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Home My WebLink About20153675.tiff RESOLUTION RE: APPROVE AMENDMENT TO TAX INCREMENT EXPENDITURE AND REVENUE SHARING AGREEMENT AND AUTHORIZE CHAIR TO SIGN- FIRESTONE/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, on October 19, 2015, the Board was presented with an Amendment to Tax Increment Expenditure and Revenue Sharing Agreement at which time it was deemed appropriate to continue the matter to November 18, 2015, to allow time to meet with Urban Renewal Authority and Firestone to make sure the County Roads are included in the plan, and WHEREAS, after review, on November 18, 2015, the Board deems it advisable to approve said amendment, between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, the Town of Firestone, and the Firestone Urban Renewal Authority, commencing upon full execution with further terms and conditions being as stated in said amendment a copy of which is attached hereto and incorporated herein by reference. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Amendment to Tax Increment Expenditure and Revenue Sharing Agreement between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, the Town of Firestone, and the Firestone Urban Renewal Authority be, and hereby is, approved. BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized to sign said amendment. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 18th day of November, A.D., 2015. BOARD OF COUNTY COMMISSIONERS WE D COUNTY, CO RADO ATTEST: P arbara Kirkmeyer, Chair Weld County Clerk to the Board o �.� •c 1'Lt'L Mike Freeman, Pro-Tem BY: I..1.! _ � • D ty Clerk to the :oard /j;��.� . Co way AP ED RM: t:,t .1/4��tenky c u t rcpr i- Cozad -- A . tounty Attorney teve Moreno Date of signature: �1 2015-3675 F10061 /D2,- /(o -/ 12.134 AMENDMENT TO TAX INCREMENT EXPENDITURE AND REVENUE SHARING AGREEMENT THIS AMENDMENT (hereinafter "Amendment") is made and executed effective the 1(r day of U-1.1440.412015, by and between the COUNTY OF WELD, COLORADO (hereinafter referred to as "Weld County" or "County"), the TOWN OF FIRESTONE, COLORADO (hereinafter referred to as "Firestone"), and the FIRESTONE URBAN RENEWAL AUTHORITY(hereinafter referred to as"FURA"). RECITALS A. Weld County, Firestone and FURA previously entered into that certain TAX INCREMENT EXPENDITURE AND REVENUE SHARING AGREEMENT made and executed effective the 28th day of January, 2010, and subsequently amended on the 29th day of May, 2013 (hereinafter the"Agreement"). B. The Agreement provides for the sharing of the County Tax Levy Allocation for the Urban Renewal Area described in the Urban Renewal Plan for the Southern Firestone Urban Renewal Area, which Plan was approved by Resolution 10-04 adopted by the Firestone Board of Trustees on January 28, 2010, and for the Northern Firestone Urban Renewal Area, which Plan was approved by Resolution 13-32 adopted by the Firestone Board of Trustees on June 12, 2013. C. By cover letter dated September 28, 2015, and pursuant to C.R.S. § 31-25- 107(3.5), Firestone provided Weld County with the proposed Urban Renewal Plan for the Central Firestone Urban Renewal Area ("Central Firestone Plan"), with an associated Weld County Impact Report, all of which detail FURA's and Firestone's intended inclusion of the parcels described in the Central Firestone Plan for the purposes authorized in the Colorado Urban Renewal Law, C.R.S. § 31-25-101, et seq., including utilizing tax increment financing ("TIF Financing"), as contemplated by C.R.S. § 31-25-107(9)(a), for the purposes authorized by the Urban Renewal Law. D. TIF Financing provides that taxes, if any, levied after the effective date of the approval of the Central Firestone Plan upon taxable property in the area described in the Central Firestone Plan ("the Central Firestone Urban Renewal Area") each year shall be divided for a period not to exceed twenty-five (25) years from the effective date of the Central Firestone Plan and that a portion of said property tax revenues (the "TIF Revenue") shall be allocated to and paid into a special fund of FURA to pay the principal of, interest on, and any premiums due in connection with bonds of, loans or advances to, or indebtedness incurred by FURA for financing an urban renewal project or to make payments pursuant to an agreement executed pursuant to C.R.S. § 31-25-107(11). E. Weld County, Firestone and FURA are authorized to enter into an agreement pursuant to C.R.S. § 31-25-107(11) for the payment of property tax revenue that results from the County levy on taxable property in the Central Firestone Urban Renewal Area, to be allocated pursuant to C.R.S. § 31-25-107(9)(a)(II) (the "CFURA County Tax Levy Allocation") for the payment of the costs of any additional county infrastructure or services necessary to offset the 02O/5- 75 3) impacts of the urban renewal project (the "Urban Renewal Project") described in the Central Firestone Plan, as it may be amended, and revenue sharing. F. Weld County, Firestone and FURA by this Amendment desire to amend their existing Agreement to subject to the terms and conditions of said Agreement revenue produced by the CFURA County Tax Levy Allocation. G. Weld County, Firestone and FURA desire to enter into this Amendment for the purposes set forth in C.R.S. § 31-25-107(11). H. In consideration of the parties entering into this Amendment, Weld County waives any right it has to file an objection and ask for arbitration, pursuant to C.R.S. § 31-25- 107(12), and further consents to the inclusion within the Central Firestone Urban Renewal Area of all agricultural lands contained within such Area as described in the Central Firestone Plan, pursuant to C.R.S. § 31-25-107(1)(c)(II)(D). 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: n of Recitals. The foregoing recitals are incorporated into and made a 1. Incorporation g g � part of this Amendment. 2. Inclusion of Central Firestone Urban Renewal Area. Sections 1, 4, 5, 6 and 7 of the Agreement are hereby amended to insert the phrase "and CFURA County Tax Levy Allocation" after the phrase "County Tax Levy Allocation and NFURA County Tax Levy Allocation" in each any every location where the later phrase appears. 3. Intent. The parties hereby confirm that it is their intent in entering into this Amendment to make subject to the Agreement revenue produced by the CFURA County Tax Levy Allocation in addition to revenue produced by the County Tax Levy Allocation and NFURA County Tax Levy Allocation. As a result, FURA shall calculate and pay to Weld County fifty percent (50%) of the revenue produced by the County Tax Levy Allocation, NFURA County Tax Allocation and CFURA County Tax Allocation each year as provided in the Agreement, and the remaining fifty percent (50%) of the revenue produced by the County Tax Levy Allocation, NFURA County Tax Levy Allocation and CFURA County Tax Allocation may be used by FURA for payment of any amounts authorized by the Urban Renewal Plan for the Southern Firestone Urban Renewal Area, the Northern Firestone Urban Renewal Area and the Central Firestone Plan and the Urban Renewal Law as provided in the Agreement. 4. Construction. The parties hereby further agree that wherever the Agreement refers to "Plan" and "Urban Renewal Area," said terms shall be construed to include the Northern Firestone Plan and the Northern Firestone Urban Renewal Area with respect to the NFURA County Tax Levy Allocation and shall also include the Central Firestone Plan and the Central Firestone Urban Renewal Area with respect to the CFURA County Tax Levy Allocation.. The parties hereby further agree that all terms and conditions of the Agreement 2 shall be construed to apply severally and not jointly; therefore, for example, in the event FURA and Firestone terminate only the Central Firestone Plan, including its TIF Financing component, the Agreement shall remain in effect with respect to the County Tax Levy Allocation for properties in the Southern Firestone Urban Renewal Area and the Northern Firestone Urban Area. 5. Effective Date. This Amendment shall take effect as of the effective date of approval of the Central Firestone Plan, provided the same has been executed by each of the parties hereto. IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officials to execute this Amendment. COUNTY: ATTEST: dj�� ;g1 COUNTY OF WELD, a political Weld County Clerk to the Board �+� subdivision of the STATE OF COLORADO: BY kt2i • eputy 1 lerk to th .:. �: arbara Kirkme r, Chair OV 1 $ 2015 Board of Count Commissioners, TOWN: ATTEST: - '"•w •WN OF FIRESTONE, a municipal corporation F�RESTO�'A'i - STATE OF COLORADO i' " TOWN ,SEABy: $1 . 4 —Ii `o Carissa_ e na, Town - �. C��• /67u1 Sorensen, Mayor FURA: ATTEST: ,.,, �..� . RESTONE URBAN RENEWAL AUTHORITY „ S-TONS`‘' 41 By: *A MI a, Recording i.,erietaseSS4 + ,_e th, person 473\ Zif 3 020/5 — X 76 69 RE: AMENDMENT TO TAX INCREMENT EXPENDITURE AND REVENUE SHARING AGREEMENT - FIRESTONE URBAN RENEWAL AUTHORITY OVED AS F DING' AP ROVED S T SUBSTANCE: Cjal.L1 Controller - Elected Official or Department Head OVED A T ORM: Director of General Services County Attorney RA FIRESTONE URBAN RENEWAL AUTHORITY September 28, 2015 Weld County Commissioners 1150 O Street PO Box 758 Greeley, CO 80632 Dear Commissioners: As we have previously discussed, the Firestone Urban Renewal Authority ("FURA"), has been working on an expansion of the Southern and Northern Firestone Urban Renewal Areas ("Southern Plan" and "Northern Plan") to include similarly impacted properties in the central portions of Firestone. Attached for your reference, is a copy of the Central Firestone Urban Renewal Plan ("Central Plan"). This document also includes the updated Conditions Survey and the Weld County Impact Report for the Central Plan. Also attached is an amended Intergovernmental Agreement ("IGA") of the agreements that currently exists between Weld County and Firestone for the Southern and Northern Plans. Also attached is an IGA for the Southwestern Weld County Law Enforcement Authority for your consideration. No changes to the terms or conditions of the existing IGA's are being proposed other than to expand the IGA to include the Central Plan. For your reference, to facilitate this expansion to the Northern Plan, FURA is in discussions and has presented an amendment to the existing revenue sharing intergovernmental agreements with the St Vrain Valley School District RE-1J and the Weld County School District RE-1. FURA also is in the process of or already has executed agreements with the following additional taxing authorities in the Central Plan area; Aims Junior College, Carbon Valley Park and Recreation District, Frederick- Firestone Fire Protection District, Central Colorado Water Conservancy District, Central Colorado Water Subdistrict, High Plains Library District, Little Thompson Water District, Longmont Conservation District, St Vrain Sanitation District, Northern Colorado Water Conservancy District and St Vrain, St. Vraiin Metropolitan District No. 1 - 4 and Left Hand Water Conservancy District. Thank you for your support and please contact us if you have any questions or comments. Sincerely, Wes,LaVanchy Town Manager Community Development • 8308 Colorado Blvd., Suite 200 • Firestone, CO 80504 (303)833-3291 • fax (720)476-4232 I TAX INCREMENT EXPENDITURE AND REVENUE SHARING AGREEMENT THIS AGREEMENT is made and executed effective the 28th day of January, 2010, by and between the COUNTY OF WELD, COLORADO (hereinafter referred to as "Weld County" or "County"), the TOWN OF FIRESTONE, COLORADO (hereinafter referred to as "Firestone"), and the FIRESTONE URBAN RENEWAL AUTHORITY (hereinafter referred to as "FURA"). WITNESSETH: WHEREAS, by cover letter dated October 20, 2009, and pursuant to C.R.S. § 31-25- 107(3.5), Firestone provided Weld County with the proposed Urban Renewal Plan for the Southern Firestone Urban Renewal Area ("Plan"), with an associated Weld County Impact Report, all of which detail FURA's and Firestone's intended inclusion of the parcels described in the Plan for the purposes authorized in the Colorado Urban Renewal Law, C.R.S. § 31-25-101, et seq., including utilizing tax increment financing ("TIF Financing"), as contemplated by C.R.S. § 31-25-107(9)(a), for the purposes authorized by the Urban Renewal Law; and WHEREAS, TIF Financing provides that taxes, if any, levied after the effective date of the approval of the Plan upon taxable property in the area described in the Plan ("Urban Renewal Area") each year shall be divided for a period not to exceed twenty-five (25) years from the effective date of the Plan and that a portion of said property tax revenues (the "TIF Revenue") shall be allocated to and paid into a special fund of FURA to pay the principal of, interest on, and any premiums due in connection with bonds of, loans or advances to, or indebtedness incurred by FURA for financing an urban renewal project or to make payments pursuant to an agreement executed pursuant to C.R.S. § 31-25-107(11); and WHEREAS, Weld County, Firestone and FURA are authorized to enter into an agreement pursuant to C.R.S. § 31-25-107(11) for the payment of property tax revenue that results from the County levy on taxable property in the Urban Renewal Area, to be allocated pursuant to C.R.S. § 31-25-107(9)(a)(II) (the "County Tax Levy Allocation") for the payment of the costs of any additional county infrastructure or services necessary to offset the impacts of the urban renewal project (the "Urban Renewal Project") described in the Plan, as it may be amended,and revenue sharing, and WHEREAS, Weld County, Firestone and FURA desire to enter into this Agreement for the purposes set forth in C.R.S. § 31-25-107(11), and WHEREAS, in consideration of the parties entering into this Agreement, Weld County waives any right it has to file an objection and ask for arbitration, pursuant to C.R.S. § 31-25- 107(12). 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: Q26/O- v is 1. Sharing of County Levy Allocation: Weld County, Firestone and FURA hereby agree to share the County Tax Levy Allocation as follows: a. FURA shall calculate and pay to Weld County fifty per cent (50%) of the revenue produced by the County Tax Levy Allocation each year as revenue sharing authorized under C.R.S. § 31-25-107(11). Such revenues to be paid to the County shall be placed in a separate FURA 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, FURA shall pay to the County on or before the 15th day of each month all revenues received into such account through the preceding month. b. The remaining fifty per cent (50%) of the revenue produced by the County Tax Levy Allocation each year may be used by FURA for payment of any amounts authorized by the Urban Renewal Plan and Urban Renewal Law, including without limitation payment of documented and certified costs incurred and paid by FURA for "Eligible Public Improvements" within the Urban Renewal Area. "Eligible Public Improvements" shall include and be limited to public improvements described in the Plan. 2. Plan Approval. The County agrees that the County as an entity will not formally or legally object to the adoption of the Plan. 3. Notification of Intended Amendments to the Plan. Firestone and FURA agree to notify Weld County of any intended amendments to the Plan at least ninety (90) days prior to the public hearing by Firestone to consider such amendment. 4. Use of County Tax Levy Allocation. The County agrees to use TIF Revenues received pursuant to this Agreement in accordance with the requirements of C.R.S. § 31-25- 107(1) 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 Revenue. This Agreement applies only to the County Tax Levy Allocation revenues, as calculated, produced, collected and allocated to FURA within the Urban Renewal Area in accordance with C.R.S. § 31-25- 107(9)(a)(II) and the rules and regulations of the Property Tax Administrator of the State of Colorado, and does not include any other revenues of Firestone or FURA. Firestone and Weld County agree that revenue from the County Tax Levy Allocation collected and paid to the County under this Agreement are collections for Weld County within the meaning of Colorado Constitution Article X, Section 20(2)(e). 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 FURA to pay revenues from the County Tax Levy Allocation 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 FURA for financing or refinancing, in whole or in part,the Urban Renewal Project specified in the Plan. 2 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 FURA 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, FURA shall transfer and pay the total amount of the County Tax Levy Allocation revenue that has been received by FURA that is then owing to date, as determined according to the provisions of Section 1 to this Agreement. 8. Termination and Subsequent Legislation. In the event of termination of the Plan, including its TIF Financing component, FURA and Firestone 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. 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 term or condition of this agreement shall be held to be invalid, illegal or unenforceable, this Agreement shall be construed and enforced without such a provision, to the extent this agreement is then capable of execution within the original intent of 3 the parties. 14. 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. 15. No Assignment. No party may assign any of its rights or obligations under this Agreement. 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: f •LINTY OF WELD, a political Weld County Clerk to the Board I division of the STATE OF COLORADO: Isar <r By: .//[ 7-4 r fiC? f. '+q 4-'' Deputy Clerk to the B• j ° r� Douglas'Zademach r, Chairman Board of County Commissioners, County of Weld JAN 2 7 Z010 TOWN: ATTESTS TOWN OF FIRESTONE, a municipal corporation of the STATE OF COLORADO By: cam- By: C.. J Hood, To Jerk Chad Auer, Mayor FURA: ATTEST:7.