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Home My WebLink About20153996.tiff RESOLUTION RE: APPROVE TWO (2)AGREEMENTS FOR TAX INCREMENT REVENUE SHARING AND AUTHORIZE CHAIR TO SIGN - TOWN OF FREDERICK/FREDERICK 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 Two (2) Agreements for Tax Increment Revenue Sharing between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and of the Town of Frederick, and the Frederick Urban Renewal Authority, commencing upon the full execution of signatures, with further terms and conditions being as stated in said agreements, and WHEREAS, after review, the Board deems it advisable to approve said agreements, a copies of which are attached hereto and incorporated herein by reference. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Agreement for Tax Increment Sharing between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, on behalf of the Town of Frederick, and the Frederick Urban Renewal Authority be, and hereby are, approved. BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized to sign said agreements. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 21st day of December, A.D., 2015. BOARD OF COUNTY COMMISSIONERS WE D COUNTY, CO RADO ATTEST: ��1/"�� JCL;4 arbara Kirkmeyeri, Chair Weld County Clerk the Board (116A1,31.4,2--- ike Freeman, Pro-Tem/BY. Deputy Clerk to the Board \� , , fib.�� <f . •. ,y"P. Cq way V APP FORM: `� �,, ��. l((,h" urj . Cozadie 7-71 ounty Attorney 'lama '0', - Steve Moreno Date of signature: 1 a C.P cc cacef3) 4! 9'x/ (7 2015-3996 BC0048 TAX INCREMENT REVENUE SHARING AGREEMENT (Miner's Village Urban Renewal Project) THIS AGREEMENT is made and executed effective the 2z day of 2015, by and between the COUNTY OF WELD, COLORADO (hereinafter referred to as "Weld County" or "County") and the FREDERICK URBAN RENEWAL AUTHORITY (hereinafter referred to as the "Authority"). WITNESSETH: WHEREAS, The Town of Frederick (the "Town") Board of Trustees on December 14, 2015, will consider adoption of Resolution 15- S 4 approving the Urban Renewal Plan for the Miner's Village Urban Renewal Project ("Plan") in accordance with the requirements of the Colorado Urban Renewal Law, Sections 31-25-101, et seq., C.R.S., (the "Act"). The Weld County Assessor has informed the Town and the Authority that parcels of land in the Urban Renewal Area included in the Plan have been classified as agricultural land for purposes of the levying and collection of property taxes as defined in Section 31-25-103(1) 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 to secure the written consent of the County to inclusion of agricultural land in 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) 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 revenue it receives from the Weld County Treasurer each year in the Urban Renewal Area from the levy of Weld County against the TIF portion of the assessment roll (the "County Tax Levy Allocation Revenues"). 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`x` 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 infrastructure, such as water, sewer, parks, storm drainage, streets and roads, sidewalks and traffic lights; complying with applicable legal and contractual obligations; and eliminating the conditions of blight in the Urban Renewal Area. 2. Consent to Inclusion of Agricultural Land in Plan Area. In consideration of the creation of the account described in Section 1 a, above, and the transfer of the County Tax Levy Allocation Revenues to the County as provided herein, this Agreement shall constitute the agreement in writing by the County to inclusion of agricultural land in the Urban Renewal Area described in the Plan as required by Section 31-25-107(1)(c)(II)(D)of the Act. 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. 4. 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. 5. 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 City or the Authority. 6. 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. 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 2 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 its TIF Financing 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 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. Phis 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 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. 3 IN WITNESS WIIEREOF, 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: BS'' f / /iC . Deputy C er to the rd,-M Board of County Commissioners, County of Weld ttctil,N -VI FHORITY: ATTEST: FREDERICK URBAN RENEWAL AUTHORITY By: ��'� y: /vxr,rT Le cg,,,F. , ecr-. .ry t , Chairperson 4 TAX INCREMENT REVENUE SHARING AGREEMENT (Wyndham Hill Town Center Urban Renewal Area) THIS AGREEMENT is made and executed effective the Zz day of DEcemzG2 2015, by and between the COUNTY OF WELD, COLORADO (hereinafter referred to as "Weld County" or "County") and the FREDERICK URBAN RENEWAL AUTHORITY (hereinafter referred to as the "Authority"). WITNESSETI-l: WHEREAS, The Town of Frederick (the "Town") Board of Trustees on December 14, 2015, will consider adoption of Resolution 15- 8,S approving the Urban Renewal Plan for the Wyndham Hill Town Center Urban Renewal Area ("Plan") in accordance with the requirements of the Colorado Urban Renewal Law, Sections 31-25-101, et seq., C.R.S., (the"Act"). The Weld County Assessor has informed the Town and the Authority that parcels of land in the Urban Renewal Area included in the Plan have been classified as agricultural land for purposes of the levying and collection of property taxes as defined in Section 31-25-103(1) 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 to secure the written consent of the County to inclusion of agricultural land in 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) 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 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 assessment roll (the "County Tax Levy Allocation Revenues"). 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 2011 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 purpose 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; and eliminating the conditions of blight in the Urban Renewal Area. 2. Consent to Inclusion of Agricultural Land in Plan Area. In consideration of the creation of the account described in Section la, above, and the transfer of the County Tax Levy Allocation Revenues to the County as provided herein, this Agreement shall constitute the agreement in writing by the County to inclusion of agricultural land in the Urban Renewal Area described in the Plan as required by Section 31-25-107(1)(c)(10(D)of the Act. 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(15)(a)of the Act. This Agreement is not part of the Plan. 4. 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. 5. 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 City or the Authority. 6. 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. 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 arc 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 2 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 its TIF Financing 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 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 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. 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: ., G: ; COUNTY OF WELD, a political Weld County Clerk to the oar subdivision of the STATE OF COLORADO: 1 By: By: lt..- eputy C rk to the a 1dl��J `�:� arbara ICirkmeyer, C rir ` V Board of County Commissioners, r` �� '; _ County of Weld 0 161 i1/4‘,:,,,,i,,A,0 z: , \ '1 f-'-- > A -i •(r if AA Ay' AUTHORITY: ATTEST: FREDERICK URBAN RENEWAL AUTHORITY c By: li.LL�,.. � By: ' 1/2vl /114,7-1- Le/ ftF , , cretary —1-;"'Y / , Chairperson 4 Hello