HomeMy WebLinkAbout20194790.tiffRESOLUTION
RE: APPROVE TAX INCREMENT REVENUE SHARING AGREEMENT AND AUTHORIZE
CHAIR PRO-TEM TO SIGN - FIRESTONE URBAN RENEWAL AUTHORITY
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, the Board has been presented with 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 Firestone Urban Renewal Authority, commencing upon
full execution of signatures, with further terms and conditions being as stated in said agreement,
and
WHEREAS, after review, the Board deems it advisable to approve said agreement, a copy
of which is attached hereto and incorporated herein by reference.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that the Tax Increment Revenue Sharing Agreement between the County
of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County,
and the Firestone Urban Renewal Authority, be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chair Pro -Tern 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 18th day of November, A.D., 2019.
BOARD OF COUNTY COMMISSIONERS
��,,// WELD COUNTY, COLORADO
ATTEST: dim, w...ki,.o%tk EXCUSED
Barbara Kirkmeyer, Chair
Weld County Clerk to the Board
BY:
14A; •
Mike Freeman, Pro -Tee t
Deputy Clerk to the Board ���""++ RECU D
APPROVED AS TO FOR
C
454 County Attorney
Date of signature: IIA7/(9
tt K. James
Steve Moreno
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a /6/20
2019-4790
F10069
TAX INCREMENT REVENUE SHARING AGREEMENT
THIS AGREEMENT is made and executed effective the $' day of (\..ovem L -r ,
2019, by and between the COUNTY OF WELD, COLORADO, by and through the Board of
County Commissioners of the County of Weld (hereinafter referred to as "Weld County" or
"County"), and the FIRESTONE URBAN RENEWAL AUTHORITY, a body corporate and
politic of the State of Colorado (the "Authority").
WITNESSETH:
WHEREAS, the Town of Firestone (the "Municipality") proposes to approve, adopt, and
the Authority proposes to carry out, the Bighorn 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, the Authority has submitted to the County a copy of the Plan and the Tax
Forecast and County Impact Report dated October, 2019 required to be submitted by 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. For a period of five (5) years commencing with the first full year after the date of
approval by the Town of the Plan, the County and the Authority agree that the Authority may
retain one hundred percent (100%) 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. After the five (5) year period, the Authority agrees to
calculate and pay to Weld County fifty per cent (50%) of the County Tax Levy Allocation
Revenues on all parcels located within the Urban Renewal Area. Such revenues to be paid to
19915789.2
2019-47900
the County shall be placed in a separate account created for such purpose. 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. The term of this Agreement
is twenty-five (25) years from the effective date of the Plan and it automatically terminates upon
conclusion of the term.
b. The initial one hundred percent (100%) for the first five (5) years shall be used by
the Authority for the purpose of financing a water treatment facility, and the remaining fifty per
cent (50%) of the County Tax Levy Allocation Revenues each year thereafter shall be used by
the Authority for payment of any amounts authorized by the Plan and Act for the purposes of
financing public infrastructure, such as water, sewer, parks, storm drainage, streets and roads,
sidewalks and traffic lights; complying with applicable legal and contractual obligations;
eliminating the conditions of blight in the Urban Renewal Area; and paying the Authority's
bonds or other loan or debt obligations in connection with carrying out the Urban Renewal
Project specified in the Plan.
2 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. Metropolitan District. Pursuant to Article I of Title 32 of the C.R.S., the Skyview
Meadows Metropolitan District (the "District") is anticipated to be formed near the end of 2019,
and is anticipated to include all or a portion of the Urban Renewal Area. In anticipation of this
formation, the Town of Firestone, by Resolution No. 19-79, approved the Service Plan for the
Skyview Meadows Metropolitan District which Service Plan at Section VI.J. acknowledges and
agrees that: a) the District is located within the boundaries of the proposed Urban Renewal Area;
and b) within 60 days of the organization of the District, the District and the Authority will enter
19915789.2
2
into an intergovernmental agreement for property tax increment revenue sharing in which the
District shall agree that the Authority may retain and expend one hundred percent (100%) of the
property tax increment revenues derived from 15 mills for a period of five (5) years from the
date of Plan approval by the Town of Firestone.