-o; .., FIRESTONE URBAN RENEWAL AUTHORITY / By: e/JI By: - e od, 'ec•rding Secretary Chad Auer, Chairperson 4 EXISTING AMENDMENT TO TAX INCREMENT EXPENDITURE AND REVENUE SHARING AGREEMENT AMENDMENT TO TAX INCREMENT EXPENDITURE AND REVENUE SHARING AGREEMENT �p—day AMENDMENT (hereinafter "Amendment") is made and executed effective the off/ ay of _, 2013, by and between the COUNTY OF WELD, COLORADO (hereinafter referred to as "Weld County" or "County"), the TOWN OF FIRESTONE, COLORADO (hereinafter referred to as "Firestone"), and the FIRESTONE URBAN RENEWAL AUTHORITY(hereinafter referred to as"FURA"). RECITALS A. Weld County, Firestone and FURA previously entered into that certain TAX INCREMENT EXPENDITURE AND REVENUE SHARING AGREEMENT made and executed effective the 28th day of January,2010(hereinafter the"Agreement"). B. The Agreement provides for the sharing of the County Tax Levy Allocation for the Urban Renewal Area described in the Urban Renewal Plan for the Southern Firestone Urban Renewal Area, which Plan was approved by Resolution 10-04 adopted by the Firestone Board of Trustees on January 28, 2010. C. By cover letter dated May (l , 2013, and pursuant to C.R.S. § 31-25-107(3.5), Firestone provided Weld County with the proposed Urban Renewal Plan for the Northern Firestone Urban Renewal Area ("Northern Firestone Plan"), with an associated Weld County Impact Report, all of which detail FURA's and Firestone's intended inclusion of the parcels described in the Northern Firestone Plan for the purposes authorized in the,Colorado Urban Renewal Law, C.R.S. § 31-25-101, et seq., including utilizing tax increment financing ("TIF Financing"), as contemplated by C.R.S. § 31-25-107(9)(a), for the purposes authorized by the Urban Renewal Law. D. TIF Financing provides that taxes, if any, levied after the effective date of the approval of the Northern Firestone Plan upon taxable property in the area described in the Northern Firestone Plan ("the Northern Firestone Urban Renewal Area") each year shall be divided for a period not to exceed twenty-five (25) years from the effective date of the Northern Firestone Plan and that a portion of said property tax revenues (the "TIF Revenue") shall be allocated to and paid into a special fund of FURA to pay the principal of, interest on, and any premiums due in connection with bonds of, loans or advances to, or indebtedness incurred by FURA for financing an urban renewal project or to make payments pursuant to an agreement executed pursuant to C.R.S. § 31-25-107(11). E. Weld County, Firestone and FURA are authorized to enter into an agreement pursuant to C.R.S. § 31-25-107(11) for the payment of property tax revenue that results from the County levy on taxable property in the Northern Firestone Urban Renewal Area, to be allocated pursuant to C.R.S. § 31-25-107(9)(a)(II) (the " NFURA County Tax Levy Allocation") for the payment of the costs of any additional county infrastructure or services necessary to offset the impacts of the urban renewal project (the "Urban Renewal Project") described in the Northern Firestone Plan, as it may be amended, and revenue sharing. 47oi3—/ '? F. Weld County, Firestone and FURA by this Amendment desire to amend their existing Agreement to subject to the terms and conditions of said Agreement revenue produced by the NFURA County Tax Levy Allocation. G. Weld County, Firestone and FURA desire to enter into this Amendment for the purposes set forth in C.R.S. § 31-25-107(11). H. In consideration of the parties entering into this Amendment, Weld County waives any right it has to file an objection and ask for arbitration, pursuant to C.R.S. § 31-25- 107(12), and further consents to the inclusion within the Northern Firestone Urban Renewal Area of all agricultural lands contained within such Area as described in the Northern Firestone Plan, pursuant to C.R.S. § 31-25-107(l)(c)(II)(D). 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. Incorporation of Recitals. The foregoing recitals are incorporated into and made a part of this Amendment. 2. Inclusion of Northern Firestone Urban Renewal Area. Sections 1, 4, 5, 6 and 7 of the Agreement are hereby amended to insert the phrase "and NFURA County Tax Levy Allocation" after the phrase "County Tax Levy Allocation" in each any every location where the later phrase appears. 3. Intent. The parties hereby confirm that it is their intent in entering into this Amendment to make subject to the Agreement revenue produced by the NFURA County Tax Levy Allocation in addition to revenue produced by the County Tax Levy Allocation. As a result, FURA shall calculate and pay to Weld County fifty percent (50%) of the revenue produced by the County Tax Levy Allocation and NFURA County Tax Allocation each year as provided in the Agreement, and the remaining fifty percent (50%) of the revenue produced by the County Tax Levy Allocation and NFURA County Tax Levy Allocation may be used by FURA for payment of any amounts authorized by the Urban Renewal Plan for the Southern Firestone Urban Renewal Area and the Northern Firestone Plan and the Urban Renewal Law as provided in the Agreement. 4. Construction. The parties hereby further agree that wherever the Agreement refers to "Plan" and "Urban Renewal Area," said terms shall be construed to mean the Northern Firestone Plan and the Northern Firestone Urban Renewal Area with respect to the NFURA County Tax Levy Allocation. The parties hereby further agree that all terms and conditions of the Agreement shall be construed to apply severally and not jointly; therefore, for example, in the event FURA and Firestone terminate only the Northern Firestone Plan, including its TIF Financing component, the Agreement shall remain in effect with respect to the County Tax Levy Allocation for properties in the Southern Firestone Urban Renewal Area. 5. Effective Date. This Amendment shall take effect as of the effective date of 2 approval of the Northern Firestone Plan, provided the same has been executed by each of the parties hereto. IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officials to execute this Amendment. COUNTY: • 1 ,y �u.+.a. .k)014,44.9c6 ... COUNTY OF WELD, a political Weld County t oar subdivision of the STATE OF COLORADO: 361 t 411 , , Clerk o the Board William F.Garcia,Chairman -j Board of County Commissioners,MAY 2 9 2013 County of Weld TOWN: r"-0. \\� ATTEST: FrREST�',s‘k OF FIRESTONE, a municipal corporation , j/ TOWN thI,�� TATE OF COLORADO /4 SEAL i°% �-- ,ors f0: �v4 Q, By: I \, A 1/4..._.....-- y fIV-- Rebecca Toberman `li�\00—:— GOB=shad Auer,Mayor Aeorg Town Clerk �EST•� ':;A: A 1"I'BST: / � ''TOWNFI E�'I,ONE URBAN RENEWAL AUTHORITY / 'J(%J` SEAL •- Rebecca Toberman '� F` �' ad Auer, Chai a son ` �EWAt-P s Recording Secretary ` �I I 3 aoi3-4790 PROPOSED COOPERATION AGREEMENT AMONG THE FIRESTONE URBAN RENEWAL AUTHORITY AND THE SOUTHWESTERN WELD COUNTY LAW ENFORCEMENT AUTHORITY CENTRAL FIRESTONE URBAN RENEWAL PLAN COOPERATION AGREEMENT AMONG THE FIRESTONE URBAN RENEWAL AUTHORITY AND THE SOUTHWESTERN WELD COUNTY LAW ENFORCEMENT AUTHORITY CENTRAL FIRESTONE URBAN RENEWAL PLAN THIS COOPERATION AGREEMENT ("Agreement") is made and executed by and between the SOUTHWESTERN WELD COUNTY LAW ENFORCEMENT AUTHORITY and the FIRESTONE URBAN RENEWAL AUTHORITY, referred to collectively as the "parties"or individually as a"party". WITNESSETH: WHEREAS, the Southwestern Weld County Law Enforcement Authority("District") is a quasi-municipal corporation and political subdivision of the State of Colorado, duly organized and existing under the constitution and the laws of the State of Colorado; and WHEREAS, the Firestone Urban Renewal Authority ("FURA") is a public body corporate and politic authorized to transact business and exercise its powers as an urban renewal authority under and pursuant to the Colorado Urban Renewal Law, Part 1 of Article 25 of Title 31, C.R.S. ("Act"); and WHEREAS, on , 2015, the Board of Trustees of the Town of Firestone adopted its Resolution 15- approving the Urban Renewal Plan for the Central Firestone Urban Renewal Area ("Plan"), which details the inclusion of the parcels described in the Plan for the purposes authorized in the Act, including utilizing tax increment financing ("TIF Financing"), as contemplated by C.R.S. § 31-25-107(9)(a), for the purposes authorized by the Urban Renewal Law; and WHEREAS, TIF Financing provides that taxes, if any, levied after the effective date of the approval of the Plan upon taxable property in the area described in the Plan("Urban Renewal Area") each year shall be divided for a period not to exceed twenty-five (25) years from the effective date of the Plan and that a portion of said property tax revenues (the "TIF Revenue") shall be allocated to and paid into a special fund of FURA to pay the principal of, interest on, and any premiums due in connection with bonds of, loans or advances to, or indebtedness incurred by FURA; and WHEREAS, the District and FURA recognize that a division of taxes pursuant to C.R.S. § 31-25-107(9)(a) on property within the boundaries of the District without an agreement concerning the sharing of TIF Revenue that results from the District levy on taxable property in the Urban Renewal Area may hinder the effectuation of the Plan and urban renewal projects within the Urban Renewal Area and the District's ability to provide services within the Urban Renewal Area; and WHEREAS, the District is cooperating with FURA to facilitate carrying out the Plan and urban renewal projects within the Urban Renewal Area; and 1 WHEREAS, the District and FURA desire to enter into this Agreement for the transfer to the District of property tax revenues that FURA receives from the District levy on taxable property in the Urban Renewal Area; and WHEREAS, the District and FURA are authorized to enter into this Agreement pursuant to law, including without limitation C.R.S. § 31-25-112; and WHEREAS, the District and FURA have determined it is in the best interest of the parties to enter into this Agreement to facilitate carrying out the Plan and urban renewal projects within the Urban Renewal Area; and WHEREAS, in consideration of the parties entering into this Agreement, the District consents to the inclusion within the Urban Renewal Area of all agricultural lands contained within such Area as described in the Plan,pursuant to C.R.S. § 31-25-107(1)(c)(II)(D); NOW THEREFORE, in consideration of the foregoing recitals and the covenants, promises and agreements of each of the parties hereto, it is agreed by and among the parties hereto as follows: 1. Incorporation of Recitals. The foregoing recitals are incorporated into and made a part of this Agreement. 2. Sharing of District Levy Allocation: FURA agrees to deposit into a separate . account created for such purpose (the "Account"), all of the increase in property tax revenues calculated, produced, and allocated to FURA as a result of the levy of the District upon taxable property within the Urban Renewal Area pursuant to and 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 (the "District Tax Levy Allocation"). Commencing on the date of this Agreement and for a period of twenty-five (25) years from the effective date of the Plan, FURA shall transfer to the District on or before the 15th day of each month all revenues received into such Account through the preceding month. If area is subsequently included in the Plan by a modification of the Plan approved by the Firestone Board of Trustees, and such modification results in TIF Revenues from the District Tax Levy Allocation being allocated to FURA for an additional period beyond twenty-five (25) years from the effective date of the Plan, then FURA shall make the foregoing transfers to the District for such additional period. 3. Use of District Tax Levy Allocation. It is the intention of the District and FURA that the District use the revenues transferred to it pursuant to Section 1 for the costs and expenses of providing services in the municipal boundaries of Firestone as they currently exist or may be expanded. 4. Agreement Confined to District Tax Levy Allocation Revenue. This Agreement applies only to the District Tax Levy Allocation revenues, as calculated, produced, collected and allocated to FURA within the Urban Renewal Area in accordance with C.R.S. § 31-25- 107(9)(a)(II) and the rules and regulations of the Property Tax Administrator of the State of Colorado, and does not include any other revenues of FURA. Further, this Agreement applies 2 only to the Urban Renewal Area described in the Plan as approved by Firestone Board of Trustees Resolution No. 15- and any area subsequently included in the Plan by a modification of the Plan approved by the Firestone Board of Trustees. 5. Subordination. By written consent of the District, as evidenced by a resolution approved by the Board of Directors of the District, the obligation of FURA to transfer revenues from the District Tax Levy Allocation to the District 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 FURA for financing or refinancing, in whole or in part, any 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 FURA to transfer District Tax Levy Allocation revenues as provided in Section 2, as soon as the event causing such interruption shall no longer prevail, FURA shall transfer the total amount of the District Tax Levy Allocation revenue that has been received by FURA that is then in the Account, as determined according to the provisions of Section 2 to this Agreement. 7. Consent Concerning Agricultural Land. The District hereby consents, pursuant to C.R.S. § 31-25-107(1)(c)(II)(D), to the inclusion within the Urban Renewal Area of all agricultural lands contained within such Area as described in the Plan. 8. Termination and Subsequent Legislation. In the event of termination of the Plan, including its TIF Financing component, FURA may terminate this Agreement by delivering written notice to the District. FURA may also terminate this Agreement by delivering written notice to the District if the District is dissolved, consolidated into another district, or no longer provides any services within the Town of Firestone. 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. 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. 3 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. 15. Paragraph Captions. The captions of the paragraphs are set forth only for the convenience and reference of the parties and are not intended in any way to define, limit, or describe the scope or intent of this Agreement. 16. Execution in Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original and all of which shall constitute but one and the same instrument. 17. No Presumption. The parties to this Agreement and their attorneys have had a full opportunity to review and participate in the drafting of the final form of this Agreement. Accordingly, this Agreement shall be construed without regard to any presumption or other rule of construction against the party causing the Agreement to be drafted. 18. Days. If the day for any performance or event provided for herein is a Saturday, a Sunday, a day on which national banks are not open for the regular transactions of business, or a legal holiday pursuant to Section 24-11-101(1), C.R.S., such day shall be extended until the next day on which such banks and state offices are open for the transaction of business. 19. Parties Not Partners. Notwithstanding any language in this Agreement or any other agreement, representation, or warranty to the contrary,the parties shall not be deemed to be 4 partners or joint venturers, and no party shall be responsible for an y debt or liability of any other party. IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officials m execute this Agreement eAcltvmo the day and year first above written. SOUTHWESTERN WELD COUNTY LAW ENFORCEMENT AUTHORITY ATTEST: By By . v«. Title Title y. ^\ dry : . , � aw FIRESTONE S `^ RENEWAL AUTHORITY ATTEST: eitkw y By: By: Ca&s Medina,Recording Secretary George Heath, Chairperson N t�.%�6 �=. » � \ 410,: f 5 WELD COUNTY IMPACT REPORT re F u RA Urban Renewal Plan for the Central Firestone Area Weld County Impact Report Town of Firestone, Colorado September 27, 2015 Table of Contents 1.0 Introduction 1 1.1. Report Requirements 1 2.0 Summary of the Central Plan 1 3.0 Development Program 2 4.0 Development Timing 2 5.0 Development Assumptions and Calculations 2 6.0 Property Tax Revenue 4 7.0 Use of Revenue 4 8.0 Sales Tax Revenue 4 9.0 County Services and Infrastructure 4 Exhibits A. Map of the Central Plan Area B. Single Family Residential Tax Revenue Rates and Values C. Multi-Family Residential Tax Revenue Rates and Values D. Employment and Commercial Growth E. Employment and Commercial Tax Revenue Rates and Values F. Summary of Tax Revenue Rates and Values 1.0 Introduction This report outlines the anticipated fiscal impacts of the Central Firestone Urban Renewal Plan ("Central Plan") on Weld County ("County"). A map of the Central Plan Area is shown as Exhibit A. 1.1 Report Requirements This report responds to the requirements outlined in C.R.S. 31-25-107 (3.5): C.R.S. 31-25-107: APPROVAL OF URBAN RENEWAL PLANS BY THE LOCAL GOVERNING BODY (3.5) "[P]rior to the hearing on an urban renewal plan...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 subparagraph (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. 2.0 Summary of the Central Plan The following information provides a summary of the Central Plan and its potential financial impacts to the County. The calculations noted herein include the assumption that the current Intergovernmental Agreement ("IGA") between the Firestone Urban Renewal Authority ("FURA") and the County for the Southern and Northern Firestone Urban Renewal Plans will be amended to include the Central Plan or an additional intergovernmental agreement will be created. 1 3.0 Development Program The proposed development program for the Central Plan is consistent with current policy documents and plans adopted or utilized by the Town of Firestone. The anticipated redevelopment and development program over the next 25 years is summarized in Table 1. Table 1: Central Firestone Urban Renewal Plan Proposed Development Program Dwelling Units Sq. Feet Residential, Single Family 3.000 Residential, Multi-Family 900 Employment(Industrial/Office) 175,000 Commercial (Retail/Office) 200,000 Total 3,900 1,100,000 4.0 Development Timing The development timetable for the proposed program presented above will ultimately be determined by prevailing market conditions. A key component of the analysis presented in this report is the assumption that key parcels within the Central Plan Area will be redeveloped or developed into a mix of residential, employment and commercial land uses. For the purposes of this analysis, it is assumed that redevelopment and new development in the area would be substantially completed during the 25-year term of the Central Plan. No significant growth in the Central Plan Area is anticipated until 2016. 5.0 Development Assumptions and Calculations In order to assess the fiscal impacts to Weld County, a variety of land use and development assumptions have been made. These assumptions and related calculations are shown in Exhibits B through F. All the various properties in the Central Plan Area were analyzed for development and redevelopment potential, including zoning, physical characteristics, proximity to infrastructure and the amount of necessary blight mitigation. The percentage of open space, residential densities and floor area ratios for non-residential development are consistent with typical development that has occurred in Firestone. For all land use categories reviewed in the area, the ultimate development potential is generally consistent with the growth totals shown in Table 1. All calculations shown are in 2015 dollar values. The values shown are the estimated incremental values of vertical construction. The incremental value of land, especially land that is currently assessed as agricultural, was not included in these calculations, as such lands are assumed to be currently valued at market rates. In order to make the analysis as straight forward as possible, assumed changes in the base valuation or any potential tax rate changes were not considered. 