 district;
(2) Amusement and recreation, theaters, oowling alleys, skating rinks and
dancehalls;
(3) Food and beverage serving, restaurants, nightclubs, taverns and liquor
stores;
(4) Hotels and motels;
(5) Laundry and dry-cleaning establishments;
(6) Offices, business, professional and agencies;
(7) Personal services;
(8) Retail businesses;
(9) Printing, publishing and reproduction establishments;
(10) Religious and educational institutions and other municioal uses; and
(1 1) Public utilities.
MH - Pre -Manufactured Housing
No building, structure, pre -manufactured housing structure or land shall be
used, anc no building, structure or pre -manufactured housing structure shall be
erected or installed or structurally altered except as provided for in this Article
and in Article 5 of Chapter 18 of the Code. Pre -manufactured housing structures
are to be located only in the MH District. (excerpt)
Planned Unit Development (PUD)
Pursuant to Section 24-67-101, et seq., C.R.S., the Planned United Development
Act of 1972, the purpose of the Planned United Development (PUD) zoning
district is to:
(1)
Provide an alternative to conventional land use regulations oy allowing
more flexible development, based on a comprehensive, integrated plan,
without in any way jeopardizing or reducing zoning standards, which
promote the puolic safety, convenience, health and general welfare
and preserve personal and property rights.
Promote more creative and efficient use of land and oublic or private
services to facilitate a more economic arrangement of buildings,
circulation systems and utilities.
Promote the aeneficial and economical use of land in the physical and
economic development of the City.
Dacono II Urban Renewal Plan (Draft as of 11.1.2019)
Page 16
(4) Promote the most appropriate use of land.
(5) Promote creative flexibility in design and permit planned diversification in
the location and use of structures.
(6) Allow compatible land uses to be developed in accordance with a
general development plan which has been designed to be in harmony
with surroundinc neic hborhoods.
(7) Encourage innovation and efficiency in residential development to meet
the crowing demands for housinc of all types and designs.
(8) Provide for necessary commercial, recreational, employment and
educational facilities conveniently located to housinc.
(9) Provide for well-locatec, clean, safe and pleasant incustrial sites involving
a minimum strain on transportation systems.
(10) Encourage the comoining and coordination of architectural styles,
building forms and building relationships within the planned
development.
(1 1) Provide a procedure that can relate the type, desicn and layout of
residential, commercial anc incustrial development to the particular site,
thereby encouraginc preservation of the site's natural characteristics.
(12) Lessen the burden of traffic on streets and highways.
(13) Improve the desicn, character and quality of new development.
1.5 Future Land Use Designations
Future land use desic nations are reflected in the City's Future Land Use Map.] The
purpose of that map is to illustrate where certain land uses are encouraged within
Dacono's Planning Area over the near- and long-term, and where the City would
support the development of land uses and product types consistent with those
designations.
The single future land use category identified in the Area is Multi -Generational
Livinc District, with an emphasis on residential product types that support
workforce housing (or Employee Residential) . A description of each follows.
1 The Future Land Use Map and accompanying land use category descriptions reflect the types of land
uses and product types, as well as character of how the community would like to see the city will grow
over the next several years.
Dacono II Urban Renewal Plan (Draft as of 1 1.1 .2019)
Page 17
The Multi -Generational Livinc District will be host to neighborhoods that
accommodate a wide range of age groups and product types, allowing
younger residents to stay in the community and older residents to "age in place."
Homes of varying sizes and densities will be co -located so that extended families
can live independently, yet in the same neighborhood community. Supporting
uses may include small commercial spaces with local serving retailers and service
providers; and I or accessory units to primary residences, support entrepreneurial
employment endeavors and encore careers or dwelling units for related family
members. Gateway improvements will be combined to introduce the community
and its neichborhoods to residents in, and visitors to, the region. Natural areas will
be protected, yet leveraged to attract high quality home builders who can
buyers who value and honor these environments.
The Emoloyee 'Residential Place Type includes both rental and ownership
products, at price points attainable to employees at different income levels.
Projects may feature single- and I or mixed -use buildings, with shared amenities
and parking facilities. Products include small lot single-family detached, and
attached townhome, duplex, and condominium ownership units; as well as,
rental apartments. They may be located within neichborhoods dominated by
lower density residences, or multi -use business centers. Given that their
comparative scale is often comparatively hich, they encourace active living and
a greater emphasis on non -vehicular infrastructure, and therefore favor access to
public open spaces, trails, and recreational and cultural facilities.
1,6 Statutory Compliance
In compliance with the Act, the public hearinc notice at which this Plan was
considered, including its time, date, location, purpose and a general description
of the Area covered by the Plan, along with the general scope of proposed
urban renewal projects and undertakings appeared in the Longmont Times Call,
the community's designated legal newspaper of general circulation. At that
hearing, the Dacono City Council (herein referred to as "City Council")
considered the findings of blic ht, documented in the Survey, and adoption of the
Plan. In addition, a reasonable attempt was made to provide mailing notice of
the hearing to all owners of Private Property and business interests located within
the Area, at their last -known address of record.
Dacono II Urban Renewal Plan (Draft as of 1 1.1.2019)
Page 18
Figure No. 1: Dacono II Urban Renewal Area Map
e
0
0.25
SOURCE ESA
D8t'te. Thtrrsdey, October 31, 2019
0.5
■ Miles
Dacono II Urban Renewal Plan (Draft as of 1 1.1.2019)
El Dacono Municipal Boundary
Dacono II Urban Renewal Plan Boundary
Ricker Cunningham
Page 19
More than 30 days prior to the public hearing, this Plan and a report describing
any impacts resultinc from new investment in the Area, was submitted to the
Weld County Board of Commissioners, as well as the governing bodies 2 of other
taxing entities whose incremental property tax revenues would be allocated to
EDAP as per the Plan. Further, representatives of EDAD and these taxinc entities
met and negotiated agreements governing the sharing of the subject
incremental property tax revenue, in compliance with the Act.
Finally, official meetincs required by the Act, in addition to the public hearing,
were scheduled, noticed, and conducted. Specifically, the EDAD considered the
Plan on date at a duly noticed meeting of the Authority, and the Planning and
Zoning Commission reviewed the Plan on date and determined it to be consistent
with the Comprehensive Plan.
2.0 Definitions
Capitalized and bolded terms shall have the meaning set forth herein. AM capitalized
and bolded terms used herein and not defined below shall have the same meaning as
set forth in the Act.
Act means the Urban Renewal Law of the State of Colorado, Part 1 of Article 25 of Title
31, Colorado Revised Statutes, as amended.
Authority - means the Economic Development Authority of Dacono (or EDAD) .
Base Amount - means that portion of property taxes which are produced by the levy at
the rate fixed each year by or for taxinc entities upon the valuation for assessment of
taxable property in a Tax Increment Area last certified prior to the effective date of
approval of the Plan; and that portion of municipal sales taxes collected within the
boundaries of the Tax Increment Area in the twelve-month period ending on the last day
of the month prior to the effective date of approval of the Plan.
City- means the City of Dacono.
City Council - means the City Council of the City of Dacono.
Comprehensive Plan - means the 2017 Dacono Forward Comprehensive Plan Update.
2 Weld County, City of Dacono, St. Vrain Valley School District RE -1 J, High Plains Library District, Mountain
View Fire District, St. Vrain Sanitation District, Northern Colorado Water District, Carbon Valley Recreation
District, and Stonebraker Metropolitan District.
Dacono II Urban Renewal Plan (Draft as of 11.1.2019)
Page 1 10
Cooperation Agreement - means any acreement between the Authority and the City, or
any public body (the term "public body" being used in this Plan as defined by the Act)
respecting action to be taken pursuant to any of the powers set forth in the Act or in any
other provision of Colorado law, for the purpose of facilitatinc public undertakings
deemed necessary or appropriate by the Authority under this Plan.
C.R.S. - means the Colorado Revised Statutes, as amended from time -to -time.
Dacono II Tax Increment Area - means an area identified and depicted in Figure 2 as the
"Dacono II Tax Increment Area" and described in Appendix B, with boundaries
concurrent with the Plan Area, which includes properties and portions of properties from
which incremental property taxes in excess of the Base Amount, when collected, will be
paid into the Authority's Special Fund and used, in part, to finance the Authority's
activities and undertakings.
Eligible Costs - means those costs eligible to be paid or reimbursed from incremental
revenues and other resources pursuant to the Act.
Impact Report - means the Dacono II Urban Renewal Plan - Impact Report prepared by
Ricker I Cunningham, dated September, 2019 and presented to City Council under
separate cover.
Plan or Urban Renewal Plan - means this Dacono II Urban Renewal Plan.
Plan Area or Urban Renewal Plan Area or Area - means the area identified and depicted
as the "Dacono II Urban Renewal Area" in Figure 1.
Private Property - as applied to real property, means only a fee ownership interest.
Project - (or Urban Renewal Project) means any and all undertakings and activities
authorized in the Plan and the Act to eliminate blighted conditions and improvements
including desicning, developing and constructing the various public improvements and
private improvements (which collectively, includes paying the costs of constructing such
improvements and other costs to the extent such costs are Eligible Costs as allowed by
the Act) necessary to serve the proposed Urban Renewal Plan Area which includes
public improvements located within and outside the Urban Renewal Plan Area.