7. 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.
8. 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
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.
9. 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.
10. Binding Effect. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their successors in interest.
11. 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.
12. 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
19915789.2
3
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.
13. 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.
14. No Assignment. No party may assign any of its rights or obligations under this
Agreement without the prior written consent of the other party.
19915789.2
4
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: ,dj„d)'Ok COUNTY OF WELD, a political Weld County
Clerk to the Board subdivision of the STATE OF COLORADO:
By:
Deputy Cle j to t
ATTEST:
Mike Freeman, Chair Pro-Tem
Board of County Commissioners of the
County of Weld NOV 1 6 2019
AUTHORITY:
FIRESTONE URBAN RENEWAL AUTHORITY,
a body corporate and politic of the State of
Colorado
By:
34 Ski cfrik
, Chair
19915789.2
5
oZO /9-- 4y9e 6)
9
n:0
i
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 FIRESTONE URBAN RENEWAL AUTHORITY, a body
corporate and politic of the State of Colorado (the "Authority").
WITNESSETH:
WHEREAS, the Town of Firestone (the "Municipality") proposes to approve, adopt, and
the Authority proposes to carry out, the Bighorn 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, the Authority has submitted to the County a copy of the Plan and the Tax
Forecast and County Impact Report dated October, 2019 required to be submitted by 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. For a period of five (5) years commencing with the first full year after the date of
approval by the Town of the Plan, the County and the Authority agree that the Authority may
retain one hundred percent (100%) 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. After the five (5) year period, the Authority agrees to calculate
and pay to Weld County fifty per cent (50%) of 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. The Authority shall pay to the County on
1991578°.119915789.2
or before the 20th day of each month all such County Tax Levy Allocation Revenues received
into such account through the preceding month. The term of this Agreement is twenty-five (25)
years from the effective date of the Plan and it automatically terminates upon conclusion of the
b. The initial one hundred percent (100%) for the first five (5) years shall be used by
the Authority for the purpose of financing a water treatment facility, and the remaining fifty per
cent (50%) of the County Tax Levy Allocation Revenues each year thereafter shall be used by the
Authority for payment of any amounts authorized by the Plan and Act for the purposes of
financing public infrastructure, such as water, sewer, parks, storm drainage, streets and roads,
sidewalks and traffic lights; complying with applicable legal and contractual obligations;
eliminating the conditions of blight in the Urban Renewal Area; and paying the Authority's
bonds andor other finaae-ia-floan or debt obligations in connection with carrying out the Urban
Renewal Project specified in the Plan.
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.
i
i
6. Metropolitan District. Pursuant to Article I of Title 32 of the C.R.S., the Skyview
Meadows Metropolitan District (the "District") is anticipated to be formed near the end of 2019,
and is anticipated to include all or a portion of the Urban Renewal Area. In anticipation of this
formation, the Town of Firestone, by Resolution No. 19-79, approved the Service Plan for the
Skyview Meadows Metropolitan District which Service Plan at Section VII acknowledges and
agrees that: a) the District is located within the boundaries of the proposed Urban Renewal Area;
and b) within 60 days of the organization of the District, the District and the Authority will enter
into an intergovernmental agreement for property tax increment revenue sharing in which the
-1-99-15789.1-199 I 5789.2
2
District shall agree that the Authority may retain and expend one hundred percent (100%) of the
property tax increment revenues derived from 15 mills for a period of five (5) years from the date
of Plan approval by the Town of Firestone.
7. 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.
8. 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
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.
9. 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.
10. Binding Effect. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their successors in interest.
11. 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.
12. 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
i
19915789.1-19915789.2
3
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.
13. 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.
14. No Assi nment. No party may assign any of its rights or obligations under this
Agreement without the prior written consent of the other party.
i
19915789.1-19915789.2
4
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:
i
Deputy Clerk to the Board
ATTEST:
By:
19915789.1-19915789.2
, Chair
Board of County Commissioners,
County of Weld
AUTHORITY:
FIRESTONE URBAN RENEWAL AUTHORITY,
a body corporate and politic of the State of
Colorado
By:
, Secretary , Chair
5
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