2 Exhibit B identifies growth and revenue projections for the development of single-family residential land uses in the Central Plan Area. Past growth trends of this product type were reviewed and an annual growth rate as shown in Exhibit B was projected for the Town through the year 2040. As this total growth is on a Town wide basis, the percentage of this growth assumed to be developed in the Central Plan Area is as shown in Exhibit B. The total annual projected single-family residential dwelling unit amount is also shown in Exhibit B. The average market value for each single-family residential dwelling unit was projected to be $400,000. At the County's approximate mill levy of 17 mills and an assessed value rate of and estimated 8%, each home will yield the County $544 annually in property tax revenue. Exhibit B shows the annual and cumulative values of the County's property tax relative to the projected number of single-family homes. Exhibit C identifies growth and revenue projections for the development of multi-family residential land uses in the Central Plan Area. This type of land use appears to be gaining momentum in Firestone; therefore a 6.5% annual growth rate was projected for the Town through the year 2040. This rate was based on historical single-family growth data. As this total growth is on a Town wide basis, the percentage of this growth assumed to be developed in the Central Plan Area was 75 percent. The total annual projected multi-family residential dwelling units are shown on Exhibit C. The market value for each multi-family residential dwelling unit was projected to be $250,000. At the County's approximate mill levy of 17 mills and an assessed value rate of 8% each home would yield the County $340 annually in property tax revenues. Exhibit C shows the annual and cumulative values of the County's property tax relative to the projected number of multi-family homes. Exhibit D shows the calculations for the anticipated private sector employment/office and private sector commercial/office land uses in the Central Plan Area. Historic data on the ratio of Firestone population to square feet of employment/office and commercial/office lands uses was calculated. There are approximately 50 square feet of employment/office and approximately 70 square feet of commercial/office per resident. These values were multiplied by the population projections from new residential development in the Central Plan Area to create an annual absorption rate for both employment/office and commercial/office land uses in the Central Plan Area. Exhibit E identifies revenue projections for the development of employment/office and commercial/office land uses in the Central Plan Area. Using a building value of $110 per square foot for employment/office land uses, the County's approximate mill levy of 17 mills and an assessed value rate of 29%, each square foot of employment/office development would yield the County $0.54 per square foot annually. Using a building value of $130 per square foot for commercial/office land uses, the County's mill levy of approximately 17 mills and an assessed value rate of 29% each square foot of commercial/office development would yield the County $0.64 per square foot annually. Exhibit E shows the annual and cumulative County tax revenue for employment and commercial land uses in the Central Plan Area. Exhibit F provides a summary of all the land uses and associated County and total 3 I property tax revenues on an annual and cumulative basis. As with all the exhibits, Exhibit F also assumes an amendment of the current IGA or a new intergovernmental agreement+ between the County and FURA using the same revenue allocation rate of 50 percent. 6.0 Property Tax Revenue Based on assumptions and calculations shown in Exhibits B through F, the incremental County tax revenue that would be deferred during the 25-year term of the Plan would be a net $1,330,472. The "net" amount assumes the 50 percent revenue allocation rate as noted in the IGA. After the 25-year term, the County would receive approximately $123,578 annually from the Central Plan Area. 7.0 Use of Revenue All revenues received by FURA from the Central Plan will be utilized to mitigate blight in the Central Plan Area. 8.0 Sales Tax Revenue Weld County does not have a sales tax and thus no sales tax revenue would be allocated to the FURA under the Central Plan. 9.0 County Services / Infrastructure Because the entire Central Plan is located within the Town of Firestone's municipal boundaries, there is anticipated to be a minimal impact on County services. Infrastructure impacts associated with the proposed development program are assumed to be financed by the Town of Firestone with increment revenues or some combination of increment dollars, grants, general fund dollars, special district dollars or other sources. Impacts to the County's general government services could increase in the general area due to an increase in non-residential and residential development, but such impacts should also be relatively insignificant and more than offset by the increase in value realized by properties contiguous to the Central Plan Area. Additionally, impacts to County social services and jail services are addressed by the 50 percent revenue allocation identified in the IGA. 4 EXHIBIT A • allialit }4 JP lir ell. ° le tfi4v44)120% t.t'A It ri . al ' Ys . I w 1 v- Lrl 0 ir,..,_.„,..e c (19 h, ,r, ..,.. ,:.,.. t.,. iti ., .,,„ , ., .. _ . , • f , . Our /Cc. 10 CO al IIIPI" rile • 114 or- Lit A a) D VI VI Li.1 ihm Ir X � - = t S. � + � _ C C 4S RI Ill 40 ii �, 31= In DQ iii,„_„ .. ..rr..... ,.t.i.rs. . 11, ID... .... ....., . ,...., • ii, • •1- . '� �J,fr.• 4 .01 � tl . j 4, 1 .. e.i . ...... 1 -- �d+l.r _ •L c_..., .:9 ' __ _Nf Y a 1 .11 et 6 _• t �. i., th 3 r hv ,,'per - le ii. . it_ '^ , r 11 i it ., + RID r )( , 31 g ; 1 jfM i . `' i • ,�..,allat Colorado Blvd °- cu a � ; - 71'I ° , ..) ot { '� (13 i t Q Ni; in ? m 44 r M l/) i n Birch Street F _ �:_ 11 lif IP"' % \ .. iik V L U.:r:Wee w 91/2 _�, ia LIyI ...rik... t • tQ r c • • Y it « ✓ , w w J, �, � • TI1 . IF' 3 _ . „6„,. .. --.,..-- La riq _ ni y+ 4 t,,,,1 sS-. iRrig , Iiir :. ,. :, . „�.. • ., . IS IN4iits 4,.,, , , ,. . 1 riff • r + , - • , �ilirilir laLl v • •. . • • .♦ • (�-ISIFit ..,.y. 9. .- , , r Jf G - -+ 0•y' _ ril - lli ses 1" i ^ i • •s, t �-{.� - As j.J •``~ �� 11 ) f. ilb- fit. : - , ,-Plic:,.. 't t 4L- • ti) .. ,G + -- 414 fl-rç �- 1-.. . Al_ `�"'1� ` 4 /. .� , ,"-,,� . N+ •k f g �T�'l'Sit spy 4-0 L a a }�\ c . • _ �.t., .. Alien • J"IC , 4JO X r ,„ a o - V + •-� a) O w a, u j ru o c I O o E a. _ o .A. m 0 m 2 V lL O Vl _ _.,la treirUr • T I i 1 ads M� t 4 EXHIBIT B Exhibit B Single Family Residential Tax Revenue Rates and Values For the Central Plan Annual Annual Percent Annual County Annual Annual Total Growth FS DUs in FURA Tax County County Tax Year DUs Rate DUs FURA DUs Per DU Tax At 50% 2015 2016 3,500 6.0% 210 40.0% 84 544 45,696 22,848 2017 3,630 6.0% 218 40.0% 87 544 47,387 23,693 2018 3,764 6.0% 226 50.0% 113 544 61,425 30,713 2019 3,903 6.0% 234 50.0% 117 544 63,698 31,849 2020 4,047 6.0% 243 50.0% 121 544 66,055 33,027 2021 4,197 6.0% 252 50.0% 126 544 68,499 34,249 2022 4,353 6.0% 261 50.0% 131 544 71,033 35,517 2023 4,514 6.0% 271 50.0% 135 544 73,661 36,831 2024 4,681 6.0% 281 50.0% 140 544 76,387 38,193 2025 4,854 6.0% 291 50.0% 146 544 79,213 39,607 2026 5,033 6.0% 302 50.0% 151 544 82,144 41,072 2027 .5,220 6.0% 313 50.0% 157 544 85,183 42,592 2028 5,413 6.0% 325 50.0% 162 544 88,335 44,168 2029 5,613 6.0% 337 50.0% 168 544 91,603 45,802 2030 5,821 5.0% 291 50.0% 146 544 79,161 39,580 2031 6,036 5.0% 302 50.0% 151 544 82,090 41,045 2032 6,259 5.0% 313 50.0% 156 544 85,127 42,563 2033 6,491 2.5% 162 50.0% 81 544 44,138 22,069 2034 6,731 3.0% 202 50.0% 101 544 54,926 27,463 2035 6,980 3.0% 209 50.0% 105 544 56,958 28,479 2036 7,238 3.0% 217 50.0% 109 544 59,065 29,533 2037 7,506 3.0% 225 50.0% 113 544 61,251 30,625 2038 7,784 3.0% 234 50.0% 117 544 63,517 31,759 2039 8,072 3.0% 242 50.0% 121 544 65,867 32,934 2040 8,371 3.0% 251 50.0% 126 544 68,304 34,152 Total 3,038 1,652,419 826,210 Notes 1 FS stands for Firestone. 2 DU stands for dwelling unit. 3 CP stands for the Central Plan. 4 Projections are estimates only. 5 Tax revenue is shown in dollars. EXHIBIT C Exhibit C Multi-Family Residential Tax Revenue Rates and Values For the Central Plan Annual Annual Percent Annual County Annual Annual Total Growth FS DUs in FURA Tax County County Tax Year DUs Rate DUs FURA DUs Per DU Tax At 50% 2015 2016 300 6.5% 20 75.0% 15 340 4,973 2,486 2017 320 6.5% 21 75.0% 16 340 5,296 2,648 2018 340 6.5% 22 75.0% 17 340 5,640 2,820 2019 362 6.5% 24 75.0% 18 340 6,007 3,003 2020 386 6.5% 25 75.0% 19 340 6,397 3,198 2021 411 6.5% 27 75.0% 20 340 6,813 3,406 2022 438 6.5% 28 75.0% 21 340 7,256 3,628 2023 466 6.5% 30 75.0% 23 340 7,727 3,864 2024 496 6.5% 32 75.0% 24 340 8,229 4,115 2025 529 6.5% 34 75.0% 26 340 8,764 4,382 2026 563 6.5% 37 75.0% 27 340 9,334 4,667 2027 600 6.0% 36 75.0% 27 340 9,176 4,588 2028 636 6.0% 38 75.0% 29 340 9,727 4,863 2029 674 6.0% 40 75.0% 30 340 10,310 5,155 2030 714 6.0% 43 75.0% 32 340 10,929 5,464 2031 757 6.0% 45 75.0% 34 340 11,585 5,792 2032 803 6.0% 48 75.0% 36 340 12,280 6,140 2033 851 6.0% 51 75.0% 38 340 13,016 6,508 2034 902 6.0% 54 75.0% 41 340 13,797 6,899 2035 956 6.0% 57 75.0% 43 340 14,625 7,313 2036 1,013 6.0% 61 75.0% 46 340 15,503 7,751 2037 1,074 6.0% 64 75.0% 48 340 16,433 8,217 2038 1,138 6.0% 68 75.0% 51 340 17,419 8,709 2039 1,207 6.0% 72 75.0% 54 340 18,464 9,232 2040 1,279_ 6.0% 77 75.0% 58 340 19,572 9,786 Total 1,036 792 269,272 134,636 Notes 1 FS stands for Firestone. 2 DU stands for dwelling unit. 3 CP stands for the Central Plan. 4 Projections are estimates only. 5 Tax revenue is shown in dollars. 4 EXHIBIT D Exhibit D Employment and Commercial Growth For the Central Plan Annual Pop. SF Annual Pop. MF Comb. Emp. Annual Corn. Annual FURA Per Annual FURA Per Annual Annual SF Per Emp. SF Per Com. Year SF DUs SF DU Pop. MF DUs MF DU Pop. Pop. Pop. Absop. Pop. Absop. 2015 2016 210 2.75 578 20 1.8 35 613 50 30,630 70 42,882 2017 218 2.75 599 21 1.8 37 636 50 31,812 70 44,537 2018 226 2.75 621 22 1.8 40 661 50 33,042 70 46,259 2019 234 2.75 644 24 1.8 42 686 50 34,320 70 48,048 2020 243 2.75 668 25 1.8 45 713 50 35,649 70 49,909 2021 252 2.75 693 27 1.8 48 741 50 37,032 70 51,844 2022 261 2.75 718 28 1.8 51 769 50 38,469 70 53,857 2023 271 2.75 745 30 1.8 55 799 50 39,964 70 55,950 2024 281 2.75 772 32 1.8 58 830 50 41,519 70 58,127 2025 291 2.75 801 34 1.8 62 863 50 43,137 70 60,391 2026 302 2.75 830 37 1.8 66 896 50 44,819 70 62,747 2027 313 2.75 861 36 1.8 65 926 50 46,300 70 64,820 1 2028 325 2.75 893 38 1.8 69 962 50 48,088 70 67,323 2029 337 2.75 926 40 1.8 73 999 50 49,946 70 69,924 2030 291 2.75 800 43 1.8 77 877 50 43,874 70 61,424 2031 302 2.75 830 45 1.8 82 912 50 45,586 70 63,821 2032 313 2.75 861 48 1.8 87 947 50 47,367 70 66,314 2033 162 2.75 446 51 1.8 92 538 50 26,907 70 37,669 2034 202 2.75 555 54 1.8 97 653 50 32,635 70 45,690 2035 209 2.75 576 57 1.8 103 679 50 33,955 70 47,537 2036 217 2.75 597 61 1.8 109 707 50 35,330 70 49,462 2037 225 2.75 619 64 1.8 116 735 50 36,763 70 51,468 2038 234 2.75 642 68 1.8 123 765 50 38,257 70 53,559 2039 242 2.75 666 72 1.8 130 796 50 39,814 70 55,739 2040 251 2.75 691 77 1.8 138 829 50 41,437 70 58,011 Total 976,652 1,367,312 Notes 1 FS stands for Firestone. 2 DU stands for dwelling unit. 3 CP stands for the Central Plan. 4 Projections are estimates only. 5 Tax revenue is shown in dollars. EXHIBIT E Exhibit E Employment and Commercial Tax Revenue Rates and Values For the Central Plan Annual County Annual Annual County Annual Annual Annual Emp. Emp.Tax County Com. Tax Per County Combined County Tax Year Sq. Ft. Per Sq.Ft. Emp.Tax Sq. Ft. Sq. Ft. Corn.Tax Cty Tax At 50% 2015 2016 15,814 0.54 8,540 14,196 0.64 9,085 17,625 8,813 2017 16,372 0.54 8,841 14,698 0.64 9,407 18,248 9,124 2018 16,931 0.54 9,143 15,200 0.64 9,728 18,871 9,435 2019 17,490 0.54 9,445 15,701 0.64 10,049 19,493 9,747 2020 18,049 0.54 9,746 16,203 0.64 10,370 20,116 10,058 2021 18,608 0.54 10,048 16,705 0.64 10,691 20,740 10,370 2022 19,325 0.54 10,436 17,348 0.64 11,103 21,538 10,769 2023 19,884 0.54 10,737 17,850 0.64 11,424 22,161 11,081 2024 20,601 0.54 11,125 18,494 0.64 11,836 22,961 11,480 2025 21,402 0.54 11,557 19,213 0.64 12,296 23,853 11,927 2026, 22,119 0.54 11,944 19,857 0.64 12,708 24,653 12,326 2027 23,078 0.54 12,462 20,718 0.64 13,259 25,721 12,861 2028 23,795 0.54 12,849 21,362 0.64 13,671 26,521 13,260 2029 24,754 0.54 13,367 22,223 0.64 14,223 27,590 13,795 2030 25,714 0.54 13,885 23,084 0.64 14,774 28,659 14,329 2031 26,589 0.54 14,358 23,870 0.64 15,277 29,635 14,817 2032 27,548 0.54 14,876 24,731 0.64 15,828 30,704 15,352 2033 28,666 0.54 15,480 25,734 0.64 16,470 31,950 15,975 2034 29,625 0.54 15,998 25,734 0.64 16,470 32,467 16,234 2035 30,743 0.54 16,601 25,734 0.64 16,470 33,071 16,536 2036 31,860 0.54 17,204 25,734 0.64 16,470 33,674 16,837 2037 32,987 0.54 17,813 25,734 0.64 16,470 34,283 17,141 2038 34,338 0.54 18,543 25,734 0.64 16,470 35,012 17,506 2039 35,614 0.54 19,232 25,734 0.64 16,470 35,701 17,851 2040 35,614 0.54 19,232 25,734 0.64 16,470 35,701 17,851 Total 670,949 335,474 Notes 1 FS stands for Firestone. 2 DU stands for dwelling unit. 3 CP stands for the Central Plan. 4 Projections are estimates only. 5 Tax revenue is shown in dollars. EXHIBIT F Exhibit F Summary of Tax Revenue Rates and Values For the Central Plan Annual Annual Annual Annual Total Annual County County County County Annual County Tax Year SF Tax MF Tax Emp.Tax Com.Tax Cty.Tax At 50% 2015 2016 45,696 4,973 8,540 9,085 68,294 34,147 2017 47,387 5,296 8,841 9,407 70,930 35,465 2018 61,425 5,640 9,143 9,728 85,936 42,968 2019 63,698 6,007 9,445 10,049 89,198 44,599 2020 66,055 6,397 9,746 10,370 92,568 46,284 2021 68,499 6,813 10,048 10,691 96,051 48,025 2022 71,033 7,256 10,436 11,103 99,827 49,913 2023 73,661 7,727 10,737 11,424 103,550 51,775 2024 76,387 8,229 11,125 11,836 107,577 53,788 2025 79,213 8,764 11,557 12,296 111,831 55,915 2026 82,144 9,334 11,944 12,708 116,131 58,065 2027 85,183 9,176 12,462 13,259 120,081 60,040 2028 88,335 9,727 12,849 13,671 124,582 62,291 2029 91,603 10,310 13,367 14,223 129,503 64,752 2030 79,161 10,929 13,885 14,774 118,749 59,374 2031 82,090 11,585 14,358 15,277 123,309 61,655 2032 85,127 12,280 14,876 15,828 128,110 64,055 2033 44,138 13,016 15,480 16,470 89,104 44,552 2034 54,926 13,797 15,998 16,470 101,191 50,595 2035 56,958 14,625 16,601 16,470 104,654 52,327 2036 59,065 15,503 17,204 16,470 108,243 54,121 2037 61,251 16,433 17,813 16,470 111,967 55,983 2038 63,517 17,419 18,543 16,470 115,949 57,974 2039 65,867 18,464 19,232 16,470 120,033 60,016 2040 68,304 19,572 19,232 16,470 123,578 61,789 Total 2,660,943 1,330,472 0 Notes 1 FS stands for Firestone. 2 DU stands for dwelling unit. 3 CP stands for the Central Plan. 4 Projections are estimates only. 5 Tax revenue is shown in dollars. I Firestone Urban Renewal Plan For the Central Firestone Urban Renewal Area October , 2015 Table of Contents A. Introduction 1 B . Summary of Eligibility Criteria 1 1 . Conditions Survey , 1 2 . Summary of Conditions Survey 1 C . Findings 2 D . Urban Renewal Plan Goals and Plan 's Relationship to Local and Regional Objectives 3 1 . Goals 3 2 . Relationship to Local and Regional Objectives 4 3 . Relationship to Master Plan 5 E . Land Use Regulations and Building Requirements 6 1 . Land Uses 6 2 . Development Processing 7 F . Project Activities 7 1 . Land Acquisition 7 2 . Relocation 8 3 . Demolition , Clearance and Site Preparation 8 4 . Property Management 8 5 . Land Disposition , Redevelopment and Rehabilitation 8 6 . Project List 9 7 . Cooperation Agreement 9 8 . Other Project Undertakings and Activities 10 G . Project Financing 10 H . Changes in Approved Plan 12 Exhibits A . Legal Description — Central Firestone Urban Renewal Plan Area B . Central Firestone Urban Renewal Area Map C . Conditions Survey i D . Legal Description — Areas Assessed As Agricultural Within The Last Five Years E . Areas Assessed As Agricultural Within The Last Five Years Map F . Central Firestone Urban Renewal Area Weld County Impact Report ii A. Introduction The Firestone Town Board of Trustees established the Firestone Urban Renewal Authority ("Authority" ) on July 9 , 2009 by Resolution No . 09-22 . The Authority has previously prepared an Urban Renewal Plan for the Southern Firestone Urban Renewal Area ("Southern Plan " ) , the Northern Urban Renewal Area ( " Northern P lan " ) and now has prepared this Urban Renewal Plan for the Central Firestone U rban Renewal Area ( " Central Plan " ) . Like the Southern Plan and the Northern P lan , the Central Plan has been prepared to guide in the elimination and prevention of conditions of blight in the Central Plan and to facilitate redevelopment in the Central Plan in accordance with the Firestone Master Plan . This Central Plan has been prepared pursuant to the provisions of the Urban Renewal Law of the State of Colorado , Part 1 of Article 25 of Title 31 , C . R . S . , as amended ("Act" ) . The legal description of the Central Plan within the Town is set forth in Exhibit A . The general location of the Central Plan is shown in Exhibit B . The administration and the implementation of the Central Plan shall be the responsibility of the Authority . B . Summary of Eligibility Criteria 1 . Conditions Survey The Authority directed the preparation of a conditions survey covering the Central Plan (titled the Central Firestone Conditions Survey and hereafter referred to as the "Central Survey" ) . The Central Plan Survey was completed in September 2015 . The purpose of the Central Survey was to establish if conditions of blight , as defined in the Act , exist in the Central Plan . The Central Survey is attached as Exhibit C . 2 . Summary of Conditions Survey The Central Survey shows there is a presence of adverse physical conditions sufficient to meet criteria established in the Act. Although some portions of the Central Plan are inadequate or sound condition , there exist deteriorated and substandard conditions throughout the study area as a whole , which supports a finding that the Central Plan is a blighted area as defined in the Act . The conclusion of this study is based on the following summary of conditions found in the Central Survey : • Slum , deteriorated , or deteriorating structures . • Faulty lot layout in relation to size , adequacy , accessibility , or usefulness . • Unsanitary or unsafe conditions . 1 • Existence of conditions that endanger life or property by fire or other causes • 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 • 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 . C . Findings 1 . The Central Survey identifies conditions that constitute a blighted area as defined in the Act . Based on the Central Survey and evidence presented at the public hearing , the City Council finds that there exists blight , as defined by § 31 -25- 103 (2 ) , C . R . S . , in the Central Plan . 2 . The Board of Trustees finds that the Central Plan is appropriate for one or more projects and other undertakings by the Firestone Urban Renewal Authority as authorized by the Act . 3 . The Board of Trustees held a public hearing on October 28 , 2015 to 4 consider this Plan after public notice thereof in compliance with the Act in the Longmont Times-Call newspaper, describing the time , date , and purpose of the public hearing , identifying the Central Plan and outlining the general scope of the projects being considered for implementation pursuant to this Plan . Notice of the public hearing has been mailed to all property owners , residents , and owners of business concerns in the proposed Central Plan at their last known address of record at least 30 days prior to the public hearing . 