Redevelopment I Development Agreement - means one or more agreements between
the Authority and developer or developers, and I or property owners or such other
Dacono II Urban Renewal Plan (Draft as of 11.1.2019)
Page 11
individuals or entities as may be determined by the Authority, to be necessary or
desirable to carry out the purposes of this Plan.
Special Fund - means a fund supervised by the Authority and the resources of which
include incremental ad valorem property and municipal sales tax revenue resulting from
investment and reinvestment in the Urban Renewal Area.
Survey means the Dacono II Area Conditions Survey, prepared by Ricker
Cunningham, dated Aucust, 2019 and presented to City Council under separate cover.
Tax Increment - that portion of incremental revenues in excess of the Base Amount as set
forth in Section 7.3.2 of this Plan, allocated to and when collected, paid into the
Authority's Tax Increment Revenue Fund.
Tax Increment Area - means an area which includes properties and portions of
properties from which incremental property taxes in excess of the Base Amount, when
collected, will be paid into the authority's Speci I Fund. See the definition of Dacon II
Tax Increment Area, above.
Tax Increment Finance (or Financing) (TIF) - means a financing mechanism which uses
future incremental revenues resulting from private investment within an established area
(Tax Increment Area), as well as other resources obtained by the Authority, to fund
improvements for the public benefit.
Tax Increment Revenue Fund - See definition of Special Fund above.
Urban Renw I Law - means the State of Colorado, Part 1 of Article 25 of Title 31,
Colorado Revised Statutes, as amended. See the definition of the Act, above.
Urban Renewal Plan or Plan - means this Dacono II Urban Renewal Plan.
Urban Renewal Plan Area or Plan Area - means the Dacono II Urban Renewal Plan Area
as depicted in Figure 1.
Urban Renewal Project - is defined by the Act, but Generally means an improvement,
public or private that addresses the findings of blight and advances the goals of the
Plan. See the definition of Project, above.
Dacono II Urban Renewal Plan (Draft as of 1 1.1.2019)
Page 112
300 Pin intentions
With an urban renewal desicnation, the Area will be eligible for one or more urban
renewal activities and undertakings authorized by the Act, and implemented by the
Authority. To this end, it is the intention of City Council in adopting this Urban Renewal
Plan that the Authority has available to it any and all powers authorized in the :►iced and
considered necessary and appropriate to accomplish the undertakings stated herein.
Because powers conferred by the Act include facilitating the completion of
improvements for which public money may be expended, the intentions of this Plan are
considered to be in the public interest and a necessity, such finding being a matter of
lecislative determination by City Council.
301 Purpose
As explained in the Act, the principal objective of any and all urban renewal
plans is to provide the municipality with a workable program for using available
resources to eliminate and prevent the development or spread of blight, and to
encourage needed rehabilitation of improvements within designated locations.
In doing so, it is anticipated that community priorities expressed in adopted
community plans and other policy documents, will be advanced.
For this reason, the purpose of this Dacono II Urban Renewal Plan is to reduce and
remove blighting conditions adversely impacting properties and businesses in the
Area and described in the Survey. In addition, particularly as it relates to the Plan
Area, it is the Authority's intention to finance, install, construct, reconstruct and
cooperate with others to complete capital improvements to infrastructure and
utilities, in an effort to further economic growth locally and regionally, as well as
facilitate the orderly development of the community. To this end, its purpose is to
advance objectives expressed in the Comprehensive Plan (herein referred to as
the 2017 Dacono Forward Comprehensive Plan Update.) References from this
and any related resources which align with these goals are presented in
Appendix A.
302 Approach
The approach to advancing these objectives is to complete and maintain public
and private improvements and infrastructure in the Area, use financial resources
available to the Authority for the express purpose of the same; and to actively
promote private investment and job creation. With regard to local objectives, the
Authority intends to identify specific priorities which will effectively leverage
Dacono 11 Urban Renewal Han (Draft as of 1 1.1.2019)
Page 113
private investment in the Area and ensure alignment of this Plan with other
accepted and adopted community documents.
303 Implementation
While the Authority will be the Plan's principal administrator, City Council will
authorize and oversee its efforts. Therefore, the Authority will work in cooperation
with elected and appointed officials to prioritize capital investments in the Area
(roadways, open spaces, greenways), in order to ensure they provide a public
benefit to property owners and business interests within its boundaries, as well as
throughout the community. Any new development activity in the Area will
conform to existing municipal codes and ordinances, along with any site -specific
regulations or policies in effect at the time. Finally, while the Act authorizes the
Authority to regulate land uses, establish maximum or minimum densities, and
institute other building requirements in an urban renewal area; for the purpose of
this Plan, the Authority anticipates the responsibility for these activities will reside
with the City, in partnership with the Authority.
4.0 Blight Conditions
Before an urban renewal plan can be adopted by a municipality, the proposed urban
renewal area must be determined to be "blighted" as defined in Section 31-25-103(2) of
the Act which provides that "in its present condition and use and, by reason of the
presence of at least four of the factors (see below) in section 31-25-103 (2) (a) (or five in
cases where property will be acquired by eminent domain the use of eminent domain is
anticipated) substantially impairs or arrests the sound growth of the municipality, retards
the provision of housing accommodations, or constitutes an economic or social liability,
and is a menace to the public health, safety, morals, or welfare." Statutory factors
include:
(a) Slum, deteriorated, or deteriorating structures;
(b) Predominance of defective or inadequate street layout;
(c) Faulty lot layout in relation to size, adequacy, accessibility, or usefulness;
(d) Unsanitary or unsafe conditions;
(e) Deterioration of site or other improvements;
(f) Unusual topography or inadequate public improvements or utilities;
(g) Defective or unusual conditions of title rendering the title nonmarketable;
(h) The existence of conditions that endanger life or property by fire or other causes;
Dacono II Urban Renewal Plan (Draft as of 11.1.2019)
Page i 14
CO
(j )
(k.5)
(I)
Buildings that are unsafe or unhealthy for persons to live or work in because of
building code violations, dilapidation, deterioration, defective design, physical
construction, or faulty or inadequate facilities;
Environmental contamination of buildings or property;
The existence of health, safety, or welfare factors requiring high levels of
municipal services or substantial physical underutilization or vacancy of sites,
buildings, or other improvements; or
If there is no objection by the property owner or owners and the tenant or tenants
of such owner or owners, if any, to the inclusion of such property in an urban
renewal area, "blighted area" also means an area that, in its present condition
and use and, by reason of the presence of any one of the factors specified in
paragraphs (a) to (k.5) of Section 31-25-103(2), substantially impairs or arrests the
sound growth of the municipality, retards the provision of housing
accommodations, or constitutes an economic or social liability, and is a menace
to the public health, safety, morals, or welfare.
The general methodology used to prepare the Survey involved the following steps: (i)
identification of parcels to be included in the Survey Area; (ii) collection of information
about properties, infrastructure and other improvements in the Survey Area boundaries;
(iii) investigation of conditions through field reconnaissance; (iv) review of aerial
photography; (v) discussions with representatives of various public agencies and
municipal departments; and (iv) recordation of identified and observed conditions listed
in the Act.
Among the 1 1 qualifying factors listed above, the Survey showed the presence of nine
(9) blight factors in the Arec•, that is the subject of this Plana
(b) Predominance of defective or inadequate street layout;
(c) Faulty lot layout in relation to size, adequacy, accessibility, or usefulness;
(d) Unsanitary or unsafe conditions;
(e) Deterioration of site or other improvements;
(f) Unusual topography or inadequate public improvements or utilities;
(g) Defective or unusual conditions of title renderinc the title nonmarketable;
(h) Existence of conditions that endanger life or property by fire or other causes;
(j) Environmental contamination of buildings or property; and
(k5) Existence of health, safety, or welfare factors requiring high levels of municipal
services or substantial physical underutilization or vacancy of sites, buildings, or
other improvements.
Dacono II Urban Renewal Plan (Draft as of 1 1.1.2019)
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5.0 Plan Relationship to Community Documents
5.1 Consistency with the Comprehensive Plan
Whereas this Plan's purpose is to facilitate investment in the Area consistent with
stated community's objectives, development within its boundaries will need to
reflect the vision and objectives expressed in the Comprehensive Plan.
Specifically, future investment should advance the following vision statement,
along with supportinc guiding principles and other references (presented in
Appendix A) .
In 2035, Dacono will be ...
Live ... a community with a diversity of living choices ranging from starter homes
and cottages to paired and patio homes. "Baby Boomers" will be able to age in
place, while Millennials will find high quality market rate rental options within
business and village centers. Individuals within both groups will benefit from
connections to public and open spaces, a recional trail system, and a growing
number of civic and recreational facilities. Commercial offerings and services will
be incorporated into neighborhood centers at appropriate levels of intensity
when the market can support them.
Work ... employment opportunities will be available for individuals in technical,
professional, and entrepreneurial fields. Capitalizing on the area's agricultural
roots and extension programs available through Colorado State University and
community colleges with campuses in North Front Range communities, Dacono
will be known for the number of "home -crown" businesses within its municipal
boundaries.
Shop ... commercial retail, restaurant, and professional care facilities will be
available within and adjacent to Dacono, shortening the distance to essential
products and services for its day- and night-time populations. Commercial
offerincs in the city will be concentrated in combination with recion-serving
employers within a business park setting along 1-25, as well as within a newly
redeveloped Old Town - Village Center.
