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Home My WebLink About20173024.tiffRESOLUTION RE: APPROVE TAX INCREMENT REVENUE SHARING AGREEMENT AND AUTHORIZE CHAIR TO SIGN - FORT LUPTON 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 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 Fort Lupton Urban Renewal Authority, commencing August 30, 2017, 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 Fort Lupton Urban Renewal Authority be, and hereby is, approved. BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized to sign said agreement. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 30th day of August, A.D., 2017. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: to; ci Weld County Clerk to the Board BY: O. c puty Clerk to the Board APPRO ' AS T unty orney arbara Kirkmeyer Date of signature: `Z r a(b/ t'7 GG Co -C qr acpIi7 Julie Aozad, Chair Sieve Moreno, Pro-Tem Sean P. Conway C 2017-3024 FI0065 CITY OF Planning & Building 130 S . McKinley Avenue Phone : 303.857.6694 E S T 1 8 3 G Fort Lupton , CO 80621 Fax: 303 .857.0351 www.fortlupton .org COME PAINT YOUR FUTURE WITH US August 16, 2017 �' ` � D � � �j Via U .5 . Mail O " � Bruce T. Barker, Esq . �� n, Weld County Attorney z �v>> P . O . Box 758 1150 "O" Street Greeley, CO 80632 Re : Tax Increment Revenue Sharing Agreement Dear Mr. Barker, Enclosed are two originals of the Tax Increment Revenue Sharing Agreement between the Fort Lupton Urban Renewal Authority ( FLURA ) and Weld County, which have been signed by FLURA. When these are approved and signed by Weld County, please return one original to me at the Fort Lupton City Hall , 130 . S . McKinley Avenue, Fort Lupton , CO 80621 . Thank you so much for your help with this matter. Please do not hesitate to contact me with any questions . Sincerely, Alyssa Knutson Planner City of Fort Lupton Enclosures 2017-3024 TAX INCREMENT REVENUE SHARING AGREEMENT THIS AGREEMENT is made and executed effective the ��day of , 201z, by and between the COLJNTY OF WELD, COLORADO (hereinafter referre as "Weld County" or "County") and the FORT LUPTON URBAN RENEWAL AUTHORITY (hereinafter referred to as the "Authority") . WIT'NESSETH : WHEREAS, the City Council of the City of Fort Lupton (the "City") approved and adopted, and the Authority is carrying out, the Fort Lupton Core Urban Renewal Plan ("the 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 - 10'7(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 ; and WHEREAS, the parties hereto are authorized to enter into this Agreement pursuant to Section 31 -25 - 112( 1 )(d) ofthe 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 Countv Levv 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 TIF portion of the assessments (the "County Tax Levy Allocation Revenues") on the undeveloped agricultural parcels within the Urban Renewal Area identified in Exhibit A attached hereto . 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 resulting from the undeveloped agricultural parcels within the Urban Renewal Area, identified in Exhibit A attached hereto shall be used by the Authority for payment of any amounts 020 / 7- �3o �� Cf� 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; the fa�ade improvement grant program, entryway improvements, streetscape projects, and other public purposes as approved by FLURA; and far eliminating the conditions of blight in the Urban Renewal Area. 2 . Notification of Substantial Modifications of the Plan; A�reement 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 Levv 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 . A�reement Confined to Countv Tax Levv 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 City 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 the 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 the Authority for financing or refinancing, in whole or in part, the Urban Renewal Project specified in the Plan. 6. De�. 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 the Authority that is then owing to date, as determined according to the provisions of Section 1 of this Agreement. 7 . Termination and Subsequent Le isl�. In the event of termination of the Plan, or its TIF component, 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 2 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 hereo£ 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 . Bindin E� ffect. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their successors in interest. 10 . No Third-Partv 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 p�rties or their officers or employees may possess, nor shall any portion of this Agreem�nt 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 . Severabilitv. 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 Assi n� ment. No party may assign any of its rights or obligations under this Agreement. 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. C� �: COUNTY: ATTEST: U.iZitW/ �•jel'A COUNTY OF WELD, a political Weld County Clerk to the Board subdivision of the STATE OF COLORADO: By: Deputy Cl ATTEST: AUTHORITY: k to By: A. Cozad, Chair 4 G 9 2017 oard of County Commis ers, ounty of Weld FORT LUPTON URBAN RENEWAL AUTHORITY B th Block, Secretary ark rajeda, Vice- airperson 4 02017- L3oak(l) EXHIBIT A � Agricultural Parcels in FLURA �. '�9� e . .� .{� i .. F� C. L: v: 4-� u ._ :u . � �• . '', � � I i�. . � 'y • � jOv - �I, a� Y� . i . � �, r #z i . 1 � �y t , S, i , i �. < f �� '� , _ � � �`� . i ' e. y "� ♦�� , ,�C' T . .: �: _ ti . . ` 9 Y1}lv� a _ . � l. ' ./ I- . . 'J rh . *�j a Y . ; ,. . .,.: _' .a : . 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