4 . The boundaries of the Central Plan are set forth in Exhibit A attached hereto . The Central Plan is designated as an urban renewal area by this Plan . The Central Plan is drawn as narrowly as feasible to accomplish the planning and development objectives of the Central Plan . 5 . The Central Plan includes parcels of agricultural land , as defined by C . R . S . § 31 -25- 103 (a ) . These parcels are included pursuant to the consent of each public body that levies ad valorem property tax in conformance with C . R . S . § 31 -25- 107 ( c )( III ) ( D ) . A map of these areas is shown as Exhibit E . 6 . One or more of the projects undertaken pursuant to this Plan may require the demolition and clearance , subject to other restrictions , of certain property within the Central Plan as provided in this Plan . Such actions may be necessary to eliminate unhealthy , unsanitary , and unsafe 2 conditions , eliminate obsolete and other uses detrimental to the public welfare , and otherwise remove and prevent the spread of deterioration . 7 . Other portions of the Central Plan may be conserved or rehabilitated through appropriate public action , as authorized or contemplated by the Act , and through the cooperation and voluntary action of the owners and tenants of such property . 8 . In order to eliminate or reduce the qualifying conditions currently existing within the Central Plan , it is the intent of the Board of Trustees in adopting this Plan that the Firestone Urban Renewal Authority exercise all powers authorized to be exercised under the Act and which are necessary , convenient , or appropriate to accomplish the objectives of this Plan . It is the intent of this Plan that except as otherwise provided herein , the Firestone Urban Renewal Authority shall exercise all such powers as may now be possessed or hereafter granted to the Authority for the elimination of qualifying conditions within the Central Plan . 9 . A feasible method exists for the relocation of individuals , families , and business concerns that may be displaced by an urban renewal project through the adoption of a relocation policy by the Firestone Urban Renewal Authority insuring that adequate substitute business locations can be made available and that adequate relocation assistance is available . 10 . The powers conferred by the Act are for public uses and purposes for which public money may be expended and the police powers exercised , and this Plan is in the public interest and necessity , such finding being a matter of legislative determination by the Board of Trustees . 11 . The uses contemplated under this Plan are necessary and appropriate to facilitate the sound growth and development of the Town of Firestone in accordance with sound planning standards and local community objectives , and any acquisitions within the Central Plan which may require the exercise of governmental action are necessary because of the presence of blight in the Central Plan . 12 . The Central Plan does not contain property that was included in a previously submitted urban renewal plan that the Board of Trustees failed to approve in past twenty-four months . D . Urban Renewal Plan Goals and Plan ' s Relationship to Local and Regional Objectives 1 . Goals 3 a . Implementation of the Central Plan will help eliminate and prevent conditions of blight in the Central Plan . b . The Central Plan will implement the Master Plan and contribute to the orderly growth and development of the Town . c . Through the maximum possible participation of private enterprise and the cooperative efforts of the public sector, implementation of the Central Plan will eliminate and prevent economic deterioration in the Central Plan . d . The Central Plan will upgrade traffic , pedestrian , and bicycle circulation and access , public utilities , recreation and drainage in the Central Plan , while ensuring that existing and proposed development is sensitive to the surrounding residential neighborhoods . e . The Central Plan will eliminate and prevent blight by helping to attract capital investment and new businesses , retention and expansion of existing businesses , and development of regional markets for retail , office , and housing uses , thereby providing employment and strengthening the economic base and physical condition of the Central Plan . U f. The Central Plan will create a high quality image of the Town and the Central Plan by creating an attractive visual image through the implementation of landscaping , design and streetscape improvements . g . Implementation of the Central Plan will provide for the redevelopment of the area and promote improvements of properties in the Central Plan . h . Success of the Central Plan will provide a catalyst for further improvements and potential redevelopment of residential areas adjacent to the Central Plan . i . The Central Plan will promote a wide array of housing choices , from affordable housing to luxury housing within the Central Plan . 2 . Relationship to Local and Regional Objectives a . The Central Plan will promote and encourage private enterprise to upgrade and invest in commercial , retail and housing developments in the Central Plan , an objective of the Master Plan and the Act . b . The Central Plan will implement the provisions of the Town ' s master drainage and flood improvement program , which is part of regional 4 efforts to control flooding and promote a comprehensive drainage program to serve the entire region . c . Implementation of the Central Plan is consistent with regional and local efforts to create public/private partnerships to comply with the Act . d . The Central Plan will provide a means of mitigating land use conflicts with adjoining areas through the implementation of adopted planning and design standards for public and private improvements . e . The Central Plan promotes the development and expansion of safe and adequate pedestrian access , public transportation , and enhances the access to the Firestone Trail and connecting regional trail systems . f. The Central Plan encourages additional transportation alternatives to increase safety , access , and alternatives for residents and visitors . Specific project improvements towards this end may include , without limitation , installation or upgrading of traffic , pedestrian , and bicycle circulation and access improvements . 3 . Relationship to Master Plan The Town adopted and continually updates a Master Plan to guide development and redevelopment of the Town , including the Central Plan Area . The Firestone Planning Commission reviewed this Central Firestone Urban Renewal Plan at a regular meeting on October 15 , 2015 . The Firestone Planning Commission found the Central Firestone Urban Renewal Plan to be consistent with the Master Plan and recommended adoption of the Central Firestone Urban Renewal Plan by the Board of Trustees . The Central Plan advances the goals and objectives of the community , including , without limitation , the following specific goals and objectives of the Master Plan : • A transportation system that is properly designed and constructed to meet the current needs of the existing traffic volumes . • A comprehensive and unified parks and trails system . Firestone is a pedestrian and non-motorized connected community , where one can walk to work , home or service centers on a comfortable and convenient trail system . • Effective and efficient public safety and security . Without public safety, Firestone citizens and employees cannot be free to enjoy their benefits of their community . • " Four-sided " architecture along major streets and visual corridors . 5 • A "world class" Central Park campus that inspires national and international recognition as a Civic, Cultural and Community Center. • Superior recreational facilities , including the Firestone Sports Complex . • A balanced approach to a blend of housing and commercial opportunities . • An equal number of available jobs to employable citizens . • A focus on a comprehensive "cradle" to "grave" land use and community system where all components of the life cycle are considered and accommodated . • A community where the freedom to worship is fully embraced . • A specific focus on the senior segments of the Firestone community to assure that they are appropriately considered in land use and community decisions . If optimized , the senior population can bestow valuable leadership and wisdom that comes from experience of time . • Proper transition and integration between different types of land uses . • Convenient access to a wide variety of retail goods and services . • Down cast lighting and strategies to effectively preserve the " night sky" . • Low , but appropriate taxes . • Stable political leadership . • A tangible and inspired sense of community . E . Land Use Regulations and Building Requirements 1 . Land Uses Excluding public rights-of-way , all the property in the area is zoned as Planned Unit Development District ( PUD ) under Title 17 of the Firestone Municipal Code . Permitted land use categories and associated development standards are described in the Firestone Development Regulations . The Authority may in conformance with the Act , adopt additional design standards and development requirements applicable to properties in the Central Plan . 6 2 . Development Processing Applications for development will comply with applicable Town requirements and will be subject to public hearings before the Planning and Zoning Commission and Town Board for approval of Outline Development Plans , Preliminary Development Plans , Preliminary Plats , Final Development Plans and Final Plats . The Central Plan encourages a comprehensive and unified plan to promote and encourage high quality development of the area by private enterprise . F . Project Activities 1 . Land Acquisition In order to carry out this Central Plan , the Authority may exercise any and all of its powers under the Act . The Authority may acquire any interest in property by voluntary sale or acquisition or by the exercise of the power of eminent domain pursuant to procedures set forth in C . R . S . 38- 1 - 101 et seq . and C . R . S . 38-7- 101 et seq . , including : a . Any action to acquire property through the exercise of the power of eminent domain shall be commenced no later than seven years from the date that blight is determined by the Town Board . b . Not later than the commencement of the negotiation of an agreement for redevelopment or rehabilitation of property acquired or to be acquired by eminent domain , the Authority must provide notice and invite proposals for redevelopment or rehabilitation from all property owners , residents , and owners of business concerns located on the property acquired or to be acquired by eminent domain in the Central Plan by mailing notice to their last known address of record . The Authority may also at the same time invite proposals for redevelopment or rehabilitation from other interested persons who may not be property owners , owners of business concerns , or residents within the Central Plan , and may provide public notice thereof by publication in a newspaper having a general circulation within the Town . c . In the case of a set of parcels to be acquired by the Authority in connection with a project , at least one of which is owned by an owner refusing or rejecting an agreement for the acquisition of the entire set of parcels , the Authority must make a determination that the redevelopment or rehabilitation of the remaining parcels is not viable under the Central Plan without the parcel at issue . 7 d . Acquisition of any property by eminent domain shall be for the purpose of preventing or eliminating conditions of blight without regard to the economic performance of the property to be acquired . 2 . Relocation It is not anticipated that acquisition of real property by the Authority will result in the relocation of any individuals , families , or business concerns . However, if such relocation becomes necessary , the Authority shall adopt a relocation plan in conformance with the Act and consistent with specific objectives which will be identified in that plan . The Authority shall adopt its relocation plan ( s ) before any individuals , families or business concerns are relocated . 3 . Demolition , Clearance and Site Preparation I The Authority may demolish and clear those structures and other improvements from property it acquires pursuant to the Central Plan . The Authority may provide rough and finished site grading and other site • preparation services as part of a comprehensive redevelopment program . 4 . Property Management During such time as any property is owned by the Authority , such property shall be under the management and control of the Authority and may be rented or leased by it , pending disposition for redevelopment or rehabilitation . 5 . Land Disposition , Redevelopment , and Rehabilitation Purchasers or owners of property within the Central Plan will be obligated to develop , redevelop , or rehabilitate such property in accordance with the provisions of this Central Plan . The Authority may dispose of property it acquires by means of a reasonable competitive bidding procedure it establishes in accordance with the Act and pursuant to redevelopment agreements between the Authority and such purchaser . Disposition of property by the Authority shall conform with the requirements of the Act . The Authority may also enter into owner participation agreements with property owners in the Central Plan for the development, redevelopment or rehabilitation of their property . Such agreements will provide for the participation and assistance that the Authority may provide to such owners . 8 All such redevelopment , owner participation and other agreement shall contain , at a minimum , provisions requiring : a . Compliance with the Act, the Central Plan and applicable provisions of the Firestone Municipal Code and Firestone Development Regulations ; b . Covenants to begin and complete development , construction or rehabilitation of both public and private improvements within a period of time deemed to be reasonable by the Authority ; c . The legal and financial ability of the owner or redeveloper to redevelop or rehabilitate the property; d . The financial commitments of each party ( but nothing herein shall obligate the Authority to make any financial or other commitment to any party or transaction ) . Purchasers or owners of property within the Central Plan will be obligated to develop , redevelop , or rehabilitate such property in accordance with the provisions of this Central Plan . 6 . Project List The following list identifies projects that directly relate to the objective of mitigating blight in the Central Plan . • Del Camino area storm drainage improvements and outfall ; • Colorado Blvd-Zinnia Avenue storm drainage improvements ; • East 1 -25 Frontage Road bridge improvements ; • Sump basin outfall channel ; • Tri-Town basin regional stormwater detention pond ; • St . Vrain River basin regional water treatment plant; and • Any other specific undertaking or activity necessary that furthers the goal of mitigating blight in the Central Plan . 7 . Cooperation Agreements For the purposes of planning and implementing this Central Plan and projects in the Central Plan , the Authority may enter into one or more cooperation agreements with the Town or other public bodies . Without limitation , such agreements may include provisions for project financing and implementation ; administrative assistance ; personnel matters and services ; design , location and construction of public improvements ; allocation or revenues , and any other matters required to carry out the 9 Central Plan and projects in the Central Plan . It is recognized that cooperation with the Town , other municipalities and other public and private bodies may be required to coordinate such issues as the design , construction and timing of public and private improvements within and outside of the Central Plan to properly and efficiently carry out the goals and objectives of this Central Plan . Cooperation agreements addressing such issues are deemed necessary and incidental to the planning and execution of projects in the Central Plan . 8 . Other Project Undertakings and Activities Other project undertakings and activities as authorized by the Act and deemed necessary by the Authority to implement this Central Plan may be undertaken and performed by the Authority directly or pursuant to agreements with other parties or public bodies in accordance with the authorization of the Act and any and all applicable laws . G . Project Financing The Authority is authorized to finance projects undertaken pursuant to this Central Plan by any method authorized by the Act or any other applicable law , including without limitation , appropriations , loans or advances from the Town ; federal loans and grants ; state loans and grants ; interest income ; pay as you go arrangements ; annual appropriation agreements ; agreements with public and private parties or entities ; sale of securities ; property and sales tax increments ; loans , advances and grants from any other available source , any which method may be utilized either independently or in combination with any one or more other methods . Any and all financing methods legally available to the Town , the Authority , any private developer, redeveloper or owner may be used to refinance in whole or in part any and all costs , including without limitation , the cost of public improvements , described or anticipated in the Central Plan or in any manner related or incidental to redevelopment of the Central Plan . Such methods may be combined to finance all or any part of a project . Any financing method authorized by the Central Plan , the Act , or any applicable law may be used to pay the principal of and interest on and to establish reserves for indebtedness (whether funded , refunded , assumed or otherwise ) incurred by the Authority or the Town to refinance a project in whole or in part . The Authority is authorized to issue notes , bonds or any other financing instruments or documents in amounts sufficient to finance all or part of a project . The Authority is authorized to borrow funds and to create indebtedness in carrying out this Central Plan . The principal , interest and any premiums due on or in connection with such indebtedness may be paid from tax increments or any other funds available to the Authority . 10 The Central Plan may be financed by the Authority under the tax increment financing provisions of the Act . Under the tax increment method of financing a project , property taxes levied after the effective date of the approval of this Central Plan upon taxable property in the Central Plan each year by or for the benefit of any public body or all or a portion of municipal taxes collected within the Central Plan , or both such taxes , shall be divided for a period not to exceed twenty-five (25 ) years after the effective date of the adoption of this tax allocation provision , as follows : 1 . Base Amount That portion of the taxes which are produced by the levy at the rate fixed each year by or for each such public body upon the valuation for assessment of taxable property in the Central Plan last certified prior to the effective date of approval of the Central Plan or, as to an area later added to the Central Plan , the effective date of the modification of the Central Plan , or that portion of municipal sales taxes collected within the boundaries of the Central Plan in the twelve-month period ending on the last day of the month prior to the effective date of the approval of the Central Plan , or both such portions , shall be paid into the funds of each such public body as are all other taxes collected by or for said public body . 