Play anc Move ... several new and established residential neighborhoods will be
connected to each other and activity nodes within the city by recreational trails
and other infrastructure supporting a safe alternative to vehicular travel. Within
established neichborhoods, homes will be maintained to ensure the health and
welfare of residents, and facilities made available for pedestrians including parks,
playgrounds and sidewalks. Existing infrastructure and utilities will be completed
and of a capacity to support more intense levels of growth.
Dacono II Urban Renewal Plan (Draft as of 11.1.2019)
Page 1 16
Learn ... educational facilities will be available for individuals at multiple stages of
their lives. In addition to formal learning campuses, continuing education
opportunities will be available because of corporate partnerships promoting life-
long learning and offering venues where professional skills and expertise can be
shared.
Honor ... new neighborhoods will feature amenities representing emerging values
around Green (or environmentally -sensitive) development, sustainable living (i.e.,
farm to table), and recreation including parks and trails.
Lead ... this vision and related objectives will be advanced through efforts by its
appointed and elected officials, its residents, business and property owners, and
other stakeholders invested in a complete and healthy community.
Additional intentions found in the Comprehensive Plan that influenced elements
of this Plan are also presented in Appendix A. Note: While most are posed
verbatim, others are reworded or paraphrased for clarification.
6M Authorize • Authority Undertakings and Activities
Whereas the Act allows for a wide range of activities to be used in furtherance of an
urban renewal plan, in this context, the Authority intends to complete public
improvements and provide financial assistance in partnership with the City, to affected
property owners and other parties with an interest in the Area. To this end, cooperative
arrangements will be an essential element of the Authority's approach to eliminating and
preventinc the spread of blighting conditions within its boundaries, along with those
powers described in the discussion that follows.
6.1 Prepare and Modify Hans for the Area
The Authority may work with public bodies, and retain consultants and other
advisors, to assist with the planning of properties in connection with Urban
Renewal Projects and other undertakings in the Area. In addition, the Authority
may propose, and City Council may make, modifications to this Plan, provided
they are consistent with adopted community plans and any subsequent
updates, as well as compliant with the Act. The Authority may also, in specific
cases, allow non -substantive variations from the provisions of this Plan, if it
determines that a literal enforcement would constitute an unreasonable
limitation beyond the intent and purpose stated therein.
Dacono 11 Uroan Renewal Plan (Draft as of 11.1.2019)
Page 17
6.2 Complete Public Improvements and Facilities
The Authority may, or may cooperate with others to, finance, install, construct
and reconstruct public improvements considered Eligible Costs as per the Act,
and necessary to promote the objectives of this Plan. Whereas public
improvements should, whenever possible, stimulate desired private sector
investment, it is the intent of this Plan that the combination of public and private
investment that occurs in the Area will benefit properties within its boundaries, as
well as those in the community at -large. Priority improvements identified as
necessary include completion and expansion of infrastructure and utilities; as well
as, vehicular and non -vehicular roadway enhancements.
As explained in Section 4.0, nine (9) of the 11 qualifying conditions of blight as
defined in Section 31-25-103(2) of the Act, were evident in the Area. As the Plan's
administrator, the Authority will seek to most effectively leverage available
resources in the furtherance of desired private investment, while also eliminating
the spread of those blichting conditions described in the Survey. To this end, the
Authority may assist in the financing and I or construction of certain
improvements, to the extent authorized by the Act and required to
accommodate development and redevelopment for the benefit of the public.
Examples of these improvements include, but are not limited to, the following:
(b) Predominance of defective or inadequate street layout - construction of
new roadways and accommodations within existing roadways such as
curbs, cutters, driveways, sidewalks, lighting, bicycle lanes, and others, in
order to ensure safe vehicular and non -vehicular mobility within the Area;
(c) Faulty lot layout in relation to size, adequacy, accessibility, or usefulness -
completion of the infrastructure improvements identified under (b) above;
and assistance with property assemblages where necessary, in an effort to
improve property utilization in the Area;
(d) Unsanitary or unsafe conditions - completion of improvements known to
increase the safety of users of properties in the Area, including adequate
fencing around industrial operations;
(e) Deterioration of site or other improvements - assistance with site
improvements within properties adversely impacted from neglect and a
lack of proper maintenance;
(f) Unusual topography or inadequate public improvements or utilities -
completion of, or assist with, financing capital improvements in the Area,
including those identified in City -adopted and accepted plans and reports
deemed to limit the economic feasibility of desired investment;
Dacono H Urban Renewal Plan (Draft as of 11.1.2019)
Page 118
(g) Defective or unusual conditions of title rendering the title nonmarketable --
mitication of impacts to property owners and business operations from
easements and mineral extraction;
(h) Existence of conditions that endanger life or property by fire or other causes
-complete infrastructure intended to protect people and property includinc
fire protection equipment, as well as water facilities to ensure adequate
water flow and capacity for fire protection purposes;
a) Environmental contamination of buildings or property - make available
resources to remove or mitigate contaminates from the ground and
"ready" affected parcels for development; and
(k5) Existence of health, safety, or welfare factors requiring high levels of
municipal services or substantial physical underutilization or vacancy of
sites, buildings, or other improvements - assist with property assemblages,
and development I redevelopment initiatives considered meritorious and
consistent with the vision expressed herein.
In addition to completing improvements, the Authority may also participate in
activities including building and site demolition when those activities are required
by existing Development or Cooperation Agreements; or when they are required
to eliminate unhealthy, unsanitary, and unsafe conditions, or obsolete uses
deemed detrimental to the public welfare.
6.3 Acquire and Dispose of Property
The Authority may sell, lease or otherwise transfer real property or any interest
therein acquired by it, as part of an Urban Renewal Project, in accordance with
the Plan. The Act further allows for the acquisition of property or interest in
property by condemnation in a manner provided by the laws of Colorado for the
exercise of eminent domain by any other public body. While this Plan encourages
properties to be acquired through arms-lencth transactions, it authorizes the use
of eminent domain by the Authority.
Upon its acquisition, and prior to its disposal, the Authority may temporarily
operate, manage and maintain property if deemed in the best interest of the
Urban Renewal Project and Nan. It may also set aside, dedicate and transfer
properties to public bodies for public uses in accordance with the Plan, with or
without compensation.
Dacono II Uroan Renewal Plan (Draft as of 11.1.2019)
Page 19
6.4 Enter Into Agreements
The Authority may enter into Redevelopment and Development Agreements, and
contracts, with developers, property owners, individuals and other entities
determined to be necessary to carry out the purposes of the Plan. Such
Agreements, or other contracts, may contain terms and provisions deemed
necessary or appropriate for the purpose of undertakinc contemplated activities,
and remain in full force and effect, unless all parties to such Agreements agree
otherwise.
In accordance with the Act, the Authority may also enter into one or more
Cooperation Agreements with lawful entities for the purpose of financing,
installinc, constructing and I or reconstructing improvements considered eligible
and necessary for implementation of the Plan. In addition, it may, but is not
required to, contract with either the City or other organization, for administrative
support of the Authority and its staff, including the distribution of financial
resources.
6.5 Adopt Standards
The Authority may work with public bodies, and retain consultants and other
advisors to assist with zoning and rezoning properties in the Urban Renewal Area.
However, while the Act allows for the adoption of standards and other
requirements applicable to projects undertaken in an urban renewal area, in the
context of this Plan, it is the Authority's intention that these activities will be
conducted in cooperation with the City. Further, it is also the intent of -he
Authority that all development in the Area meet or exceed applicable rules,
regulations, policies, other requirements, and standards of the City and any other
governmental entity with jurisdiction.
6.6 Provide Relocation Assistance
While this Plan does not anticipate individuals, families or business concerns will
require relocation due to the acquisition of real property, if such a relocation
becomes necessary, the Authority will adopt a relocation plan in conformance
with the Act.
Dacono II Urban Renewal Plan (Draft as of 11.1.2019)
Page 1 20
6.7 Incur and Issue Debt
This Plan authorizes the Authority to borrow money and apply for and accept
advances, loans, grants and contributions from all lendinc sources, private and
public, for purposes identified in the Plan and as authorized by the Act. The
Authority may also loan or make monetary resources available to undertakings
and activities deemed meritorious and consistent with the Plan. These resources
may be derived through any and all methods authorized by the Act, including
the issuance of bonds to finance activities and operations of the Authority as
defined in 31-25-109 of the Act.
Such bonds may be special obligations of the Authority which, as to principal and
interest and premiums (if any), are payable solely from and secured only by a
pledge of any income, proceeds, revenues or funds of the Authority derived in
connection with its undertakings and activities including grants or contributions of
funds.
608 Create Tax Increment Areas
As allowed for in Section 31-25-107 of the
ct, this Plan allows for the collection of
incremental property taxes otherwise designated to public bodies, levied on
taxable property in the Area; and municipal sales taxes, both in excess of the
Base Amount when collected and deposited in a Special Fund of the Authority,
for a period not to exceed twenty-five (25) years after the effective date of the
Plan, once approved, for the furtherance of its activities and undertakings.
609 Share Tax Increment
The Authority may enter into agreements with public bodies within the Urban
Renewal Ares for any purpose authorized or contemplated by the Act, including
but not limited to an agreement to share Tax Increment derived from the levy of
any public body that is a party to such agreement.
7M Prject Fin ncing
7.1 Public Investment Objective
A critical component of any urban renewal initiative is participation by both the
public and private sectors since no one entity typically has sufficient resources to
overcome the financial hurdles frequently resulting from inadequate infrastructure
Dacono ll Urban Renewal Plan (Draft as of 1 1.1,2019)
Page 1 21
or adverse conditions. To this end, effective leveraging of funds from multiple
sources will be essential to sustain initiatives to complete public improvements
and attract job -generating developments in the Area; as will support in the form
of policy, regulating, and design support from the City and other advocacy
partners.
7.2 Financial Mechanisms
As explained above in Sections 6.7 and 6.8, the Authority may finance its
undertakings pursuant to the Plan by any method authorized under the Act, or
any other applicable law. In addition to incremental tax revenues, possible other
financing vehicles include, without limitation, the issuance of notes, bonds,
certificates of indebtedness, or other obligation lawfully created as defined in the
Act. The Authority may also borrow funds, access federal and state loans or
grants, and earn interest income; as well as enter into reimbursement or annual
appropriation agreements with public or private entities, or any other lawful
source, the principal, interest, costs and fees of which are paid for with available
funds of the Authority.
7.3 Incremental Revenues
It is the intent of City Council in approving this Plan that incremental property tax
revenues will be the primary funding source for Eligible Costs and priority
improvements in the Area funded in -whole or in -part by the Authority. As such,
they may irrevocably pledge these funds to pay the principal of, and interest on,
any other premiums due in connection with the bonds, loans, or advances to, or
indebtedness incurred (whether funded, refunded, assumed, or otherwise), by
the Authority, for financing or refinancing in whole or in part, all undertakings and
activities authorized by the Act, except:
(a) Any offsets collected by the County Treasurer for return of overpayments or
any funds reserved by the Authority for such purposes in accordance with
Section 31-25-107(9) (a) (Ill) and (b), C.R.S.; or
(b) Any reasonable (as determined by the Authority) set -asides or reserves of
incremental taxes paid to the Authority for payment of expenses associated
with administering the Plan.
Unless and until the total valuation for assessment of taxable property in the Tax
Increment Area exceeds the base valuation, all taxes levied upon taxable
property in the Area shall be paid into the funds of the respective public bodies.
Dacono II Urban Renewal Plan (Draft as of 11.1.2019)
Page 22
Also, when such bonds, loans, advances and indebtedness, including interest
thereon and any premiums due in connection therewith have been paid, all
remaining taxes upon the same taxable property shall be paid to the respective
public bodies.
While this Dacono II Urban Renewal Plan contemplates the use of incremental
property tax revenues, City Council may also allocate municipal sales fax
Increments, if requested to do so, but only after receipt of a financing plan
outlining the proposed amounts and purpose for which these incremental
revenues are to be used. As such, the use of incremental sales tax revenue is
hereby authorized pursuant to Section 31-25-107 (9), C.R.S., which is by this
reference incorporated herein as if set forth in its entirety; however, any such
pledge of sales tax increment by the Authority in a Development or
Red -vel :pment Agreement shall not be authorized until a separate Cooperation
Agreement between the Auth • rity and City setting forth the allocation of
incremental sales taxes between the City and Project is established. The approval
of such Co per tion Agreement by the City and Authority will not constitute a
substantial modification, nor will the addition of a new activity or undertaking.
Finally, approval of such a Cooperation Agreement will not extend this Plan or the
duration of a specific Urban Renewal Project in the Area which is presently
twenty-five (25) years after the effective date of the Plan's adoption, which
authorized and created the Tax Increment Area, regardless of when such
Cooperation Agreement may be approved.
7e 41 D cono II Tax Increment Area
The Dacono II Tax Increment Area is the only tax increment area within the
Urban Renew. Area as the boundaries of each are one and the same. In
the event City Council desires to expand the Tax Increment Area, the Urban
Renewal Area will also have to be expanded and the Plan must be
amended.
704 oth - r Financing Mechanisms and Structures
As explained above, this Dacono II Urban Renewal Plan intends to provide for the
use of incremental revenues as a tool to facilitate investment and reinvestment in
the Are . However, whereas the Authority is authorized to finance
implementation of the Plan by any method authorized in the Act, it is committed
to making a variety of strategies and mechanisms available, including those that
may be used independently or in various combinations, as may be necessary to
Dacono II Urban Renewal Plan (Draft as of 11.1.2019)
Page 1 23
further stated objectives. Given the obvious and well -documented obstacles
associated with development in this, and similar challenging environments, the
Authority recognizes that it will be imperative that solutions and resources be put
in place which are comprehensive, flexible and creative.
7.5 Agricultural Land
The Area includes Agricultural Land. In accordance with Section 31-25-
107(c) (II) (D) of the Act, each public body that levies an ad valorem property tax
on the Agricultural Land has agreed in writing to the inclusion of the Agricultural
Land within the Area.
7.6 Compliance with Section 31-25-107(9.5)(a) of the Act
Section 31-25-107(9.5) (a) of the Act requires an attempt to negotiate an
agreement governing the sharing of incremental property tax revenue allocated
to the Special Fund. It is contemplated by this Plan that the Authority may choose
to remit to one or more public bodies levying a tax within the Area all of said
public body's tax increment that is authorized to be deposited in the Special
Fund pursuant to this Plan. The Authority is hereby authorized to remit to any
public body levyinc a property tax within the Area any incremental property tax
revenue received by the Special Fund without deduction, setoff, or re-ention
beyond a reasonable processinc time. To the extent any incremental property
tax revenue is fully remitted to any public body levying such property tax, without
deduction, setoff or retention, beyond a reasonable processing time of such
funds; this Plan will be deemed to satisfy the requirements of Section 31-25-
107(9.5) (a) of the Act as to such public body without the need for a separate
agreement.
8.0 Severability
If any portion of this Plan is held to be invalid or unenforceable, such invalidity will not
affect the remaining portions of the Plan. Further, if there is any conflict between the Act
and this Plan, the provisions of the Act shall prevail, and the language in the Plan will
automatically be deemed to conform to the statute.
Dacono II Urban Renewal Plan (Draft as of 1 1.1,2019)
Page 124
Dacono is
C
Renewal Han
City of Dacono, Colorado
Appendix A:
Excerpts from the 2017 Dacono Forward Comprehensive Plan Update
Dacono II Urban Renewal Plan (Draft as of 1 1.1.2019)
Page 125
cono forward Comprehensive Plan Update
Components of the 2017 Dacono Forward Comprehensive Plan that investment in the Urban
Renewal Area will support and advance are as follows.
Guiding Principles
The Guiding Principles which informed this Dacono Forward plan are intended to provide
direction for future land use and resource investment decisions. To this end, they should be
considered in matters related to rezoning, subdivision and site design requests; as well as, the
selection of priority initiatives, capital expenditures, and investment incentives. As they relate to
this Dacono Forward Plan, they served as the foundation for its Goals (desired outcomes) and
Strategic Public Initiatives (recommendations and actions) . Each one reflects the input of
participants in the process, citizens and other stakeholders, as well as members of the Technical
Advisory Committee and values of the larger community. Collectively they were endorsed by
City Council during the planning process.
1. Grow the City's economy through diversification of job and business opportunities, and
balance growth through efficient development patterns.
New development and redevelopment will meet Dacono's expectations for excellence
in design and the creation of places consistent with long-term economic viability.
3. Today's neighborhoods remain vital and desirable places that meet the needs of existing
residents and also appeal to future residents.
4. Housing choices available in Dacono are accessible and affordable to people at all
stages of their lives.
5. City leaders and decision -makers will focus sufficient attention and investment on
distinctive areas throughout the City so that each can achieve the vision described in
this plan.
Multi -Generational Living District
The Multi -Generational Living District will be host to neighborhoods that accommodate a wide
range of age groups and product types, allowing youncer residents to stay in the community
and older residents to "age in place." Homes of varying sizes and densities will be co -located so
that extended families can live independently, yet in the same neighborhood community.
Supporting uses may include small commercial spaces with local serving retailers and service
providers; and I or accessory units to primary residences, support entrepreneurial employment
Dacono II Urban Renewal Plan (Draft as of 1 1.1.2019)
Page 26
endeavors and encore careers or dwellinc units for related family members. Gateway
improvements will be combined to introduce the community and its neighborhoods to residents
in, and visitors to, the region. Natural areas will be protected, yet leveraged to attract high
quality home builders who can buyers who value and honor these environments.
Descri
otion
0 J,G
neeesCI tablet
Legend
District
IJ District
Dacono Municipal Boundary
River / Creek
100 Year floolplain
• 500 -Year Floodplain
i
N
rra-
ri
rR
a
Total District Acres 6,452
Existing Zoning
R-1 Residential
R-2 Residential
C -R Commercial Residential
C-1 Commercial
-1 Light Industrial
A Agricultural
Existing Land Use: New and recently developed residential neighborhoods and single family
homes, and agricultural land and related operations
Natural and Man -Made Amenitie Limited frontage along County Road 52, Little Dry Creek,
infrastructure associated with new residential development, and views of the Rocky Mountains
Guiding Principles
Housing choices available in Dacono will be accessible and affordable to people at all
stages of their lives.
New development and redevelopment will meet Dacono's expectations for excellence in
design and the creation of places consistent with long-term economic viability.
City leaders and decision -makers will focus sufficient attention and investment on distinctive
areas throughout the city so that each can achieve the vision described in this plan.