2 . Increment Amount That portion of said property taxes in excess of such base amount or that portion of said municipal sales taxes in excess of such base amount , or both , shall be allocated to and , when collected , paid into a special fund of the Authority to pay the principal of, the interest on , and any premiums due in connection with the bonds of, loans or advances to , or indebtedness incurred by (whether funded , refunded , assumed or otherwise ) the Authority for financing or refinancing , in whole or in part , an urban renewal project or, if approved , to make payments under an agreement executed pursuant to section 31 -25- 107 ( 11 ) of the Act . Unless and until the total valuation for assessment of the taxable property in the Central Plan exceeds the base valuation for assessment of the taxable property in the Central Plan , all of the taxes levied upon taxable property in the Central Plan shall be paid into the funds of the respective public bodies . Unless and until all or the relevant part of the municipal sales tax collections in the Central Plan exceed the base year municipal sales tax collections in the Central Plan , all such sales tax collections shall be paid into the funds of the Town . When such bonds , loans , advances and indebtedness , including interest thereon and any premiums due in connection therewith , have been paid , all taxes upon the taxable property in the Central Plan shall be paid into the 11 funds of the respective public bodies and all such municipal sales tax collections in the Central Plan shall be paid into the funds of the Town . The increment portion of the taxes , as described in subparagraph ( II ) , may be irrevocably pledged by the Authority for the payment of the principal of, the interest on , and any premiums due in connection with such bonds , loans , advances and indebtedness incurred by the Authority to finance urban renewal projects , or to make payments under an agreement executed pursuant to C . R . S . 31 -25- 107 ( 11 ) . The report to the Board of County Commissioners of Weld County required by C . R . S . 31 -25- 107 ( 3 . 5 ) of the Act is attached as Exhibit F . H . Changes in Approved Plan pursuant to the provisions of the Act This Central Plan may be modified governing such modifications , including 31 -25- 107 , C . R . S . 12 EXHIBIT A LEGAL DESCRIPTION CENTRAL FIRESTONE URBAN RENEWAL PLAN AREA Prepared : August p g 25 , 2015 Being those portions of Sections 25, 35 and 36 of Township 3 North , Range 68 West of the 6th Principle Meridian , and those portions of Sections 1 , 3 , 10 , 11 , 12 and 24 of Township 2 North , Range 68 West of the 6th Principle Meridian , and those portions of Section 32 of Township 3 North , Range 67 West of the 6th Principle Meridian , and those portions of Sections 6 and 7 of Township 2 North , Range 67 West of the 6th Principle Meridian , all in the Town of Firestone , Weld County, Colorado , more particularly described as follows : BAREFOOT LAKES All of the real property as more particularly described on the outline development plan titled Barefoot Lakes , recorded on at Reception No . , with the Clerk and Recorder of Weld County , Colorado . Together with ; STREET MEDIA All of the real property described on the annexation map titled Street Media Annexation No . 1 , recorded on October 4 , 2013 at Reception No . 3968465 , with the Clerk and Recorder of Weld County , Colorado . Together with ; All of the real property described on the annexation map titled Street Media Annexation No . 2 , recorded on October 4 , 2013 at Reception No . 3968467 , with the Clerk and Recorder of Weld County, Colorado . Together with ; MCMURRAY All of the real property described on the annexation map titled McMurray Annexation , recorded on October 4 , 2013 at Reception No . 3968473 , with the Clerk and Recorder of Weld County , Colorado . Together with ; DS REAL ESTATE All of the real property described on the annexation map titled DS Real Estate Annexation , recorded on May 8 , 2015 at Reception No . 4105680 , with the Clerk and Recorder of Weld County, Colorado . 1 Together with ; SPORTS COMPLEX All of the real property described on the minor plat titled Firestone Sports Field Site , recorded on January 12 , 2000 at Reception No . 2743710 , with the Clerk and Recorder of Weld County , Colorado . Together with ; BROOKS FARM All of Block 1 , Lot 1 and Block 1 , Tract A as more particularly described on the minor plat titled Minor Plat of Brooks Farm First Subdivision , recorded on October 3 , 2002 at Reception No . 2993165 , with the Clerk and Recorder of Weld County , Colorado . Together with ; VARRA-HEINTZELMAN PIT SUBDIVISION All of Lot 2 , Lot 3 and Tract A as more particularly described on the final plat titled Varra - Heintzelman Pit Subdivision , recorded on February 23 , 2012 at Reception No . 3826654 , with the Clerk and Recorder of Weld County , Colorado . Together with ; CAMBRIA CROSSING All of the real property described on the annexation map titled Cambria Crossing Annexation , recorded on October 2 , 2013 at Reception No . 3968480 , with the Clerk and Recorder of Weld County, Colorado . Together with ; FIRESTONE CITY CENTRE All of Tract E as more particularly described on the final plat titled Firestone City Centre Subdivision Filing No . 3 , recorded on October 1 , 2010 at Reception No . 3722597 , with the Clerk and Recorder of Weld County , Colorado . Together with ; DEL REY SUBDIVISION All of Lot 1 as more particularly described on the final plat titled Del Ray Subdivision (Areas 1 , 2 and 3 ) , recorded on July , 28 2006 at Reception No . 3406702 , with the Clerk and Recorder of Weld County , Colorado . END OF EXHIBIT A 2 J Q Q Q MI w 11-1 Q c-- J J Q � � Z Z I ' I W J w > zw ° Z Q J � J � O liMi O N Q Q � oow CO ia l" W Q W w V Q Jz � !,., r W Q 0 oQ0° ct Ce 1 d III Z Cn z CO = z E- z � o � , W W Z CO Q i-.• m cn o Q CO � z 42 D 014 ft I XJ - ° Lt. . 0 Q z w - ao W U CO aI a ail = J Z CO CL l- <Ce Q w CL Q 1 03 N re N - N ch vt n co .- U 0 U W U .-- N + � al u u�j w 2 .j Q - 2 • . is SilVONI MI _ - W - I . CV o " M (} U U L-, CV , ci LU LLI LU U) CO X . U) CO f I, IN X I a I I _ J . •CC Q. eb - is 8311.N0 ,2 0- o a O1 0 r C; nr-- S a SC r r 4v. 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N N N M 4.1) co o I 1 r C� Cl) U) .t LU !U W U) U) Exhibit C Conditions Survey e Central Firestone Conditions Study September 2015 DRAFT pMatrix Mu f l ' Central Firestone Conditions Study Table of Contents Section 1 : Study Overview 1 Section 2: Colorado Urban Renewal Statutes and Blighted Areas 3 Section 3: Conditions Indicative of the Presence of Blight 7 Section 4: Study Area Location, Definition, and Description 13 Section 5 : Study Findings 17 Section 6: Study Summary and Recommendation 33 Exhibit 1 : Study Area Context 14 Exhibit 2: Study Area Map 15 Exhibit 3 : Road Layout 20 Exhibit 4: Floodplain Map 25 Central Firestone Conditions Study No document content on this page ii Central Firestone Conditions Study Section 1 : Study Overview Purpose The Firestone 2015 Conditions Study ("Study") is an examination and analysis of various conditions found within a defined geographic area to determine if the area qualifies as "blighted " within the meaning of the Colorado Urban Renewal Law. The Survey is a necessary step if urban renewal, as defined and authorized by Colorado statutes, (see Section 2 and Section 3), is to be used as a tool by the Town of Firestone to remedy and prevent conditions of blight. The findings and conclusions presented in this report are intended to assist the Town in making a final determination as to whether the Survey Area qualifies as blighted and, consequently, the feasibility and appropriateness of using urban renewal as a reinvestment tool. To conduct the Survey and prepare the Survey report, the Town of Firestone retained the services of Denver-based consulting firm Matrix Design Group. Matrix has experience in conducting blight studies for municipalities and agencies across Colorado. Methodology The defined geographic area ("Study Area") examined in this Conditions Study was determined by the Town of Firestone; it focuses on various agricultural and industrial properties that are within the municipal boundaries of the Town, or are planned to be annexed in the near future. A map depicting the boundaries of the Study Area is presented in Section 4 of this report as Exhibit 2: Study Area Map. Data collection for conditions of blight (see Sections 2 and 3 for what constitutes conditions of blight) was accomplished through several means. A field survey was conducted in February 2015 for the purpose of assessing blight conditions that could be physically observed within the Study Area. Additional analysis was conducted using aerial photography and parcel maps Study Overview 1 Central Firestone Conditions Study of the area . For those blight conditions that are not observable in the field (such as traffic data, crime statistics, etc.), blight condition data was obtained from the Town of Firestone and various other 3rd party sources during the same time period. Finally, the Environmental Contamination of Buildings or Property factor is assessed by a certified Environmental Scientist with extensive experience conducting environmental site assessments. It involves searching for and providing an opinion on the existence of Recognized Environmental Conditions (RECs) as defined by the American Society of Testing and Materials. This process involves searching available environmental records maintained by various federal, state, and local entities for records of contamination. • 2 Study Overview Central Firestone Conditions Study Section 2 : Colorado Urban Renewal Statutes and Blighted Areas In the Colorado Urban Renewal Law, Colo. Rev. Stat. § 31 -25- 101 et seq. (the "Urban Renewal Law "), the legislature has declared that an area of blight "constitutes a serious and growing menace, injurious to the public health, safety, morals, and welfare of the residents of the state in general and municipalities thereof; that the existence of such areas contributes substantially to the spread of disease and crime, constitutes an economic and social liability, substantially impairs or arrests the sound growth of municipalities, retards the provision of housing accommodations, aggravates traffic problems and impairs or arrests the elimination of traffic hazards and the improvement of traffic facilities; and that the prevention and elimination of slums and blight is a matter of public policy and statewide concern . . . :' Under the Urban Renewal Law, the term "blighted area" describes an area with an array of urban problems, including health and social deficiencies, and physical deterioration. See Colo. Rev. Stat. § 31 -25- 103 (2) . Before remedial action can be taken, however, the Urban Renewal Law requires a finding by the appropriate governing body that an area such as the Study Area constitutes a blighted area. Colo. Rev. Stat. §31 -25- 107( 1 ) . The blight finding is a legislative determination by the municipality's governing body that, as a result of the presence of factors enumerated in the definition of"blighted area;' the area is a detriment to the health and vitality of the community requiring the use of the municipality's urban renewal powers to correct those conditions or prevent their spread. In some cases, the factors enumerated in the definition are symptoms of decay, and in some instances, these factors are the cause of the problems. The definition requires the governing body to examine the factors and determine whether these factors indicate a deterioration that threatens the community as a whole. For purposes of the Study, the definition of a blighted area is articulated in the Colorado Urban Renewal statute as follows: Colorado Urban Renewal Statutes and Blighted Areas 3 Central Firestone Conditions Study 'Blighted area"' means an area that, in its present condition and use and, by reason of the presence of at least four of the following factors, 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: 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 non-marketable; h. The existence of conditions that endanger life or property by fire or other causes; 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; j. Environmental contamination of buildings or property; or k.5. 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" In addition, paragraph (I .) states, "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 this subsection . . . " The statute also states a separate requirement for the number of blight factors that must be present if private property is to be acquired by eminent domain . At § 31 -25- 105.5 (5), paragraph (a .) states, 'Blighted area' shall have the same meaning as set forth in section 31 -25- 103 (2); except that, for purposes of this section only, 'blighted area' means an area that, in its present condition and use and, by reason of the presence of at least five of the factors specified in section 31 - 25- 103 (2)(a) to (2)(1) . . . ." 4 Colorado Urban Renewal Statutes and Blighted Areas Central Firestone Conditions Study Thus, the state statutes require, depending on the circumstances, that a minimum of either one, four, or five blight factors be present for an area to be considered a "blighted area:' A couple principles have been developed by Colorado courts to guide the determination of whether an area constitutes a blighted area under the Urban Renewal Law. First, the absence of widespread violation of building and health codes does not, by itself, preclude a finding of blight. According to the courts, "the definition of'blighted area' contained in [the Urban Renewal Law] is broad and encompasses not only those areas containing properties so dilapidated as to justify condemnation as nuisances, but also envisions the prevention of deterioration:' Second, the presence of one well-maintained building does not defeat a determination that an area constitutes a blighted area. Normally, a determination of blight is based upon an area "taken as a whole,' and not on a building-by-building, parcel-by-parcel, or block-by-block basis. Based upon the conditions identified in the Study Area, this report makes a recommendation as to whether the Study Area qualifies as a blighted area. The actual determination itself remains the responsibility of the Town of Firestone. Colorado Urban Renewal Statutes and Blighted Areas 5 Central Firestone Conditions Study No document content on this page 6 Colorado Urban Renewal Statutes and Blighted Areas Nommima Central Firestone Conditions Study Section 3 : Conditions Indicative of the Presence of Blight As discussed in Section 2, the Colorado Urban Renewal statute provides a list of 11 factors that, through their presence, may allow an area to be declared as blighted. This section elaborates on those 11 factors by describing some of the conditions that might be found within a Study Area that would indicate the presence of those factors. Slum, Deteriorated, or Deteriorating Structures: During the field reconnaissance of the Study Area, the general condition and level of deterioration of a building is evaluated. This examination is limited to a visual inspection of the building's exterior condition and is not a detailed engineering or architectural analysis, nor does it include the building's interior. The intent is to document obvious indications of disrepair and deterioration to the exterior of a structure found within the Study Area. Some of the exterior elements observed for signs of deterioration include: • Primary elements (exterior walls, visible foundation, roof) • Secondary elements (fascia/soffits, gutters/downspouts, windows/ doors, fa4ade finishes, loading docks, etc.) • Ancillary structures (detached garages, storage buildings, etc.) Predominance of Defective or Inadequate Street Layout: The presence of this factor is determined through a combination of both field observation as well as an analysis of the existing transportation network and vehicular and pedestrian circulation patterns in a Study Area by persons with expertise in transportation planning and/or traffic engineering. These conditions include: • Inadequate street or alley widths, cross-sections, or geometries • Poor provisions or unsafe conditions for the flow of vehicular traffic • Poor provisions or unsafe conditions for the flow of pedestrians • Insufficient roadway capacity leading to unusual congestion of traffic • Inadequate emergency vehicle access • Poor vehicular/pedestrian access to buildings or sites Conditions Indicative of the Presence of Blight 7 Central Firestone Conditions Study • Poor internal vehicular/pedestrian circulation • Excessive curb cuts/driveways in commercial areas These conditions can affect the adequacy or performance of the transportation system within the Study Area, creating a street layout that is defective or inadequate. Faulty Lot Layout in Relation to Size, Adequacy, Accessibility, or Usefulness: This factor requires an analysis of the parcels within a Study Area as to their potential and usefulness as developable sites. Conditions indicative of the presence of this factor include: • Lots that are long, narrow, or irregularly shaped • Lots that are inadequate in size • Lots with configurations that result in stagnant, misused, or unused land • Lots with billboards that have active leases, making redevelopment more difficult This analysis considers the shape, orientation, and size of undeveloped parcels within the Study Area and if these attributes would negatively impact the potential for development of the parcel . This evaluation is performed both through observation in the field and through an analysis of parcel boundary maps of the Study Area . Unsanitary or Unsafe Conditions: Conditions that can be observed within a Study Area that qualify under this blight factor include: • Floodplains or flood prone areas • Inadequate storm drainage systems/evidence of standing water • Poor fire protection facilities • Above average incidences of public safety responses • Inadequate sanitation or water systems 8 Conditions Indicative of the Presence of Blight Central Firestone Conditions Study • Existence of contaminants or hazardous conditions or materials • High or unusual crime statistics • Open trash dumpsters • Severely cracked, sloped, or uneven surfaces for pedestrians • Illegal dumping • Vagrants/vandalism/graffiti/gang activity • Open ditches, holes, or trenches in pedestrian areas These represent situations in which the safety of individuals, especially pedestrians and children, may be compromised due to environmental and physical conditions considered to be unsanitary or unsafe. Deterioration of Site or Other Improvements: The conditions that apply to this blight factor reflect the deterioration of various improvements made on a site other than building structures. These conditions may represent a lack of general maintenance at a