Target Markets
Those groups with the most significant concentrations in and around Dacono include: Fast -Track
Families; Red, White & Blues; Kid Country, USA; Crossroads Villagers; Old Milltowns; and, Bedrock
America.
Among these groups, individuals within the East-TrrtcI F mike ; e 1 White & Blues; Kid Country
Mc1 ; and ecii-o__,=t.:.K \r_ner►ca:f (see brief descriptions below) segments will find the
select land uses and product types in this District most supportive of their needs and lifestyle
Dacono II Urban Renewal Plan (Draft as of 11.1.2019)
Page 27
preferences, whereas they can generally be described as having the broadest representation of
householders both young and old, single and married with children, and having incomes
ranginc from upper middle income to below the poverty line. While the community maintains
several established neighborhoods and developed enclaves with homes priced at levels
considered regionally affordable and attainable, homes in this District would attract home
owners seeking a primary home with supporting accommodations for elderly or extended family
members.
Fast -Track Families
With their upper -middle-class incomes, numerous children and spacious homes, Fast -Track
Families are in their prime acquisition years. These middle-aged parents have the disposable
income and educated sensibility to want the best for their children. They boy the latest
technology with impunity; new computers, DVD players, home theater systems and video
games. They take advantage of their rustic locales by campinc, boating and fishing.
Red, White & Blues
The residents Red, White & Blues typically live in exurban towns rapidly morphing into bedroom
suburbs. Their streets feature new fast-food restaurants, and locals have recently celebrated the
arrival of chains like WaI-Mart and Payless Shoes. Middle-aged, high school educated and
lower -middle class, these folks tend to have solid, blue-collar jobs in manufacturing, milling and
construction.
Widely scattered throughout the nation's heartland, Kid Country, USA is a segment dominated
by large families living in small towns. Predominately white, with an above -average
concentration of Hispanics, these young, working-class households include homeowners, renters
and military personnel living in base housing; and, about 20 percent of residents own mobile
homes.
Old Milltowns
America's once -thriving mining and manufacturing towns have aged as have the residents in
Old Milltowns communities. Today, the majority of residents are retired singles and couples, living
on downscale incomes in pre -1960 homes and apartments. For leisure, they enjoy gardening,
sewing, socializing at veterans' clubs or eatinc out at casual restaurants.
Bedrock Americo
Bedrock America consists of younc, economically challenged families in small, isolated towns
located throughout the nation's heartland. With modest educations, sprawling families and
blue-collar jobs, many of these residents' struggle to make ends meet. One -quarter live in mobile
Dacono II Urban Renewal Plan (Draft as of 11.1.2019)
Page 28
homes. One in three haven't finished high school. Rich in scenery, Bedrock America is a haven
for fishing, hunting, hiking and camping.
Supportable Uses and Product Types
Housing consistent with the lifestyle preferences of individuals in the Generation X and Y age
cohorts (single professionals and young parents) includinc renting by choice rather than
need
Flexible work schedules supported by technology smart homes and adjacency to work
places
Diverse neighborhoods in terms of socioeconomics, income, ethnicity and age
cl►rategic Public initiatives
Multi -Generational Living District -S
eecmc
1. Initiate discussions with regional health care providers to understand their plans for growth
and Dacono's potential as a location for a future medical campus facility.
2. Consider developing residential development standards for new neighborhoods, addressing
building heights, bulk planes, shadows, view corridors, lot coverage, roof pitch and
transparency.
3. Within residential development standards, or as a condition of all Planned Unit
Developments (PUDs) associated with new neighborhood developments, require
conformance in the categories of: signace materials and design, percent of common and
park space per number of housing units, restrictions on off-street parking, and connections to
trail corridors.
4. Encourace the use of metropolitan or special districts, includinc urban renewal, to assist with
financing the extension of utilities and infrastructure to serve new neighborhoods.
Place Types and Land Uses
While the following list of place types represent those
with the greatest likelihood of developing within the
District, others that may be consistent and compatible
are also encouraged.
Suburban Residential
Employee Residential
Neighborhood Retail
Senior Living
Commercial Retail and Service
Dacono II Urban Renewal Plan (Draft as of 11.1.2019)
Multi -Generational Living District
% of Total Development
Suburban Residential
Neighborhood Retail
ai Commercial Retail and Service
Employee Residential
- Senior Living
1 29
Suburban Resicentia, The Suburban Residential place type includes a variety of residential
product types, ownership and rental, attached and detached. While they are most often found
within neighborhood developments or subdivisions, they may also exist outside of a master
planned community; yet within a fairly narrow range of densities, usually one to three units per
acre. They are nearly always located within close proximity or a reasonable distance of a
community shopping center; and residences are frequently oriented toward the interior of the
neighborhood, and buffered from surrounding developments by public spaces or landscaped
areas.
Employee Resident ►ai The Employee Residential place type includes both rental and ownership
products at price points attainable by employees at different income levels. Housing projects
may feature single- and I or mixed -use buildings with shared amenities and parking facilities and
may be located either within neighborhoods dominated by lower density residences or multi -use
business centers. Product types include small lot single-family detached and attached
townhomes, duplexes, and condominium ownership units; and rental apartments. Given the
profile of their target markets, these residential communities often encourage active living and
place a greater emphasis on non -vehicular infrastructure, thereby favoring locations with access
to public open spaces, trails, and recreational and cultural facilities.
Neiahborhood Reta The Neighborhood Retail place type is frequently host to one or more
buildings containing one or more businesses as opposed to a single anchor with supporting inline
stores (often referred to as Commercial Community Center) . Unlike larger commercial centers
which provide goods and services for regional populations, tenants in Neighborhood Retail
centers provide a limited inventory of goods and services focused on the daily needs of the
local population. Tenant types include restaurants, retail stores, medical offices, personal service
providers, and banks.
Ceninr Living The Senior Living place type includes private homes and shared facilities targeted
to individuals and couples in certain age ranges and with specific lifestyle needs. Facilities found
within this place type include those offering either a single level, or the full spectrum of care from
independent living to acute care. Provisional services may include meal service, police and fire
protection, social programs and recreational activities. Private residences include single family
dwellings, townhouses, duplexes, high-rise apartments, condominiums, modular and mobile
home parks, all of which may be either owned or rented.
Commercial Retail and Service The Commercial Retail and Service place type includes retail
centers with both commercial and service tenants, as well as single use free-standing spaces.
Service occupations found in these settings are primarily personal, medical, and technological.
They may be located at the entrance to a residential neighborhood or within a business park, as
long as access is provided by a major arterial thoroughfare.
Dacono II Urban Renewal Plan (Draft as of 1 1.1.2019)
Page 30
Dacono II U
r
an Renewal Plan
City of Dacono, Colorado
Appendix B:
Dacono II Urban Renewal Area Legal Description [To be added]
Dacono II Urban Renewal Plan (Draft as of 11.1.2019)
Ricker Cunninghm
Dacono H ur HaRonowa
Weld County Impact Report
Dacono, Colorado
October 2019
Economic Development Authority of Dacono
Dacono City Council
Prccaredby:
RickerlCunningham
10959 Ashurst Way
Littleton, Co 80130
303.458.5800 phone
303.458.5420 fax
www.rickercunningham.com
Page I 1
Dacono
Urban Renevvo
Weld County Impact Report
October 2019
an
This report outlines the anticipated impact of the proposed Dacono II Urban Renewal
Plan on Weld County (the County) . It responds to the requirements outlined in C.R.S. 31-
25-107 (3.5) (a):
C.R.S. 31-25-107: APPROVAL OF URBAN RENEWAL PLANS BY LOCAL GOVERNING BODY
(3.5) (a) "At least thirty days prior to the hearing on an urban renewal plan or a substantial
modification to such plan, recardless of when the urban renewal plan was first
approved, the governinc body or the authority shall submit such plan or
modification to the board of county commissioners, and, if property taxes collected
as a result of the county levy will be utilized, the governing body or the authority shall
also submit an urban renewal impact report, which shall include, at a minimum, the
following information concerning the impact of such plan:
I. The estimated duration of time to complete the urban renewal project;
II. The estimated annual property tax increment to be generated by the urban
renewal project and the portion of such property tax increment to be allocated
during this period to fund the urban renewal project;
III. An estimate of the impact of the urban renewal project on county revenues and on
the cost and extent of additional county infrastructure and services required to
serve development within the proposed urban renewal area, and the benefit of
improvements within the urban renewal area to existing county infrastructure;
IV. A statement setting forth the method under which the authority or the municipality
will finance, or that agreements are in place to finance, any additional county
infrastructure and services required to serve development in the urban renewal area
for the period in which all or any portion of the property taxes described in
subparacraph (II) of paragraph (a) of subsection (9) of this section and levied by a
county are paid to the authority; and
V Any other estimated impacts of the urban renewal project on county services or
revenues."
Dacono II Urban Renewal Plan Weld County Impact Report (31 October 2019)
Page I2
Summary of Urban Renewal Plan
Development Program
The proposed development program for the Dacono II Urban Renewal Plan is consistent with
current policy documents and plans for the City of Dacono. "Development" in the context
of this analysis includes both real estate products and oil and gas wells to be constructed in
the Dacono II Urban Renewal Area (the "Area") over the next 25 years. Table 1 summarizes
total development in the Area durinc the 25 -year analysis period.