site, the physical degradation of specific improvements, or an improvement that was poorly planned or constructed. Overall, the presence of these conditions can reduce a site's usefulness and desirability and negatively affect nearby properties. • Neglected properties or evidence of general site maintenance problems • Deteriorated signage or lighting • Deteriorated fences, walls, or gates • Deterioration of on-site parking surfaces, curb & gutter, or sidewalks • Poorly maintained landscaping or overgrown vegetation • Poor parking lot/driveway layout • Unpaved parking lot on commercial properties Unusual Topography or Inadequate Public Improvements or Utilities: The focus of this factor is on the presence of unusual topographical conditions that could make development prohibitive, such as steep slopes or poor load- bearing soils, as well as deficiencies in the public infrastructure system within the Study Area that could include: Conditions Indicative of the Presence of Blight 9 Central Firestone Conditions Study • Steep slopes / rock outcroppings / poor load-bearing soils • Deteriorated public infrastructure (street alley pavement, curb, gutter, sidewalks, street lighting, storm drainage systems) • Lack of public infrastructure (same as above) • Presence of overhead utilities or billboards • Inadequate fire protection facilities/hydrants • Inadequate sanitation or water systems Defective or Unusual Conditions of Title Rendering the Title Non-Marketable: Certain properties can be difficult to market or redevelop if they have overly restrictive or prohibitive clauses in their deeds or titles, or if they involve an unusually complex or highly divided ownership arrangement. Examples include: • Properties with covenants or other limiting clauses that significantly impair their ability to redevelop • Properties with disputed or defective title • Multiplicity of ownership making assemblages of land difficult or impossible Existence of Conditions that Endanger Life or Property by Fire and Other Causes: A finding of blight within this factor can result from the presence of the following conditions, which include both the deterioration of physical improvements that can lead to dangerous situations as well as the inability for emergency personnel or equipment to provide services to a site: • Buildings or sites inaccessible to fire and emergency vehicles • Blocked/poorly maintained fire and emergency access routes/ frontages • Insufficient fire and emergency vehicle turning radii • Buildings or properties not in compliance with fire codes, building codes, or environmental regulations 10 Conditions Indicative of the Presence of Blight Central Firestone Conditions Study Buildings that are Unsafe or Unhealthy for Persons to Live or Work In: Some of the conditions that can contribute to this blight factor include: • Buildings or properties not in compliance with fire codes, building codes, or environmental regulations • Buildings with deteriorated elements that create unsafe conditions • Buildings with inadequate or improperly installed utility components Environmental Contamination of Buildings or Property: This factor represents the presence of contamination in the soils, structures, water sources, or other locations within a Study Area. • Presence of hazardous substances, liquids, or gasses • Existence of Factors Requiring High Levels of Municipal Services or Substantial Physical Underutilization or Vacancy of Sites, Buildings, or Other Improvements: The physical conditions that would contribute to this blight factor include: • Sites with a high incidence of fire, police, or emergency responses • Sites adjacent to streets/alleys with a high incidence of traffic accidents • Sites with a high incidence of code enforcement responses • An undeveloped parcel in a generally urbanized area • A parcel with a disproportionately small percentage of its total land area developed • Vacant structures or vacant units in multi-unit structures Conditions Indicative of the Presence of Blight 11 Central Firestone Conditions Study No document content on this page 12 Conditions Indicative of the Presence of Blight Central Firestone Conditions Study Section 4: Study Area Location, Definition, and Description The Study Area consists of various properties in the Town of Firestone as well as adjacent unincorporated land that serves a variety of purposes, including industry, agriculture, retail, and residential. These properties include • Brookfield Property • Del Camino Properties • Brooks Farm Property • Heintzelman Property • Cambria Crossing • Firestone City Centre • Del Rey West • Sports Complex These properties are generally bounded by Interstate 25 to the west, Bella Rosa Parkway to the South, and Colorado Highway 66 to the north, and CR 17 to the east. The exception to this are the Del Camino properties, which are just west of the I-25 / Highway 119 Interchange, and the Del Rey West property, which lies just south of Bella Rosa Parkway. Exhibit 1 : Study Area Context, shows the location of the Study Area within the context of the Town of Firestone and the surrounding area. Exhibit 2: Study Area Map visually depicts the physical boundaries of the Study Area. Survey Area Location, Definition, and Description 13 .,�.... Central Firestone Conditions Study • :a e _ . r . MEAD • r P L'e • - 'M i '. -.., 'fir • '` iv .. ,. . .t * ' r 4 LONGMONT - — . Exhibit FIRESTONE _ T f-s-fir, .pt . ' • _ r.: - - fir.. , c'I . • l T FT LUPTON INTERSTATE ,_ , . . 2 5 , ti, _ . . BOULDER . 0 , , r i „,_ , BRIGHTON • BROOMFIELD - • j41, a 'rel. , THORNTON - _ 44111 1g C# . : s' F , It . . . : . s.,.. . _.... _ • 36 .. . - _as, - ~ r-... .,,,,., N. . WESTMINSTER • / INTERSTATE . • \ 7 6 , .._ • . r f , I i - ARVADA . s erfir .(/( 1 ! • Viib • a i • • - INTERSTATE\ i ` •� , . _ I. 7 0 .._ • ,Exhibit 1 : - . Study Area Context . DENVER r INTERSTATE 0 225 -. . 1,,. • LAKEWOODF. _ sci , , 9 , ti I �' r AURORA 4e h , ' f 14 Survey Area Location, Definition, and Description Central Firestone Conditions Study 1 1 • 4 - , rti DIPIIII"it .., .• .. _ _... 4 _ ..-- . I .4. ..ie . . CU a ! r }4 1 "' k. li 73 of ` O /R W -- 19 �' ` T-A E N cn 41 41 u • r I± -4 4. i Li)-J VI C co issa to rti -� . • RI . I C X a, •. t • .liL_ al 4 ii. 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AP ft CU CZ lli Y O to I z- � a o O Q -- .O kJ ,- , Qs Ca 0 m V ILL L 0 V) 4 ._ ,w r N M un t,p r•-.. 00 kJ A as Jlrs` q 4 ,:i my sa ser, , . A 2}1., rI �h \ (10 l I ad `� Survey Area Location, Definition, and Description 15 Central Firestone Conditions Study No document content on this page 16 Survey Area Location, Definition, and Description Central Firestone Conditions Study Section 5: Stud Findings Y The overall findings of the Firestone 2015 Conditions Study are presented below in a format that mirrors the list of factors and conditions of blight discussed in Section 3 . Slum, Deteriorated, or Deteriorating Structures During the field survey, structures within the Study Area were found to range from good condition to fairly dilapidated. Many buildings throughout the Study Area seemed to be vacant and had gone without maintenance for long enough to be considered deteriorated, sometimes severely so. Overall, these deteriorated buildings were prolific enough given the total number of buildings in the Study Area to make for a positive finding of this blight factor. a b A , 4 4' , , (. A .i., A , Y I wit%CIy USI :. • 4' f & I '" A it a / -s.., - • tr. ......_ — i _ - _ __ _ . . __. •, ... .- u�c a - _'� _ - ..mss alp.___ __ _ , ., . _ , , �tm' .. . _ _ , . _ _. ... .? _.,. .. , , . me . , . t , . . . if -/ - ~ t , '�+J1v��'�y� L. f 1r 1'+t$. � , -0 .-! .~tip is;. - a mss. � �� r ,y� ,or'l, saa' . t v i'i S•�L‘011•2•06.1.., _ t ��_. _iax 1' '4. a - Y 1. LR.' - - #"- c r Dilapidated structure on the Brookfield property Study Findings 17 Central Firestone Conditions Study A .II' rya'G J 5 ♦� N I V: k • �V4', �' "` �.R a•Ie V y 4;0'o , n ca - s• " yr.. ' '" 7,j ,-G}\ . It, 4I.'.• `� a• it S :It*. yika t f t H. ."4 ' 1:11..."-C. 7 J1 'i • `#y y.' *.-4. •4 \ Y '� r . • a *I ; Iii d'el. . yw I w.Yt q _ - • ' r ilk 44(4,HH a n K'''b" �H X11 > .. •, T— _ /� • � r_♦ter- y ivit - 1- 3 — . J. ,a+ 4 • •1 . J? i r •r. � :.. ° �', ✓oIIG� n�l' ': h ' wl Yv. e.s„ ,..- :, a._.� y . f % w r d t ai/ ��}: , ft - •. ^-, � 1 v.y" I "... > Wd♦ r •` ' l� ,� .a. fix'.r '7 r•4`4440I•`"9'•4 �`� •h.7C ` •'� q 1 Yr Damaged ancillary structure on Brooks Farm property , NNiiii Es. \ ! 777 _ Kti� i ► i I N' ' ....• `: '-.c ..._ s . .a229M"''' - - - i. .• .;1-Iiitrr r4a =+c-.---. - : .. Partially collapsed building on Brooks Farm property 18 Study Findings Central Firestone Conditions Study • I ! _ _ _ _ _ Vacant structure at Cambria Crossing Study Findings 19 Central Firestone Conditions Study Predominance of Defective or Inadequate Street Layout Streets in the Study Area are in need of upgrades, including pavement, curb, gutter, and sidewalks, but this is a public improvements issue rather than a layout or geometry issue, and pertains instead that blight factor, presented later in this report. The road network in the area is generally complete except for where the grid collides with the St. Vrain River basin, which can be seen in Exhibit 3: Road Layout. Only certain roads cross the river basin in the area, including 1-25, Highway 66, Highway 119, Colorado Boulevard, CR 34, and the frontage road for the Interstate. Although road connectivity suffers due to the presence of the river, the roads that are severely impacted are generally dirt or gravel and serve local traffic only. The same roads could be extended across the river with bridges and additional investment, which once again is more of a lack of infrastructure rather than a road layout issue. Overall, road connectivity is of some concern, but not enough to confidently consider the overall street layout as being "defective or inadequate": No finding of Inadequate Street Layout has been made. t j4r ( 32 ) 66 -,.-Th 1 INTERSTATE r-‘ ( 28 )- N3/4/XJ .. .yar. _ 59nr 126 ) r n , o 119 � a Ist oo Exhibit 3 : �- Road Layout 0 / I 1 I The St. Vrain River heavily impacts the road network in the Study Area 20 Study Findings Central Firestone Conditions Study Faulty Lot Layout in Relation to Size, Adequacy, Accessibility, or Usefulness Current parcel maps of the Study Area reveal a wide range of parcel sizes. Some parcels are quite large, covering an entire quarter section, approximately 160 acres. At the other end of the range are small lots less than 5,000 square feet in size that are the result of subdivision for new residential neighborhoods. Many of the small platted residential lots did not have road access at the time of the field survey, although rights of way are established for future roads. Many parcels have odd shapes, but they are still large enough to be developed, with the exception of two lots in Del Camino: one is long, narrow, and only 4,966 square feet in size, while the other is triangular, 3,485 square feet, and can only be accessed through private property. The first parcel is part of a dirt parking lot, while the second is completely vacant. Three more lots in the area just north of Highway 119 are larger, but still vacant as they do not have access to public roads. A significant number of parcels in the Study Area will need to be subdivided or otherwise reconfigured to allow for redevelopment, not only to make them smaller, but also to provide rights of way for access to existing and future parcels. Currently, many parcels can't be accessed, or have significant portions that can't be accessed without the informal internal dirt roads that exist today. For example, parcels in the Kurtz Ranch area as large as a quarter square mile don't have access to public roads, but can be accessed via private internal dirt roads. Because of these lot layout and lot accessibility issues, the Study Area is considered to have Faulty Lot Layout. Study Findings 21 Central Firestone Conditions Study Unsanitary or Unsafe Conditions Illegal dumping, excessive litter, and standing water was found in a few locations in the Study Area, but the problem was not severe enough to suggest that the Study Area is unsanitary. As discussed later in this section, a portion of the Study Area lies in a 100-year floodplain, which poses a flooding risk to people in the area, notwithstanding the vacancy of parcels in the floodplain . The area last flooded in September 2013, when northern Colorado experienced a " 100-year" flood event. �dt Q 1 y1" 1 HA , Y! W^`h"! \ d yyYhRK V aA ,• YW 4 M 1M.'. ;k A .'k ke.i c wq e A Ra n. . tl w'h W'.• '. M.T , P , r:: red ..oJ„\ "O M"4'1 ,p+N+Badmn .; n r..m.""Mm%5.a�"'rw ',✓.LM i�' MK4\ .r "" °N y., w k• :'. : ,n .. .. , "' ,+ M ,. :, w+r„ M _ rib Not° 1 • fi Si**, . •,rte - .. 4 • 15( • „ t . Aerial photo of the St. Vrain River in the vicinity of 1-25 in September 2013 There are drainage ditches in certain parts of the Study Area, but the presence go of a major regional drainageway through the Study Area creates a significant flooding potential . Except in a few rare instances, the roads in the Study Area have no shoulders, curb, gutter, or sidewalk infrastructure. This creates a safety issue since pedestrians must share the right of way with vehicles. Although pedestrian activity is currently limited outside of the Del Camino and Firestone City Centre areas, this issue will only grow in importance as the Study Area develops. Because of the potential for flooding and pedestrian/vehicle conflicts, there is a finding of Unsanitary or Unsafe Conditions in the Study Area . 22 Study Findings Central Firestone Conditions Study Deterioration of Site or Other Improvements During the field survey, the most frequently found issues in this category were deteriorated fences and debris from illegal dumping or piles of trash that accumulated over time. Some driving and parking areas in the Del Camino area and elsewhere were crumbled and deteriorated, and dirt and gravel lots frequently had potholes. However, the majority of the properties in the Study Area were found to be in generally good condition, and issues were generally low in severity and isolated to a few properties. No finding of Deterioration of Site or Other Improvements has been made. r— -- - __ ..1.a^.-.:... ,,.." ...:�. - _ ,' , it ,_:_ ♦: t• t :�-� s. ((:. ,--7?-4s., -t', `•.R`.fry"'.-..4.,,,..,,,,..,,,,...r.„..„„ .y�•ytlC��. . �ti,��, I.r.„.. '•t1 .. 1 - •. .. ,..„. • '7. n #( • 7 14. .•t. -� .,�. ♦► ••.cam � % t,. V \ ' . . -1011001% , --- & - t • vii N. ' • Q. v -- • - • \\• 1.f. - • . [! f --: , _ SCE t •/.i Y �f- .L . ♦ , • - - ♦. ,♦ ' • E. ♦ r. y __ ,ti " y7 �. . . ♦ ~ yam,. j. liar ' ern. 1 Oct tLallir r s Cam'• .i- 1 _ �. ► We.‘ :1 r�' VL` rr 1~;- ��t+. • .04 �I‘ T •u.- "....- L ''t1••.. `� ••. :oic / •'� ��1 , �:a Y- � '�'• IS411\ ., • ` 1 _" ' - ',; t\ Pi- •.•tom 'b,� v .�•• ..aa �'T_ M - - : ...• ;• 1 Although debris from illegal dumping exists in places throughout the Study Area, most properties were well-maintained Study Findings 23 Central Firestone Conditions Study Unusual Topography or Inadequate Public Improvements or Utilities Unusual topography in the Study Area was limited to the Heintzelman property, as much of the property had been excavated for sand and gravel . This industrial activity has severely impacted the ability of the large property to be adapted for any other uses. a. ..,.p.... . ._, perotp‘__ h t 8 I y "o : et/ a rk ^ Y" .w asp% •!t - Sr I • • [ w \ fit, <,` ") . ra ( ` 1. _ t ' \. • .9 y - 4 • variable Heintzelman Iman property is steep and va ab e hH to topography the e The to o a on p 9 pYp p Y Floodplain maps from the Federal Emergency Management Agency ( FEMA) [ indicate that a 100-year floodplain associated with the St. Vrain River runs through the Study Area, affecting many included parcels. See Exhibit 4: Floodplain Map. Certain locations in the Study Area need additional drainage infrastructure before any type of intensive development can occur, as there is an > 1 % chance of those areas flooding in any given year. 24 Study Findings Central Firestone Conditions Study . --,N 4110, .. •iv- 0. - - •: - -,. - 2 .. .:, - ._ii lik i. _ fr r • 4 4. I a- illi ,-A-- i i 4 c 41 b NSW; - ilit i• rt- t t'• I .. . , , I t'-' -ilf it '. a‘f 4."••••• .,...4 ! ""sit 6 , S 4 it 1 4 . . _ , r�_ i it r. •j'• • , .EI '. s WM 1 oito.ji 0 lir ii R �0� ' ,4 It, - S 111r � ego Art sr i " 11 et, ‘' itha, . , lun R. 1 irot # p 1141) .._ s. e afre . • ' : . if 4416 4 i k;414111 rai 41 t4,ak 0 kr- * r 5a ;` ! ,, ':.� }e°. V isr ,_ 1StIN>. - W ► • r 'r.. a a i ,; Exhibit 4: is g - Floodplain Map 0 fitirt 1 C E A r , hash FEMA floodplain data reveals that some of the Study Area lies within a 100-year floodplain Public improvements were also found to be lacking; there was no curb, gutter, or sidewalk throughout the majority of the Study Area . Curb and gutter was occasionally present near the I-25/Hwy 119 interchange, but sidewalks were missing in areas with pedestrian activity. Busy roads through the Study Area including Highways 119 and 66 had minimal or no shoulders and no sidewalk infrastructure, creating difficulties for pedestrians and automobiles in need of emergency pull-overs. Overhead utility poles were also common throughout the Study Area, which have the potential to impede redevelopment in certain cases. Finally, some roads with heavy truck traffic are unpaved, which creates a serious air pollution problem resulting from dust unless the roads are constantly kept damp. Given the amount of industrial activity in the Study Area and the growing number of residents as new subdivisions are developed, this lack of road pavement will continue to increase in importance. Study Findings 25 Central Firestone Conditions Study As discussed earlier, and shown in Exhibit 3: Road Layout, many roads in the Study Area do not cross the St. Vrain River, and road connectivity suffers as a result. Overall, a significant amount of capital funding may be needed to pave and extend these roads over the river with bridges should development intensity increase. Information from the Town of Firestone indicates that the frontage road immediately east of I-25 will need to be upgraded to accommodate increasing traffic volume, but it cannot be expanded to the west because of the I-25 right of way, and is difficult to expand to the east because of a steep grade where it crosses the river. This infrastructure upgrade will require a significant capital expenditure. Because of the potential impact of the lack of infrastructure in the Study Area and the difficulty and cost associated with implementing the needed upgrades, there is a finding of Inadequate Public Improvements or Utilities. IIIII 1 , ,, � .h 4• S 1 - as, . • i Iasi A 0 .7, kNb T C u _ .,. .- ��YW 1 NfW Y:� �Mi , 1 I - .r. MM ♦ •wry^ � i. 7 - • • I '. -1 •_ `.• •• ' .Z,1i`-v_ .1 ..,:ty',-.",r 7► •-,, — yyL C � • vry p°n:. , aK C 1611 No curb or sidewalk in a developed area 26 Study Findings Central Firestone Conditions Study I 4 r. ... w • Si M } • �l. No shoulder or sidewalks along Highway 66 j . 