Table 1
Dacono II Urban Renewal Area
Proposed Development Program
New Development:
Mixed Residential (units)
Retail (sq ft)
Employment (sq ft)
Oil and Gas (wells)
300
50,000
100,000
94
Source: RickerlCunningham.
The development timetable for the proposed program presented above will ultimately be
determined by prevailing market conditions. A critical component of the analysis presented
here is the assumption that key parcels within the planning area will be developed into a mix
of residential uses (both for -sale and rental), retail/service and employment space, and oil
and gas wells. For the purposes of this analysis, it was assumed that this level of development
in the Area will be substantially completed during the 25 -year development and stabilization
period.
Table 2 summarizes assumptions used to estimate future property tax revenues associated
with the proposed oil and cas wells.
Table 2
Dacono II Urban Renewal Plan
Property Tax Revenue Assumptions (First Year Production)
Volumes
Well Type (BBL, MCF)
$/ unit (BBL,
MCF)
O i I
Gas
130,000
300,000
$50.00
$3.25
Taxable Well Revenue $7,475,000
Market Value (rounded) $7,500,000
"BBL" means a barrel of 42 U.S. gallons of oil.
MCF means a thousand cubic feet of natural gas.
Source: RickerlCunningham.
Assumptions which provided the basis for this analysis are described as follows:
Dacono II Urban Renewal Plan Weld County Impact Report (31 October 2019)
Page I3
Commodity prices will fluctuate, affecting future market values for oil and gas.
Typical well production will decline with transition from "exponential" decline to
"hyperbolic" decline after the first few years.
"Exponential" growth is characterized by an ever-increasing growth rate or rate of
decline, whereas "hyperbolic" growth is characterized by a sudden and complete
growth increase or decline.
Well utilization rates were applied based on this growth pattern.
The life of a well on average is 20 to 30 years.
It is estimated that 94 wells could be developed within the first 5 years of the 25 -year
analysis period.
Summary Imp
cts to Weld County
The followinc provides a summary of property tax increment that will be generated in the
Area over the 25 -year statutory period. Table 3 at the end of this report provides a summary
of these property tax revenues, as well as a summary of property tax revenues for other
taxing districts.
Property Tax Revenue
Currently, the County share of the property tax base in the Area is approximately $4,400.
During the 25 -year period, the County's share of the property tax base revenue will total
approximately Sl 17,700, or S4,700 annually. After the 25 -year analysis period, the County's
share of property tax revenues will increase to approximately $625,800 annually. These
figures reflect the impacts of inflation, conservatively estimated at approximately 1
annually.
County Services / Infrastructure
Because the majority of the Area will be located within the City of Dacono's municipal
boundaries, minimal impact on County services is anticipated. Infrastructure impacts
associated with the proposed development program are assumed to be financed by the
Economic Development Authority of Dacono, with incremental revenues and/or some
combination of these and general fund dollars, special district resources (assuming future
creation of an additional district layer), and developer contributions. Impacts to the
County's general government services could increase due to an increase in residential
development, but such impacts should be more than offset by the increase in property tax
revenue described above and value increases in properties located outside of, and
adjacent to, the Area.
Dacono II Urban Renewal Plan Weld County Impact Report (31 October 2019)
Conclusion
In summary, and regarding "the impact of the reinvestment project on county revenues
and on the cost and extent of additional county infrastructure and services required to
serve development within the proposed reinvestment area" there do not appear to be
any significant additional County infrastructure requirements required to serve
development in the proposed reinvestment Area. Further, the County will not provide
any public improvements, police, fire, utility or other specific services to serve such
development, because all properties in the Area will be entirely located within the
municipal boundaries of the City and will therefore be served by the City. Finally, any
additional demands (direct or indirect) on County services due to a general increase in
population within the Area should be more than offset (as are all other such costs) by
increases in County revenue as described herein and by adjustments in the base
property tax assessment roll, as well as increases in property value located in proximity to
the Area.
Table 4 summarizes the Dacono II Urban Renewal Plan's adherence to statutory
requirements with respect to the impact report.
Table 4
Dacono II Urban Renew.] Plan
Statutory Impact Report References
Statutorily Required Information
Statutory Reference
Plan
Information
Description of the Urban Renewal Project
--
See Table 1
Estimated Duration of Time to Complete the
Urban Renewal Project
(3.5) (a) (I)
25 years
Estimated Annual Property Tax Increment to be
Generated by the Urban Renewal Project and
the Portion of Such Property Tax Increment to
be Allocated During this Period to Fund the
Urban Renewal Project
(3.5) (a)
(II)
See Table 3
Estimate of the Impact of the Urban Renewal
Project on County Revenues and on the Cost
and Extent of Additional County Infrastructure
and Services Required to Serve Development
Within the Proposed Urban Renewal Area, and
the Benefit of Improvements Within the Urban
Renewal Area to Existing County Infrastructure
(3.5) (a) (III)
See Table 3; minimal
impact on county
infrastructure and
services
Method under which Authority will Finance
Additional County Infrastructure and Services
Required to Serve Development in the Urban
Renewal Area
(3.5) (a) (IV)
"incremental revenues
and/or some
combination of these and
general fund dollars,
special district resources
(assuming future creation
of an additional district
layer), and developer
contributions"
Any Other Estimated Impacts of the Urban
Renewal Project on County Services or
Revenues
(3.5) (a) (V)
None
Dacono II Urban Renewal Plan Weld County Impact Report (31 October 2019)
Table 3
Dacsn II Urban Renewal Area
Weld Ciurdy Impact Analysis Summary
Weld County
Property Tax Revenues from Existing Base
Property Tax Increment Generated by the County in the URA (15.038 mills)
Source: Ricker I Cunningham.
a e I 5
Cumulative Ttal By:
2023
2028
2033
2038
2043
$22,388 $45,317 $68,846 $92,945 $117,675
$13,826,981 $22,536,920 $27,616,145 $31,808,376 $35,297,498
Dacono II Urban Renewal Plan Weld County Impact Report (31 October 2019)
Table 3 (cont'd)
Dacono II Urban Renewal Area
Weld County Impact Analysis
Development Program
New Development:
Mixed Residential (units)
Retail (sq ft)
Employment (sq ft)
Oil and Gas (wells)
300
50,000
100,000
94
Annual Property Tax Revenue Estimates
Estimated Cumulative Development Demand:
Mixed Residential
Retail
Employment
Oil and Gas (wells)
Estimated Oil and Gas Well Utilization:
Estimated Development Market Value:
Residential (Mixed)
Retail
Em ployment
Oil and Gas (wells)
Estimated Development Assessed Value:
Residential (Mixed)
Retail
Employment
Oil and Gas (wells)
Estimated Development Property Tax Revenues (102.3521 mills):
Residential (Mixed)
Retail
Employment
Oil and Gas (wells)
$325,000
$200
$150
$7,500,000
7.2%
29%
29%
87.5%
0.102352
0.102352
0.102352
0.102352
2019
2020
2021
2022
Year
2023.
2024
2025
202 -`:
2027
0
0
0
0
0%
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
25
0
0
0
0%
$8,206,250
$0
$0
$0
$590,850
$0
$0
$0
$0
$0
$0
$0
50
0
0
94
100%
$16,576,625
$0
$0
$719,170,500
$1,193,517
$0
$0
$629,274,188
$60,475
$0
$0
$0
75
10,000
0
94
45%
$25,113,587
$2,060,602
$0
$326,862,992
$1,808,178
$597,575
$0
$286,005,118
$122,159
$0
$0
$64,407,515
100
10,000
10,000
94
30%
$33,819,630
$2,081,208
$1,560,906
$220,087,748
$2,435,013
$603,550
$452,663
$192,576,780
$185,071
$61,163
$0
$29,273,216
125
20,000
20,000
94
20%
$42,697,283
$4,204,040
$3,153,030
$148,192,417
$3,074,204
$1,219,172
$914,379
$129,668,365
$249,229
$61,775
$46,331
$19,710,632
150
20,000
30,000
94
15%
$51,749,107
$4,246,081
$4,776,841
$112,255,756
$3,725,936
$1,231,363
$1,385,284
$98,223,786
$314,651
$124,785
$93,589
$13,271,825
175
30,000
40,000
94
10%
$60,977,698
$6,432,812
$6,432,812
$75,585,542
$4,390,394
$1,865,516
$1,865,516
$66,137,350
$381,357
$126,033
$141,787
$10,053,408
200
30,000
50,000
94
9%
$70,385,686
$6,497,140
$8,121,425
$68,707,258
$5,067,769
$1,884,171
$2,355,213
$60,118,851
$449,366
$190,939
$190,939
$6,769,295
Total Property Tax Revenues:
Existing Property Tax Base:
Total Property Tax Increment:
$0
$30,233
$30,233
$0
$30,233
$30,233
$60,475
$30,535
$91,010
$64,529,674
$30,535
$64,560,209
$29,519,450
$30,840
$29,550,290
$20,067,966
$30,840
$20,098,807
$13,804,850
$31,149
$13,835,999
$10,702,584
$31,149
$10,733,733
$7;600,539
$31,460
$7, 632,000
County Impact:
County Share of Property Tax Base:
County Share of Property Tax Increment:
Total County Share of Property Tax Revenue:
0.015038
0.015038
$4,442
$0
$4,442
$4,442
$0
$4,442
$4,486
$0
$4,486
$4,486
$0
$4,486
$4,531
$0
$4,531
$4,531
$0
$4,531
$4,577
$0
$4,577
$4,577
$0
$4,577
$4,622
$0
$4,622
Source: Ricker I Cunningham.