111 1 � r ;fr .. .r f '4 --'V + ..T. s.40 1 • ~. _� , ., '-tea el # r r a Roads with heavy truck traffic are kept wet to prevent airborne dust Study Findings 27 Central Firestone Conditions Study Defective or Unusual Conditions of Title Rendering the Title Non-marketable Because of the large number of real property parcels within the Study Area and the considerable effort and expense required to review each property title individually for disputed ownership, restrictive covenants, and other unusual conditions, this factor was not researched. For the purposes of this Study, this blight factor is considered not to be present in the Study Area. Existence of Conditions that Endanger Life or Property by Fire or Other Causes The presence of the 100-year floodplain in the Study Area is sufficient for a finding of Existence of Conditions that Endanger Life or Property in the Study Area. Flooding two years ago has shown that the potential for property damage is significant without major upgrades to infrastructure in the area . This blight factor is therefore considered present. 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 While no detailed structural analysis was performed on any buildings in the Study Area, some were visibly dilapidated and partially collapsed, as discussed earlier in this section . These buildings were found in such poor condition that they can not easily be shored up, need to be completely demolished, and are currently unfit for habitation. Therefore, this factor is present in the Study Area. 28 Study Findings Central Firestone Conditions Study Environmental Contamination of Buildings or Property As part of this Conditions Study, Matrix Environmental, LLC is providing a professional opinion regarding whether Recognized Environmental Conditions (RECs) exist for the Firestone survey areas including potential impacts from surrounding properties. The term "Recognized Environmental Conditions;' as defined by the American Society of Testing and Materials (ASTM) Practice E1527- 13, means: [TJhe presence or likely presence of any hazardous substances or petroleum products in, on, or at a property: ( 7) due to any release to the environment; (2) under conditions indicative of a release to the environment; or (3) under conditions that pose a material threat of a future release to the environment. No sites were identified within the Study Area, however two sites were identified in the vicinity of the Del Camino properties to have past petroleum contamination that has since been mitigated : • Del Camino Service Plaza & Truck Wash • Conoco # 06394 Both sites had confirmed releases in 1990 and 1994 respectively, but both have also received No Further Action letters, which typically means that contamination will not spread offsite, and is at acceptable levels given the current use of the property. Two other potentially more serious issues also exist in the Del Camino area : • TPI Petroleum - Second confirmed release in August 1999. Site characterization received in January 2002. Monitoring has been ongoing since 2002. Site is still active although a Closure Report was received in September 2008 indicating contamination exists onsite at concentrations exceeding Risk Based Screening Levels (RBSL). Study Findings 29 Central Firestone Conditions Study • Circle K Store #2709846 - In August 2006 a third confirmed release was reported. The CDLE OPS requested a Site Characterization Report be submitted in January 2007. No additional information available for the leak incident. TheTPI release as of September 2008 has resulted in contamination levels exceeding RBSL, and the Circle K Store may still be contaminated as well, as there is no record of closure for that incident. Although it is possible for contamination to spread offsite and impact groundwater, none of the petroleum releases happened within the boundaries of the Study Area, and no contamination can be confirmed within the parcels in the Del Camino Area without further testing. The Study Area is not considered to have Environmental Contamination of Buildings or Property. 30 Study Findings Central Firestone Conditions Study The Existence of Health, Safety, or Welfare Factors Requiring a g High Levels of Municipal Services or Substantial Physical Underutilization or Vacancy of Sites, Buildings, or Other Improvements Uses of the land in the Study Area included agricultural, industrial, retail, and residential, but a significant portion of the area was vacant. A few formerly agricultural properties had been abandoned, others lay fallow, and a few others were undeveloped because of poor access. As mentioned, the St. Vrain River floodplain presents an enormous challenge to utilizing portions of certain parcels in the Study Area for anything besides detention and natural areas without significant additional investment. Because of the amount of vacant and underutilized land in the Study Area is significant relative to the size of the Study Area as a whole, it exhibits Substantial Physical Underutilization or Vacancy of Sites. o • 11 A , siN Pi INF r •J.. I r s r ri � #_ \ s'~ , � _ • a ..w . " •+; • +,T ''at - - ' •�� ' y' • Ads l . it� _ . -4 . +►• _ , 164 -,ti• a /# ' �+asy !` err— • s.=f'= � .• �. . y • , 1 iy Tr I.a• ' {, -.I. Y • r .1`Y.� r, - i a.�-., t ., • R � � - J . L.'?� •Ki �t YV r .•. �. .- _ MiEj�:.: J` a �` '! - !-• Y;► . • - 7MR'+�r'•'. _b ..• 41e4; la; �Y _ - � ��-. � -' •�f/x+• �y # � ► � 1�• � -., � t i t .;�ii� ]� •�S- ....r 7•':� • ` x L'�I•'~ Ci inl. �'. St»iS '.~w •lF.r:to ^: • J •- T.4 t .• � 1.. A sign warns from trespassing on the vacant Cambria Crossing property Study Findings 31 Central Firestone Conditions Study a r � \t. r.W! \ �� - } : I Some lands were vacant and fallow 32 Study Findings Central Firestone Conditions Study Section 6: StudySummary and Recommendation Within the entire Study Area, 7 of the 11 blight factors were identified as being present. The blight factors identified within the Study Area are: • Slum, Deteriorated, or Deteriorating Structures • Faulty Lot Layout in Relation to Size, Adequacy, Accessibility, or Usefulness • Unsanitary or Unsafe Conditions • Unusual Topography or Inadequate Public Improvements or Utilities • Existence of Conditions that Endanger Life or Property by Fire or Other Causes • 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 • 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 Blight Study Recommendation As discussed in Section 2, in order for an area to be declared blighted, a certain number of the 11 blight factors must be found within the Study Area . Four of the 11 factors is the required minimum, unless none of the property owners or tenants object to being included within an urban renewal area; then, the required minimum is only one of the 11 factors. In the event, however, that eminent domain is to be used to acquire property within the urban renewal area, the required minimum is five of the 11 factors. Since seven blight factors were identified within the Study Area, a sufficient number of blight factors exist under any of the above scenarios. It is the recommendation of this blight Study report to the Town of Firestone and the Firestone Urban Renewal Authority, that the Study Area, in its present condition, exhibits a sufficient level of blight to be considered a "blighted Study Summary and Recommendation 33 Central Firestone Conditions Study area" under the standards set forth in State Statute. Whether the blighted area "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" is a determination that must be made by the Town of Firestone. 34 Study Summary and Recommendation Exhibit D Legal Description Areas Assessed As Agricultural Within The Last Five Years D EXHIBIT D LEGAL DESCRIPTION CENTRAL FIRESTONE URBAN RENEWAL PLAN AREA Parcels Assessed as Agricultural in the Past Five ( 5) Years Prepared : October 12 , 2015 Being those portions of Sections 25, 35 and 36 of Township 3 North , Range 68 West of the 6th Principle Meridian , and those portions of Sections 12 and 24 of Township 2 North , Range 68 West of the 6th Principle Meridian , and those portions of Section 32 of Township 3 North , Range 67 West of the 6th Principle Meridian , and those portions of Section 6 of Township 2 North , Range 67 West of the 6th Principle Meridian , all in the Town of Firestone , Weld County, Colorado , more particularly described as follows : BAREFOOT LAKES A PARCEL OF LAND LOCATED IN SECTIONS 25 , 35 AND 36 , TOWNSHIP 3 NORTH , RANGE 68 WEST OF THE SIXTH PRINCIPAL MERIDIAN , COUNTY OF WELD , STATE OF COLORADO , BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS : COMMENCING AT THE NORTHEAST CORNER OF SAID SECTION 25 AND CONSIDERING THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 25 TO BEAR SOUTH 00 ° 19' 19" EAST , A DISTANCE OF 2 , 647 . 60 FEET WITH ALL BEARINGS CONTAINED HEREIN BEING RELATIVE THERETO ; THENCE SOUTH 17 ° 35' 14" WEST , A DISTANCE OF 97 . 56 FEET TO A POINT ON THE WESTERLY PRESCRIPTIVE RIGHT-OF-WAY LINE OF WELD COUNTY ROAD 13 AND THE POINT OF BEGINNING ; THENCE ALONG SAID WESTERLY PRESCRIPTIVE RIGHT-OF-WAY , SOUTH 00 ° 19' 19" EAST , A DISTANCE OF 2555 . 65 FEET TO A POINT ON THE SOUTH LINE OF THE NORTHEAST QUARTER OF SAID SECTION 25 AND A POINT ON THE NORTHERLY BOUNDARY OF THAT PARCEL OF LAND DESCRIBED AT RECEPTION NUMBER 1606745 , IN SAID RECORDS ; THENCE ALONG THE BOUNDARIES OF SAID PARCEL OF LAND THE FOLLOWING THREE (3 ) COURSES ; 1 . DEPARTING SAID WESTERLY PRESCRIPTIVE RIGHT-OF-WAY AND SAID WESTERLY BOUNDARY , SOUTH 88 °45'03" WEST , ALONG SAID NORTH LINE OF THE SOUTHEAST QUARTER OF SAID SECTION 25 , A DISTANCE OF 484 . 00 FEET ; 2 . SOUTH 00 ° 25'49" EAST , A DISTANCE OF 450 . 00 FEET ; 1 V 3 . NORTH 88 °45'03 " EAST , A DISTANCE OF 484 . 00 FEET TO A POINT ON THE WESTERLY PRESCRIPTIVE RIGHT-OF-WAY OF WELD COUNTY ROAD 13 ; THENCE ALONG SAID WESTERLY PRESCRIPTIVE RIGHT-OF-WAY , SOUTH 00 ° 25'49" EAST , A DISTANCE OF 2203 . 95 FEET ; THENCE CONTINUING ALONG SAID WESTERLY PRESCRIPTIVE RIGHT-OF-WAY , SOUTH 00 ° 14'22" EAST , A DISTANCE OF 1 , 325 . 58 FEET TO A POINT ON THE SOUTH LINE OF THE NORTH HALF OF THE NORTHEAST QUARTER OF SAID SECTION 36 ; THENCE ALONG SAID SOUTH LINE , SOUTH 88° 29'41 " WEST , A DISTANCE OF 2 , 602 . 28 FEET TO THE CENTER NORTH SIXTEENTH CORNER OF SAID SECTION 36 ; THENCE ALONG THE EAST LINE OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SAID SECTION 36 , SOUTH 00 ° 19'03" EAST , A DISTANCE OF 1 , 326 . 34 FEET TO THE CENTER QUARTER CORNER OF SAID SECTION 36 ; THENCE ALONG THE SOUTH LINE OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SAID SECTION 36 , SOUTH 88 ° 29'44" WEST , A DISTANCE OF 1 , 323 . 13 FEET TO THE CENTER WEST SIXTEENTH CORNER OF SAID SECTION 36 ; THENCE ALONG THE EAST LINE OF THE NORTHWEST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 36 , SOUTH 00 ° 17'20" EAST, A DISTANCE OF 1 , 335 . 11 FEET TO THE SOUTHWEST SIXTEENTH CORNER OF SAID SECTION 36 ; THENCE ALONG THE SOUTH LINE OF THE NORTHWEST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 36 , SOUTH 88 ° 21 '56" WEST , A DISTANCE OF 1 , 323 . 94 FEET TO THE SOUTH SIXTEENTH CORNER OF SAID SECTION 35 ; THENCE ALONG THE NORTH LINE OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 35 , SOUTH 89° 15'43" WEST , A DISTANCE OF 522 . 99 FEET TO THE NORTHEAST CORNER OF SUBDIVISION EXEMPTION NO . 741 AS RECORDED AT RECEPTION NUMBER 2669206 , IN SAID RECORDS ; THENCE ALONG THE NORTHERLY BOUNDARY OF SAID SUBDIVISION EXEMPTION NO . 741 THE FOLLOWING TWO (2 ) COURSES : I 1 . SOUTH 72 °40'05" WEST , A DISTANCE OF 825 . 83 FEET ; 2 . SOUTH 66 ° 34'28" WEST , A DISTANCE OF 1 ,420 . 78 FEET TO THE EAST LINE OF THE SOUTHWEST QUARTER OF SAID SECTION 35 ; I I 2 II I THENCE ALONG SAID EAST LINE , NORTH 00 °42'02" WEST , A DISTANCE OF 21 . 71 FEET TO THE NORTHERLY BOUNDARY OF THAT PARCEL OF LAND DESCRIBED IN RECEPTION NUMBER 2261418 , IN SAID RECORDS ; THENCE ALONG THE NORTHERLY BOUNDARY , SOUTH 77 °43'35" WEST , A DISTANCE OF 2 , 395 . 38 FEET TO THE EASTERLY RIGHT-OF-WAY LINE OF INTERSTATE 25 AS DESCRIBED AT RECEPTION NUMBER 3019961 , IN SAID RECORDS ; THENCE ALONG THE EASTERLY RIGHT-OF-WAY LINE OF SAID INTERSTATE 25 THE o FOLLOWING SEVEN ( 7 ) COURSES : II 1 . NORTH 00 ° 01 ' 11 " WEST , A DISTANCE OF 119 . 70 FEET ; 2 . SOUTH 89° 58'49" WEST , A DISTANCE OF 114 . 82 FEET ; 3 . NORTH 00 ° 01 ' 11 " WEST , A DISTANCE OF 186 . 21 FEET TO THE BEGINNING OF A TANGENT CURVE CONCAVE WESTERLY HAVING A RADIUS OF 3 , 379 . 26 FEET ; 4 . NORTHERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 06 ° 12' 52" , AN ARC LENGTH OF 366 . 52 FEET ; 5 . TANGENT TO SAID CURVE , NORTH 06 ° 14'03" WEST , A DISTANCE OF 601 . 98 FEET TO THE BEGINNING OF A TANGENT CURVE CONCAVE EASTERLY HAVING A RADIUS OF 3 , 182 .41 FEET ; . 6 . NORTHERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 05 ° 11 '20" , AN ARC LENGTH OF 288 . 21 FEET ; 7 . NON -TANGENT TO SAID CURVE , NORTH 01 ° 04'25" WEST , A DISTANCE OF 463 .45 FEET TO A POINT ON THE SOUTHERLY BOUNDARY OF ST . ACACIUS ANNEXATION NO . 2 TO THE TOWN OF MEAD AS RECORDED UNDER RECEPTION NO . 3187250 , IN SAID RECORDS ; THENCE ALONG THE SOUTHERLY AND EASTERLY BOUNDARY OF SAID ANNEXATION THE FOLLOWING SIX (6 ) COURSES : 1 . SOUTH 88°45' 13 " EAST , A DISTANCE OF 82 . 35 FEET ; 2 . NORTH 00 ° 11 '21 " WEST , A DISTANCE OF 379 . 15 FEET ; 3 . NORTH 88 ° 08'57" EAST , A DISTANCE OF 185 . 82 FEET ; 4 . NORTH 00 ° 57'37" WEST , A DISTANCE OF 172 . 01 FEET ; 5 . NORTH 82 ° 52'03" EAST , A DISTANCE OF 590 . 67 FEET ; 3 6 . NORTH 04 ° 18' 10 " WEST , A DISTANCE OF 264 . 11 FEET TO A POINT ON THE SOUTHERLY BOUNDARY OF ST . ACACIUS ANNEXATION NO . 1 TO THE TOWN OF MEAD AS RECORDED UNDER RECEPTION NO . 3187249 , IN SAID RECORDS ; THENCE ALONG THE SOUTHERLY AND EASTERLY BOUNDARY OF SAID ANNEXATION THE FOLLOWING TWO (2 ) COURSES : 1 . NORTH 89 ° 31 '37" EAST , A DISTANCE OF 1 , 708 . 18 FEET TO A POINT ON THE WEST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 35 ; . 2 . ALONG SAID WEST LINE , NORTH 00 °42 '02 " WEST , A DISTANCE OF 2 , 327 . 64 FEET TO A POINT ON A LINE PARALLEL AND 30 . 00 FEET SOUTHERLY , MEASURED AT RIGHT ANGLES FROM THE NORTH LINE OF THE NORTHEAST QUARTER OF SAID SECTION 35 SAID POINT BEING ON THE SOUTHERLY BOUNDARY OF WESTRIAN RANCH ANNEXATION TO THE TOWN OF MEAD AS RECORDED UNDER RECEPTION NO . 2937346 , IN SAID RECORDS ; THENCE ALONG THE SOUTHERLY AND EASTERLY BOUNDARY OF SAID ANNEXATION THE FOLLOWING THREE ( 3 ) COURSES : 1 . ALONG SAID PARALLEL LINE , NORTH 89° 16'34 " EAST , A DISTANCE OF 2 , 685 . 60 FEET TO A POINT ON A LINE PARALLEL AND 30 . 00 FEET EASTERLY , MEASURED AT RIGHT ANGLES FROM THE WEST LINE OF THE SOUTHWEST QUARTER OF SAID SECTION 25 ; 2 . ALONG SAID PARALLEL LINE , NORTH 00 ° 12'43" WEST , A DISTANCE OF 2 , 684 . 23 FEET TO A POINT ON A LINE PARALLEL AND 30 . 00 FEET EASTERLY , MEASURED AT RIGHT ANGLES FROM THE WEST LINE OF THE NORTHWEST QUARTER OF SAID SECTION 25 ; 3 . ALONG SAID PARALLEL LINE , NORTH 00 ° 13'07" WEST , A DISTANCE OF 519 . 26 FEET TO A POINT ON THE SOUTHERLY BOUNDARY OF LOT A , RECORDED EXEMPTION NO . 1207-25-2 RE -4103 AS RECORDED UNDER RECEPTION NO . 3303561 , IN SAID RECORDS ; THENCE ALONG THE SOUTHERLY , EASTERLY AND NORTHERLY BOUNDARIES OF SAID LOT A THE FOLLOWING THREE (3 ) COURSES : 1 . NORTH 88 ° 54 '53" EAST , A DISTANCE OF 450 . 00 FEET ; 2 . NORTH 23 °22'49" EAST , A DISTANCE OF 282 . 43 FEET ; 3 . SOUTH 88 ° 54'53 " WEST , A DISTANCE OF 563 . 08 FEET TO A POINT ON A LINE PARALLEL AND 30 . 00 FEET EASTERLY , MEASURED AT RIGHT ANGLES FROM THE WEST LINE OF THE NORTHWEST QUARTER OF SAID SECTION 25 AND A POINT ON THE EASTERLY BOUNDARY OF SAID WESTRIAN RANCH ANNEXATION ; 4 THENCE ALONG SAID PARALLEL LINE AND EASTERLY BOUNDARY , NORTH 00 ° 13'07" WEST , A DISTANCE OF 1 , 788 . 79 FEET TO A POINT ON THE SOUTHERLY RIGHT-OF-WAY LINE OF STATE HIGHWAY 66 AS DESCRIBED IN BOOK 1491 AT PAGE 509 , IN SAID RECORDS ; THENCE ALONG SAID SOUTHERLY RIGHT-OF-WAY LINE THE FOLLOWING TWO (2 ) COURSES : 1 . NORTH 43 ° 50 '07" EAST , A DISTANCE OF 70 . 70 FEET TO A POINT ON THE SOUTHERLY BOUNDARY OF COLORADO HIGHWAY 66 ANNEXATION NUMBER FOUR TO THE TOWN OF MEAD AS RECORDED UNDER RECEPTION NO . 02301640 , IN SAID RECORDS ; 2 . ALONG SAID ANNEXATION , NORTH 88 °49'43 " EAST , A DISTANCE OF 1 , 245 . 14 FEET TO THE NORTHWEST CORNER OF LOT A, RECORDED EXEMPTION NUMBER 1207-25-2- RE1450 AS RECORDED UNDER RECEPTION NO . 2305632 AND THE NORTHWEST CORNER OF BODA ANNEXATION TO THE TOWN OF MEAD AS RECORDED UNDER RECEPTION NO . 3605618 , IN SAID RECORDS ; THENCE ALONG THE BOUNDARIES OF SAID LOT A AND SAID BODA ANNEXATION , THE FOLLOWING FIVE (5 ) COURSES : 1 . DEPARTING SAID HIGHWAY 66 ANNEXATION NUMBER FOUR , SOUTH 01 ° 10' 17" EAST , A DISTANCE OF 411 . 50 FEET ; 2 . NORTH 87 °41 '05" EAST , A DISTANCE OF 196 . 62 FEET ; 3 . NORTH 35° 26'31 " EAST , A DISTANCE OF 112 . 28 FEET ; 4 . NORTH 34 ° 20'46" EAST , A DISTANCE OF 124 . 91 FEET ; 5 . NORTH 14 ° 19' 58" EAST , A DISTANCE OF 223 . 93 FEET TO A POINT ON SAID SOUTHERLY RIGHT- OF-WAY LINE OF STATE HIGHWAY 66 AND THE SOUTHERLY BOUNDARY OF SAID COLORADO HIGHWAY 66 ANNEXATION NUMBER FOUR ; THENCE ALONG SAID SOUTHERLY RIGHT-OF-WAY LINE AND SOUTHERLY ANNEXATION BOUNDARY , NORTH 88°49'43" EAST , A DISTANCE OF 905 . 29 FEET TO A POINT ON THE WEST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 25 AND TO A POINT ON THE SOUTHERLY RIGHT-OF-WAY LINE OF STATE HIGHWAY NO . 66 AS DESCRIBED IN DEED RECORDED IN BOOK 1491 AT PAGE 511 , IN SAID RECORDS ; THENCE ALONG SAID SOUTHERLY RIGHT-OF-WAY LINE THE FOLLOWING THREE ( 3 ) COURSES : 5 1 . ALONG SAID SOUTHERLY ANNEXATION BOUNDARY , NORTH 88 °49'28 " EAST , A DISTANCE OF 2 , 390 . 90 FEET TO THE BEGINNING OF A TANGENT CURVE CONCAVE SOUTHERLY HAVING A RADIUS OF 11 , 420 . 00 FEET ; 2 . DEPARTING SAID SOUTHERLY ANNEXATION BOUNDARY , EASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 00 °50'40" , AN ARC LENGTH OF 168 . 31 FEET ; 3 . NON-TANGENT TO SAID CURVE , SOUTH 43 °43' 11 " EAST , A DISTANCE OF 68 . 87 FEET TO THE POINT OF BEGINNING ; CONTAINING AN AREA OF 1 , 306 . 226 ACRES (56 , 899 , 212 SQUARE FEET) , MORE OR LESS . EXCEPTING THEREFROM LOT A OF RECORDED EXEMPTION NO . 1207-36-2 RE-488 ( PARCEL NO . 120736000040 ) AND LOT A OF AMENDED RECORDED EXEMPTION NO . 1207-36-2 RE- 1140 ( PARCEL NO . 120736000055 ) AS RECORDED WITH THE CLERK AND RECORDER OF WELD COUNTY , COLORADO . Together with ; BROOKS FARM All of Block 1 , Lot 1 and Block 1 , Tract A as more particularly described on the minor plat titled Minor Plat of Brooks Farm First Subdivision , recorded on October 3 , 2002 at Reception No . 2993165 , with the Clerk and Recorder of Weld County , Colorado . Together with ; VARRA-HEINTZELMAN PIT SUBDIVISION All of Lot 2 , Lot 3 and Tract A as more particularly described on the final plat titled Varra - Heintzelman Pit Subdivision , recorded on February 23 , 2012 at Reception No . 3826654 , with the Clerk and Recorder of Weld County , Colorado . Excepting therefrom Parcel No . 120932000036 . Together with ; CAMBRIA CROSSING All of the real property described on the annexation map titled Cambria Crossing Annexation , recorded on October 2 , 2013 at Reception No . 3968480 , with the Clerk and Recorder of Weld County , Colorado . Together with ; DEL REY SUBDIVISION All of Lot 1 as more particularly described on the final plat titled Del Ray Subdivision (Areas 1 , 2 and 3 ) , recorded on July , 28 2006 at Reception No . 3406702 , with the Clerk and Recorder of Weld County , Colorado . END OF EXHIBIT D 6 Exhibit E Areas Assessed As Agricultural Within The Last Five Years Map E Wiii,<IC W act LC) W � J Y / Cn Z J zWW w w wZwo r g 0 Z te N w DI- aZ W _ < ODw < 3.