Dacono II Urban Renewal Plan Weld County Impact Report (31 October 2019)
Table 3 (cont'd)
Dacono II Urban Renewal Area
Weld County Impact Analysis
Development Program
New Development:
Mixed Residential (units)
Retail (sq ft)
Employment (sq ft)
Oil and Gas (wells)
300
50,000
100,000
94
Annual Property Tax Revenue Estimates
Estimated Cumulative Development Demand:
Mixed Residential
Retail
Employment
Oil and Gas (wells)
Estimated Oil and Gas Well Utilization:
Estimated Development
Residential (Mixed)
Retail
Employment
Oil and Gas (wells)
Estimated Development
Residential (Mixed)
Retail
Employment
Oil and Gas (wells)
Estimated Development
Residential (Mixed)
Retail
Employment
Oil and Gas (wells)
Market Value:
Assessed Value:
Property Tax Revenues
Total Property Tax Revenues:
Existing Property Tax Base:
Total Property Tax increment:
$325,000
$200
$150
$7,500,000
(102.3521 mills) :
7.2%
29%
29%
87.5%
0.102352
0.102352
0.102352
0.102352
Page
Year
2028
2029
2030
2031
2032
2033
2034
2035
225
40,000
60,000
94
9%
$79,975,736
$8, 749,482
$9,843,167
$69,394,331
$5,758,253
$2,537,350
$2,854,519
$60,720,039
$518,697
$192,849
$241,061
$6,153,289
$7,105,895
$31,460
$7,137,356
250
40,000
70,000
94
8%
$89,750,548
$8,836,977
$11,598,532
$62,300, 688
$6,462,039
$2,562,723
$3,363,574
$54,513,102
$589,369
$259,703
$292,166
$6,214,822
$7,356,060
$31,775
$7,387,835
275
50,000
80,000
94
8%
$99,712,858
$11,156,683
$13,388,020
$62,923,695
$7,179,326
$3,235,438
$3,882,526
$55,058,233
$661,403
$262,300
$344,269
$5,579,529
$6,847,501
$31,775
$6,879,276
300
50,000
90,000
94
7%
$109,865,440
$11,268,250
$15,212,138
$55,608,815
$7,910,312
$3,267,793
$4,411,520
$48,657,713
$734,819
$331,154
$397,385
$5,635,324
$7,098,681
$32,093
$7,130,774
300
50,000
100,000
94
7%
$110,964,095
$11,380,933
$17,071,399
$56,164,903
$7,989,415
$3,300,471
$4,950,706
$49,144,290
$809,637
$334,465
$451,528
$4,980,218
$6,575,848
$32,093
$6,607,941
300
50,000
100,000
94
6%
$112,073,736
$11,494,742
$17,242,113
$48,622,759
$8,069,309
$3,333,475
$5,000,213
$42,544,914
$817,733
$337,810
$506,715
$5,030,020
$6, 692,278
$32,414
$6,724,692
300
50,000
100,000
94
6%
$113,194,473
$11,609,690
$17,414,534
$49,108,987
$8,150,002
$3,366,810
$5,050,215
$42,970,363
$825,910
$341,188
$511,782
$4,354,560
$6,033,441
$32,414
$6,065,854
300
50,000
100,000
94
5%
$114,326,418
$11,725,786
$17,588,680
$41,333,397
$8,231,502
$3,400,478
$5,100,717
$36,166,723
$834,170
$344, 600
$516,900
$4,398,106
$6,093,775
$32,738
$6,126,513
County Impact:
County Share of Property Tax Base:
County Share of Property Tax Increment:
Total County Share of Property Tax Revenue:
0.015038
0.015038
$4,622
$0
$4,622
$4,669
$0
$4,669
$4,669
$0
$4,669
$4,715
$0
$4,715
$4,715
$0
$4,715
$4,762
$0
$4,762
$4,762
$0
$4,762
$4,810
$0
$4,810
Source: Ricker I Cunningham.
Dacono II Urban Renewal Plan Weld County Impact Report (31 October 2019)
Page j8
Table 3 (cont'd)
Dacono II Urban Renewal Area
Weld County Impact Analysis
Development Program
New Development:
Mixed Residential (units)
Retail (sq ft)
Employment (sq ft)
Oil and Gas (wells)
300
50,000
100,000
94
Annual Property Tax Revenue Estimates
Estimated Cumulative Development Demand:
Mixed Residential
Retail
Employment
Oil and Gas (wells)
Estimated Oil and Gas Well Utilization:
Estimated Development Market Value:
Residential (Mixed) $325,000
Retail $200
Employment $150
Oil and Gas (wells) $7,500,000
Estimated Development Assessed Value:
Residential (Mixed) 7.2%
Retail 29%
Employment 29%
Oil and Gas (wells) 87.5%
Estimated Development Property Tax Revenues (102.3521 mills):
Residential (Mixed) 0.102352
Retail 0.102352
Employment 0.102352
Oil and Gas (wells) 0.102352
Year
2036
2037
2038
2039
2040
2041
2042
2043
300
50,000
100,000
94
5%
$115,469,682
$11,843,044
$17,764,566
$41,746,731
$8,313,817
$3,434,483
$5,151,724
$36,528,390
$842,511
$348,046
$522,069
$3,701,739
300
50,000
100,000
94
5%
$116,624,379
$11,961,475
$17,942,212
$42,164,199
$8,396,955
$3,468,828
$5,203,242
$36,893,674
$850,936
$351,526
$527,290
$3,738,756
300
50,000
100,000
94
5%
$117,790,623
$12,081,090
$18,121,634
$42,585,841
$8,480,925
$3,503,516
$5,255,274
$37,262,610
$859,446
$355,042
$532,563
$3,776,144
300
50,000
100,000
94
4%
$118,968,529
$12,201,900
$18,302,851
$34,409,359
$8,565,734
$3,538,551
$5,307,827
$30,108,189
$868,040
$358,592
$537,888
$3,813,905
300
50,000
100,000
94
4%
$120,158,214
$12,323,919
$18,485,879
$34,753,453
$8,651,391
$3,573,937
$5,360,905
$30,409,271
$876,721
$362,178
$543,267
$3,081,635
300
50,000
100,000
94
3%
$121,359,796
$12,447,159
$18,670,738
$26,325,740
$8,737,905
$3,609,676
$5,414,514
$23,035,023
$885,488
$365,800
$548,700
$3,112,452
300
50,000
100,000
94
3%
$122,573,394
$12,571,630
$18,857,445
$26,588,998
$8,825,284
$3,645,773
$5,468,659
$23,265,373
$894,343
$369,458
$554,187
$2,357,682
300
50,000
100,000
94
3%
$123,799,128
$12,697,346
$19,046,020
$26,854,888
$8,913,537
$3,682,230
$5,523,346
$23,498,027
$903,286
$373,152
$559,729
$2,381,259
Total Property Tax Revenues:
Existing Property Tax Base:
Total Property Tax Increment:
$5,414,365
$32,738
$5,447,103
$5,468,509
$33,065
$5,501,574
$5,523,194
$33,065
$5,556,259
$5,578,426
$33,396
$5,611,822
$4,863,801
$33,396
$4,897,197
$4,912,439
$33,730
$4,946,169
$4,175,669
$33,730
$4,209,399
$4,217,426
$34,067
$4,251,493
County Impact:
County Share of Property Tax Base:
County Share of Property Tax Increment:
Total County Share of Property Tax Revenue:
0.015038
0.015038
$4,810
$0
$4,810
$4,858
$0
$4,858
$4,858
$0
$4,858
$4,907
$0
$4,907
$4,907
$0
$4,907
$4,956
$0
$4,956
$4,956
$0
$4,956
$5,005
$0
$5,005
Source: Ricker I Cunningham.
Dacono II Urban Renewal Plan Weld County Impact Report (31 October 2019)
Table 3 (cont'd)
Dacono II Urban Renewal Area
Weld County Impact Analysis
Summary of
All
Taxing Districts
Cumulative
Total
By:
2023
2028
2033
2038 2043
Weld
Property
Property
County
Tax
Tax
Increment
Revenues
from Existing
Generated
Base
by the
County
in the
URA (15.038 mills)
$13,826,981
$22,388
$22,536,920
$45,317
$27,616,145
$68,846
$31,808,376
$92,945
$35,297,498
$117,675
St
Vrain Valley
School
District RE -1J
Property
Tax Revenues
from Existing
Base
$83,943 $169,914
$258,139
$348,496
$/111,221
Property
Tax
Increment
Generated
by
the District
in the
URA
(56.385 mills)
$40,314,832 $66,085,853
$81,753,335
$95,014,453
$106,281,989
Weld
County School
District Re -8
Property
Tax Revenues
from Existing
Base
$10,314
$20,645
$30,995
$41,363 $51,752
Property
Tax
Increment
Generated
by
the District
in
the URA
(19.48
mills)
$4,064,841 $7,076,661
$9,600,473
$12,079,476 $14,419,570
City
of
Dacono
Property
Tax Revenues from
Existing
Base
$37,713
I76,337
1115,974
$156,568
$198,227
Property
Tax Increment
Generated
by
the City
in the
URA
(25.332 mills)
$23,292,000
$37,964,174
$46,520,294
$53,
582, 243 $59,459,782
Mountain
View Fire Rescue District
Property
Tax Revenues from Existing Base
$24,188
$48,960
$74,381
$100,417 $127,135
Property
Tax
Increment
Generated
by
the
District
in
the URA
(16.247
mills)
$14,938,620 $24,348,805
$29,836,381
$34,365,652 $38,135,287
St Vrain Sanitation District
Property
Tax Revenues from Existing
Base
$773 $1,564
$2,376
$3,208 $4,061
Property
Tax Increment
Generated
by
the District
in the
URA (0.519 mills)
$477,205 $777,807
$953,104
$1,097,789 $1,218,207
Carbon
Valley
Recreation District
Property
Tax
Revenues
from Existinc
Base
$6,877 $13,919
$21,146
$28,548 $36,1/1/1
Property
Tax
Increment
Generated
by the
District
in the
URA (4.619
mills)
$963,835 $1,677,982
$2,276,416
$2,864,225 $3,419,096
Northern
Colorado
Water
District
Property
Tax
Revenues
from Existing
Base
$1,489 $3,013
$4,578
$6,181 $7,825
Property
Tax Increment
Generated
by the
District
in the
URA
(1.000 mills)
$919,469 $1,498,665
$1,836,424
$2,115,200
$2,347,220
Aims Community
College
District
Property
Tax
Revenues
from Existing
Base
$3,338 $6,682
$10,032
$13,388 $16,750
Property
Tax Increment
Generated
by the
District
in the
URA
(6.305 mills)
$1,315,648 $2,290,470
$3,107,340
$3,909,707 $4,667,115
Source: Ricker I Cunningham.
Dacono II Urban Renewal Plan Weld County Impact Report (31 October 2019)
TAX INCREMENT REVENUE SHARING AGREEMENT
THIS AGREEMENT is made and executed effective the day of
,2019., by and between the COUNTY OF WELD, COLORADO (hereinafter referred to as
"Weld County" or "County") and the URBAN
PFNF,WALECONOMIC DEVELOPMENT AUTHORITY OF DACONO (hereinafter referred
to as the "Authority").
WI IN
WHEREAS, the o5s City of
Dacono (the "Municipality") ap d-aied-adue-p-R-Hiproposes to approve, adopt, and the Authority
-i-s carry4ngproposes to carry out, the Dacono IT Urban Renewal
Plan ("Plan") in accordance with the requirements of the Colorado Urban Renewal Law, Sections
31-25-101, et seq., C.R.S., (the "Act"), including, without limitation, compliance with Section
31-25-107(3.5) of the Act; and
WHEREAS, as authorized by Section 31-25-107(9) of the Act, the Plan provides for
financing the undertakings and activities of the Authority by use of tax allocation or tax
increment financing ("TIF"); and
WHEREAS, the parties hereto desire to enter into this Agreement to offset the costs of
any additional county infrastructure or services necessary to serve development of the Urban
Renewal Area described in the Plan, as it may be amended; and
WHEREAS, the parties hereto are authorized to enter into this Agreement pursuant to
Section 31-25-112(1)(d) of the Act.
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. Sharing of County Levy Allocation:
a. The Authority agrees to calculate and pay to Weld County fifty per cent (50%) of
the net revenue it receives from the Weld County Treasurer each year while the provisions of
Section 31-23-107(9) of the Act are in effect in the Urban Renewal Area from the levy of Weld
County against the -1:14: portionincremental property value within the boundaries of the
assessmentsPlan (the "County Tax Levy Allocation Revenues") on all parcels located within the
Urban Renewal Area. Such revenues to be paid to the County shall be placed in a separate
account created for such purpose. Commencing on the date of this Agreement and for a period of
twenty-five (25) years from the effective date of the Plan, the Authority shall pay to the County
on or before the 20t1, day of each month all such County Tax Levy Allocation Revenues received
into such account through the preceding month.
i
19899158.1 19899458.3
b. The remaining fifty per cent (50%) of the County Tax Levy Allocation Revenues
each year 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
p
aying the Authority's bonds and other financial obligations in connection with carrying out the
Urban Renewal Project specified in the Plan.
i
comp
2. Agricultural Land. The Plan boundaries include Agricultural Land that requires
lance with the amendments to the Act contained in HB 10- 107Aut..lority has
submitted to the County an Impact Report as required by 631-25-107(3.5) of the Act. which
includes information necessary to comply with HB 10-1107 and I-IB 15-1348 and for the County
to analyze the proposed Plan. The County hereby consents to the inclusion of Agricultural Land
in the Plan area as required by §31-25-107(11(c)(I D) of the Act. The Act t irethat
Agricultural Land included within an urban renewal plan area to be valued at fair market value
for IA rposes of establishing the base and calculating the increment. Accordingly, as
demonstrated in tie County Impact Report for he P_an submitted to fie County. the Agricu_tura
Land base value has been established at fair market rates.
3. Notification of Substantial Modifications of the Plan; Agreement Not Part of Plan.
The Authority agrees to notify Weld County of any intended substantial modification of the Plan
as required by Section 31-25-107(3.5)(a) of the Act. This Agreement is not part of the Plan.
3. Use of County Tax Levy Allocation. The County agrees to use County Tax Levy
Allocation Revenues received pursuant to this Agreement in accordance with the requirements of
Section 31-25-107(1) of the Act to address the impacts of the Plan on Weld County revenues and
on infrastructure and services necessary to serve the Urban Renewal Area.
4. Agreement Confined to County Tax Levy Allocation Revenues. This Agreement
applies only to the County Tax Levy Allocation Revenues, as calculated, produced, collected and
paid to the Authority from the Urban Renewal Area in the Plan by the Weld County Treasurer in
accordance with Section 31-25-107(9)(a)(II) of the Act and the rules and regulations of the
Property Tax Administrator of the State of Colorado, and does not include any other revenues of
the Municipality or the Authority.
5. Subordination Consent Required. With the prior written consent of the County, as
evidenced by a resolution approved by the Board of County Commissioners, the obligation of
Authority to pay all or part of the County Tax Levy Allocation Revenues to the County may be
made subordinate to any payment of the principal of, the interest on, and any premiums due in
connection with bonds of, loans or advances to, or indebtedness incurred by Authority for
financing or refinancing, in whole or in part, the Urban Renewal Project specified in the Plan.
6. Delays. Any delays in or failure of performance by any party of its obligations
under this Agreement shall be excused if such delays or failure are a result of acts of God, acts of
public enemy, acts of the Federal or state government, acts of any other party, acts of third
19899158.1-19899458,3
2
parties, litigation concerning the validity of this Agreement or relating to transactions
contemplated hereby, fire, floods, strikes, labor disputes, accidents, regulations or order of civil
or military authorities, shortages of labor or materials, or other causes, similar or dissimilar,
which are beyond the control of such party. Notwithstanding the foregoing, where any of the
above events shall occur which temporarily interrupt the ability of the Authority to transfer or
pay County Tax Levy Allocation Revenues as provided in Section 1, as soon as the event causing
such interruption shall no longer prevail, the Authority shall transfer and pay the total amount of
the County Tax Levy Allocation Revenues that has been received by Authority that is then owing
to date, as determined according to the provisions of Section 1 of this Agreement.
7. Termination and Subsequent Legislation. In the event of termination of the Plan,
including eowHponentanv provisions authorizing the use of tax increment
financing, the Authority may terminate this Agreement by delivering written notice to the
County. The parties further agree that in the event legislation is adopted after the effective date
of this Agreement that invalidates or materially effects any provisions hereof, the parties will in
good faith negotiate for an amendment to this Agreement that most fully implements the original
intent, purpose and provisions of this Agreement, but does not impair any contracts in effect at
such time.
8. Entire Agreement. This instrument embodies the entire agreement of the parties
with respect to the subject matter hereof There are no promises, terms, conditions, or
obligations other than those contained herein; and this Agreement shall supersede all previous
communications, representations, or agreements, either verbal or written, between the parties
hereto. No modification to this Agreement shall be valid unless agreed to in writing by the
parties hereto.
9. Binding Effect. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their successors in interest.
10. No Third -Party Enforcement. 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.
11. No Waiver of Immunities. No portion of this Agreement shall be deemed to
constitute a waiver of any immunities the parties or their officers or employees may possess, nor
shall any portion of this agreement be deemed to have created a duty of care which did not
previously exist with respect to any person not a party to this agreement.
12. Severability. If any provision of this Agreement is found to be invalid, illegal or
unenforceable, the validity and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby. Further, in the event of any such holding of invalidity, illegality or
unenforceability (as to any or all parties hereto), the parties agree to take such action(s) as may be
i
19899158.1-19899458.3
necessary to achieve to the greatest degree possible the intent of the affected provision of this
Agreement.
i
i
13. No Assignment. No party may assign any of its rights or obligations under this
Agreement without the prior written consent of the other party.
19899158.1-19899458.3
IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officials
to execute this Agreement effective as of the day and year first above written.
COUNTY:
ATTEST: COUNTY OF WELD, a political Weld County
i
Clerk to the Board
subdivision of the STATE OF COLORADO:
By: By:
Deputy Clerk to the Board , Chair
Board of County Commissioners,
County of Weld
ATTEST:
AUTHORITY:
ECONOMIC DEVELOPMENT AUTHORITY OF
DACONO
E
EWAL
By: By:
, Secretary , Chair
19899/58.1-19899458.3
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