-. toD U H w ii W J ct Q o - mw Ce 47- zcO ! tlz m D Q J z � �- � � I - w WWZQ o z = - I- . S.:. V Q La 7 Z w - n- O W a O cnJ � � = QQw Cecc M U- N N Cq _1 _1 e N w w LU is iSn3Ol W r W W co co U) U) U) co • I 1 . co N N CJ a - r N U U a . Li w w U) co W J w co co co co co ii,."71 - . IS Slld9N1 • .[ o N :-) co r•-. ';',1 W J W L L W .. Ay G 41 U) fn U) I I i U . t I II . . 1S�13 - 1S �i?IINO&ld a. IP • Q ; � I -, z a U CD 0 m W a co , Z r- , , C? U L i' U ` ) it W w cnt. liJ W • cn cn J _!J • i T l8 OCD- O1O3 - • LI N la CO N cc Y J N .si J C.) }' " L"' v 1l w Lj Z i \ W W w W U G LLI C i U) = 0 U; < Z L w U) C. t,, Z — idO W Z_ c; m Z N La i cn cn a N o - 1S H0818 �. • . .... 4'Y - C M Y. r+IS A3lId8 ;^ to try — • ^i N Cr) N -e- - N .�i) CUU LLI W Li u Q U •LU • 1: W MOOD fr C U) v) m par Cr co - I . i . id I r I. IN 9Z-I ,II1'"1 • ,I . . .,, 1 • N it - N cv t) C) i O In N U O U U r U U U W W W W CO CI) vs f U) co U) S i al . • Lavoe Ni-z:4 Co C N c) r N u.i W W w W U `i - co U) - U) U) Exhibit F Central Firestone Urban Renewal Area Weld County Impact Report F IIF U RA Urban Renewal Plan for the Central Firestone Area Weld County Impact Report Town of Firestone , Colorado September 27 , 2015 Table of Contents 1 . 0 Introduction 1 1 . 1 . Report Requirements 1 2 . 0 Summary of the Central Plan 1 3 . 0 Development Program 2 4 . 0 Development Timing 2 5 . 0 Development Assumptions and Calculations 2 6 . 0 Property Tax Revenue 4 7 . 0 Use of Revenue 4 8 . 0 Sales Tax Revenue 4 9 . 0 County Services and Infrastructure 4 Exhibits A . Map of the Central Plan Area B . Single Family Residential Tax Revenue Rates and Values C . Multi- Family Residential Tax Revenue Rates and Values D . Employment and Commercial Growth E . Employment and Commercial Tax Revenue Rates and Values F . Summary of Tax Revenue Rates and Values i 1 . 0 Introduction This report outlines the anticipated fiscal impacts of the Central Firestone Urban I Renewal Plan (" Central Plan " ) on Weld County (" County" ) . A map of the Central Plan Area is shown as Exhibit A . 4 1 . 1 Report Requirements This report responds to the requirements outlined in C . R . S . 31 -25- 107 ( 3 . 5 ) : C . R . S . 31 -25- 107 : APPROVAL OF URBAN RENEWAL PLANS BY THE LOCAL GOVERNING BODY ( 3 . 5 ) " [P] rior to the hearing on an urban renewal plan . . . 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 subparagraph ( 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 . 2 . 0 Summary of the Central Plan The following information provides a summary of the Central Plan and its potential financial impacts to the County . The calculations noted herein include the assumption that the current Intergovernmental Agreement ( " IGA" ) between the Firestone Urban Renewal Authority ( " FURA" ) and the County for the Southern and Northern Firestone Urban Renewal Plans will be amended to include the Central Plan or an additional intergovernmental agreement will be created . 1 3 . 0 Development Program The proposed development program for the Central Plan is consistent with current policy documents and plans adopted or utilized by the Town of Firestone . The anticipated redevelopment and development program over the next 25 years is summarized in Table 1 . Table 1 : Central Firestone Urban Renewal Plan Proposed Development Program Dwelling Units Sq . Feet Residential , Single Family 3 . 000 Residential , Multi-Family 900 Employment ( Industrial/Office ) 175 , 000 Commercial ( Retail/Office ) 200 , 000 Total 3 , 900 1 , 100 , 000 4. 0 Development Timing The development timetable for the proposed program presented above will ultimately be determined by prevailing market conditions . A key component of the analysis presented in this report is the assumption that key parcels within the Central Plan Area will be redeveloped or developed into a mix of residential , employment and commercial land uses . For the purposes of this analysis , it is assumed that redevelopment and new development in the area would be substantially completed during the 25-year term of the Central Plan . No significant growth in the Central Plan Area is anticipated until 2016 . 5 . 0 Development Assumptions and Calculations In order to assess the fiscal impacts to Weld County , a variety of land use and development assumptions have been made . These assumptions and related calculations are shown in Exhibits B through F . All the various properties in the Central Plan Area were analyzed for development and redevelopment potential , including zoning , physical characteristics , proximity to infrastructure and the amount of necessary blight mitigation . The percentage of open space , residential densities and floor area ratios for non-residential development are consistent with typical development that has occurred in Firestone . For all land use categories reviewed in the area , the ultimate development potential is generally consistent with the growth totals shown in Table 1 . All calculations shown are in 2015 dollar values . The values shown are the estimated incremental values of vertical construction . The incremental value of land , especially land that is currently assessed as agricultural , was not included in these calculations , as such lands are assumed to be currently valued at market rates . In order to make the analysis as straight forward as possible , assumed changes in the base valuation or any potential tax rate changes were not considered . 2 Exhibit B identifies growth and revenue projections for the development of single-family residential land uses in the Central Plan Area . Past growth trends of this product type were reviewed and an annual growth rate as shown in Exhibit B was projected for the Town through the year 2040 . As this total growth is on a Town wide basis , the percentage of this growth assumed to be developed in the Central Plan Area is as shown in Exhibit B . The total annual projected single-family residential dwelling unit amount is also shown in Exhibit B . The average market value for each single-family residential dwelling unit was projected to be $400 , 000 . At the County's approximate mill levy of 17 mills and an assessed value rate of and estimated 8 % , each home will yield the County $ 544 annually in property tax revenue . Exhibit B shows the annual and cumulative values of the County' s property tax relative to the projected number of single-family homes . Exhibit C identifies growth and revenue projections for the development of multi-family residential land uses in the Central Plan Area . This type of land use appears to be gaining momentum in Firestone ; therefore a 6 . 5 % annual growth rate was projected for the Town through the year 2040 . This rate was based on historical single-family growth data . As this total growth is on a Town wide basis , the percentage of this growth assumed to be developed in the Central Plan Area was 75 percent . The total annual projected multi-family residential dwelling units are shown on Exhibit C . The market value for each multi-family residential dwelling unit was projected to be $250 , 000 . At the County' s approximate mill levy of 17 mills and an assessed value rate of 8 % each home would yield the County $340 annually in property tax revenues . Exhibit C shows the annual and cumulative values of the County' s property tax relative to the projected number of multi-family homes . Exhibit D shows the calculations for the anticipated private sector employment/office and private sector commercial/office land uses in the Central Plan Area . Historic data on the ratio of Firestone employment/office square to feet of and population commercial/office lands uses was calculated . There are approximately 50 square feet of employment/office and approximately 70 square feet of commercial/office per resident . These values were multiplied by the population projections from new residential development in the Central Plan Area to create an annual absorption rate for both employment/office and commercial/office land uses in the Central Plan Area . Exhibit E identifies revenue projections for the development of employment/office and commercial/office land uses in the Central Plan Area . Using a building value of $ 110 per square foot for employment/office land uses , the County' s approximate mill levy of 17 mills and an assessed value rate of 29 % , each square foot of employment/office development would yield the County $ 0 . 54 per square foot annually . Using a building value of $ 130 per square foot for commercial/office land uses , the County' s mill levy of approximately 17 mills and an assessed value rate of 29 % each square foot of commercial/office development would yield the County $0 . 64 per square foot annually . Exhibit E shows the annual and cumulative County tax revenue for employment and commercial land uses in the Central Plan Area . Exhibit F provides a summary of all the land uses and associated County and total 3 1 property tax revenues on an annual and cumulative basis . As with all the exhibits , Exhibit F also assumes an amendment of the current IGA or a new intergovernmental agreement+ between the County and FURA using the same revenue allocation rate of 50 percent . 6 . 0 Property Tax Revenue Based on assumptions and calculations shown in Exhibits B through F , the incremental County tax revenue that would be deferred during the 25-year term of the Plan would be a net $ 1 , 330 ,472 . The " net" amount assumes the 50 percent revenue allocation rate as noted in the IGA . After the 25-year term , the County would receive approximately $ 123 , 578 annually from the Central Plan Area . 7 . 0 Use of Revenue All revenues received by FURA from the Central Plan will be utilized to mitigate blight in the Central Plan Area . 8 . 0 Sales Tax Revenue Weld County does not have a sales tax and thus no sales tax revenue would be allocated to the FURA under the Central Plan . 9 . 0 County Services / Infrastructure Because the entire Central Plan is located within the Town of Firestone 's municipal boundaries , there is anticipated to be a minimal impact on County services . Infrastructure impacts associated with the proposed development program are assumed to be financed by the Town of Firestone with increment revenues or some combination of increment dollars , grants , general fund dollars , special district dollars or other sources . Impacts to the County' s general government services could increase in the general area due to an increase in non - residential and residential development , but such impacts should also be relatively insignificant and more than offset by the increase in value realized by properties contiguous to the Central Plan Area . Additionally , impacts to County social services and jail services are addressed by the 50 percent revenue allocation identified in the IGA. 4 EXHIBIT A ;f- 1 -• )4 404 r . _ -Sillifes'. . Elie . 9 j if • , ... :' - L 14414a.., ..:.. . .._ .. ft, , . • ,. ._ • . _ .. • it yCU CIL. *bi� TdC t • fr.4 i4, i 73 � O AP r .r ittl 7:3 j > 7 U. wi-- 1 9Y Vii • IM• 73 .4 �, LCC V , • Ira r CU 4 $ Qt 4 iiiir ,. , #. 1 MI ligr \ID, . :MEI brifilin " 4rfil, i( i. ._ - r.P4.• 6, ‘ i ' ,.4 11 ' w - 2 -. ' ak, % `e. f..4,_ . • t % L'• ` I` ..' v J _ e , _ _ •.. f, .- _ _ ; I �®1r .awl . .. 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EXHIBIT B Exhibit B Single Family Residential Tax Revenue Rates and Values For the Central Plan Annual Annual Percent Annual County Annual Annual Total Growth FS DUs in FURA Tax County County Tax Year DUs Rate DUs FURA DUs Per DU Tax At 50% 2015 2016 3 ,500 6 .0% 210 40 .0% 84 544 45,696 22 ,848 2017 3,630 6 . 0% 218 40 .0% 87 544 47 , 387 23 ,693 2018 3 ,764 6 .0% 226 50 . 0% 113 544 61 ,425 30 , 713 2019 3 ,903 6 .0% 234 50 . 0% 117 544 63,698 31 , 849 2020 4,047 6 . 0% 243 50 . 0% 121 544 66 , 055 33 , 027 2021 4, 197 6 .0% r 252 50 .0% 126 544 68,499 34 ,249 2022 4,353 6 . 0% 261 50 .0% 131 544 71 , 033 35,517 2023 4,514 6 .0% 271 50 .0% 135 r 544 73 ,661 36 ,831 2024 4,681 6 .0% 281 50 . 0% 140 544 76 ,387 38, 193 2025 4,854 6 . 0% 291 50 . 0% 146 544 79 ,213 39 ,607 2026 5 ,033 6 . 0% 302 50 . 0% 151 544 82 , 144 41 ,072 2027 5 ,220 6. 0% 313 50 . 0% 157 544 85, 183 42 , 592 2028 5 ,413 6 . 0% 325 50 . 0% 162 544 88,335 44 , 168 2029 5 ,613 6 .0% 337 50 . 0% 168 544 91 ,603 45,802 2030 5, 821 5 . 0% 291 50 . 0% 146 544 79, 161 39, 580 2031 6 , 036 5 .0% 302 50 . 0% 151 544 82 ,090 41 ,045 2032 6,259 5 .0% 313 50 .0% 156 544 85, 127 42 ,563 2033 6 ,491 2 . 5% 162 50 . 0% 81 544 44, 138 22 ,069 2034 6 , 731 3 . 0% 202 50 . 0% 101 544 54,926 27,463 2035 6,980 3 .0% 209 50 . 0% 105 544 56 ,958 28,479 2036 7,238 3 . 0% 217 50 . 0% 109 544 59,065 29,533 2037 7,506 3.0% 225 50 . 0% 113 544 61 ,251 30 ,625 2038 7,784 3 . 0% 234 50 . 0% 117 544 63,517 31 , 759 2039 8,072 3 . 0% 242 50 . 0% 121 544 65,867 32 ,934 . 2040 8 , 371 3 . 0% 251 50 . 0% 126 _ 544 68,304 34 , 152 Total 3,038 1 ,652,419 826,210 Notes 1 FS stands for Firestone. 2 DU stands for dwelling unit. 3 CP stands for the Central Plan. 4 Projections are estimates only. 5 Tax revenue is shown in dollars. EXHIBIT C Exhibit C Multi-Family Residential Tax Revenue Rates and Values For the Central Plan Annual Annual Percent Annual County Annual Annual Total Growth FS DUs in FURA Tax County County Tax Year DUs Rate DUs FURA DUs Per DU Tax At 50% 2015 , 2016 300 6 . 5% 20 75 . 0% 15 340 4 ,973 2,486 2017 320 6 . 5% 21 75 . 0% . 16 340 5 ,296 2,648 2018 340 6. 5% 22 75. 0% 17 340 5,640 2, 820 2019 362 6 . 5% 24 75. 0% 18 340 6, 007 3, 003 2020 386 6 . 5% 25 75. 0% 19 340 6 ,397 3 , 198 2021 411 6 . 5% 27 75 . 0% 20 340 6 ,813 3 ,406 2022 438 6 . 5% 28 75 . 0% 21 340 7 ,256 3 ,628 2023 466 6. 5% 30 75. 0% 23 340 7, 727 3, 864 2024 496 6 . 5% 32 75 . 0% 24 340 8 ,229 4, 115 2025 529 6 . 5% 34 75 . 0% 26 340 8 , 764 4, 382 2026 563 6. 5% 37 75 . 0% 27 340 9 , 334 4,667 2027 600 6 . 0% 36 75 . 0% 27 340 9 , 176 4 , 588 2028 636 6. 0% 38 75 . 0% 29 340 9 ,727 4, 863 2029 674 6. 0% 40 75 . 0% 30 340 10, 310 5, 155 2030 714 6 .0% 43 75 . 0% 32 340 10 , 929 5,464 2031 757 6. 0% 45 75 . 0% 34 340 11 , 585 5, 792 2032 803 6.0% 48 75 . 0% 36 340 12 , 280 6, 140 2033 851 6.0% 51 75 . 0% 38 340 13, 016 6, 508 2034 902 6.0% 54 75 . 0% 41 340 13, 797 6 , 899 2035 956 6 .0% 57 75 . 0% 43 340 14 , 625 7 ,313 2036 1 ,013 6 . 0% 61 75 . 0% 46 340 15, 503 7, 751 2037 1 ,074 6 . 0% 64 75. 0% 48 340 16 ,433 8 ,217 2038 1 , 138 6 . 0% 68 75 . 0% 51 340 17 ,419 8 , 709 2039 1 ,207 6 .0% 72 75 . 0% 54 340 18,464 9,232 2040 _ 1 ,279 6 . 0% 77 75 . 0% 58 340 _ 19, 572 9,786 Total 1 ,036 792 269,272 134,636 Notes 1 FS stands for Firestone. 2 DU stands for dwelling unit. 3 CP stands for the Central Plan . 4 Projections are estimates only. 5 Tax revenue is shown in dollars . EXHIBIT D I Exhibit D Employment and Commercial Growth For the Central Plan Annual Pop. SF Annual Pop. MF Comb. Emp. Annual Com . Annual FURA Per Annual FURA Per Annual Annual SF Per Emp. SF Per Com. Year SF DUs SF DU Pop. MF DUs MF DU Pop. Pop. Pop. Absop. Pop. Absop. 2015 2016 210 2. 75 578 20 1 . 8 35 613 50 30, 630 70 42 , 882 2017 218 2. 75 599 21 1 . 8 37 636 50 31 , 812 70 44 , 537 2018 226 2. 75 621 22 1 . 8 40 661 50 33 , 042 70 46 , 259 2019 234 2 . 75 644 24 1 .8 42 686 50 34 , 320 70 48 , 048 2020 243 2 . 75 668 25 1 .8 45 713 50 35,649 70 49, 909 2021 252 2 . 75 693 27 1 . 8 48 741 50 37 , 032 70 51 , 844 2022 261 2. 75 718 28 1 . 8 51 769 50 38 ,469 70 53 , 857 2023 271 2. 75 745 30 1 . 8 55 799 50 39 , 964 70 55 , 950 2024 281 2. 75 772 32 1 . 8 58 830 50 41 , 519 70 58 , 127 2025 291 2. 75 801 34 1 . 8 62 863 50 43 , 137 70 60 , 391 2026 302 2. 75 830 37 1 . 8 66 896 50 44 , 819 70 62, 747 2027 313 2. 75 861 36 1 .8 65 926 50 46 , 300 70 64, 820 2028 325 2. 75 893 38 1 .8 69 962 50 48 , 088 70 67, 323 2029 337 2.75 926 40 1 . 8 73 999 50 49, 946 70 69 , 924 2030 291 2 . 75 800 43 1 . 8 77 877 50 43 , 874 70 61 ,424 2031 302 2 .75 830 45 1 . 8 82 912 50 45, 586 70 63 , 821 2032 313 2. 75 861 48 1 .8 87 947 50 47 , 367 70 66 , 314 2033 162 2. 75 446 51 1 . 8 92 538 50 26 , 907 70 37 , 669 2034 202 2. 75 555 54 1 . 8 97 653 50 32 , 635 70 45 , 690 2035 209 2 . 75 576 57 1 . 8 103 679 50 33 , 955 70 47 , 537 2036 217 2. 75 597 61 1 . 8 109 707 50 35 , 330 70 i 49 ,462 2037 225 2. 75 619 64 1 .8 116 735 50 36 , 763 70 51 ,468 2038 234 2. 75 642 68 1 .8 123 765 50 38 , 257 70 53 , 559 2039 242 2 . 75 666 72 1 . 8 130 796 50 39, 814 70 55 , 739 2040 251 2 .75 691 77 1 . 8 138 829 50 41 ,437 70 58, 011 Total 976,652 1 ,367,312 Notes 1 FS stands for Firestone . 2 DU stands for dwelling unit. 3 CP stands for the Central Plan . 4 Projections are estimates only. 5 Tax revenue is shown in dollars . EXHIBIT E • Exhibit E Employment and Commercial Tax Revenue Rates and Values For the Central Plan Annual County Annual Annual County Annual Annual Annual Emp. Emp. Tax County Com. Tax Per County Combined County Tax Year Sq. Ft. Per Sq. Ft. Emp.Tax Sq. Ft. Sq. Ft. Corn . Tax Cty Tax At 50% 2015 2016 15,814 0 .54 8, 540 14 , 196 0 .64 9,085 17 ,625 8, 813 2017 16 , 372 0 .54 8, 841 14 ,698 0 .64 9,407 18 ,248 9, 124 2018 16 ,931 0 .54 9, 143 15,200 0 .64 9, 728 18 , 871 9,435 2019 17 ,490 0 .54 9,445 15 ,701 0 .64 10 ,049 19 ,493 9, 747 2020 18 , 049 0 .54 9, 746 16 , 203 0 .64 10 ,370 20 , 116 10 , 058 2021 18 ,608 0 .54 10 , 048 16 ,705 0 .64 10 ,691 20 , 740 10 , 370 2022 19 , 325 0 .54 10 ,436 17 ,348 r 0 .64 11 , 103 21 , 538 10 ,769 2023 19 ,884 0 .54 10 , 737 17 ,850 0.64 11 ,424 22 , 161 11 , 081 2024 20 ,601 0 .54 11 , 125 18 ,494 0.64 11 ,836 22 , 961 11 ,480 2025 21 ,402 0.54 11 , 557 19,213 0.64 12 ,296 23 , 853 11 ,927 2026 22 , 119 0 .54 11 , 944 19 , 857 0.64 12 , 708 24 ,653 12 , 326 2027 23 , 078 0.54 12 ,462 20 , 718 0.64 13 ,259 25 , 721 12 , 861 2028 23 , 795 0 .54 12 , 849 21 , 362 0 .64 13 ,671 26 , 521 13 ,260 2029 24 , 754 0.54 13 ,367 22 ,223 0 .64 14 ,223 27 , 590 13 , 795 2030 r 25 , 714 0 .54 13 , 885 23 , 084 0 .64 14 ,774 28 ,659 14 , 329 2031 26 , 589 0 .54 14 , 358 23 , 870 0.64 15,277 29 ,635 14 , 817 2032 27 ,548 0.54 14 , 876 24 , 731 0 .64 15 ,828 30 , 704 15 , 352 2033 28 ,666 0 .54 15 ,480 25,734 0.64 16 ,470 31 ,950 15 , 975 2034 29 ,625 0.54 15,998 25,734 0.64 16 ,470 32 ,467 16 ,234 2035 30 ,743 0 .54 16 ,601 25 , 734 0 .64 16 ,470 33 , 071 16 , 536 2036 31 ,860 0 .54 17 ,204 25 , 734 0 .64 16 ,470 33 ,674 16 ,837 . 2037 32 ,987 0 .54 17 , 813 25 , 734 0 .64 16 ,470 34 ,283 17 , 141 2038 34 , 338 0.54 18 , 543 25, 734 0 .64 16 ,470 35 , 012 17 , 506 2039 35,614 0 . 54 19 ,232 25 ,734 0 .64 16 ,470 35 , 701 17 ,851 2040 35 ,614 0 . 54 19,232 _ 25 ,734 0 .64 _ 16 ,470 35, 701 17 ,851 Total 670,949 335,474 Notes 1 FS stands for Firestone. 2 DU stands for dwelling unit. 3 CP stands for the Central Plan . 4 Projections are estimates only. 5 Tax revenue is shown in dollars . EXHIBIT F 1 Exhibit F Summary of Tax Revenue Rates and Values For the Central Plan Annual Annual Annual Annual Total Annual County County County County Annual County Tax Year SF Tax MF Tax Emp. Tax Corn . Tax Cty. Tax At 50% 2015 2016 45 , 696 4 ,973 8 , 540 9,085 68 , 294 34, 147 2017 47 , 387 5,296 8,841 9 ,407 70 , 930 35,465 2018 61 ,425 5 ,640 9 , 143 9,728 85, 936 42, 968 2019 63 ,698 6,007 9,445 10 , 049 89 , 198 44 , 599 2020 66, 055 6, 397 9 , 746 10 , 370 92 , 568 46 ,284 2021 68 ,499 6 , 813 10 , 048 10 , 691 96 , 051 48, 025 2022 71 , 033 7 ,256 10,436 11 , 103 99, 827 49 , 913 u 2023 73, 661 7 , 727 10 , 737 11 ,424 103 , 550 51 , 775 di 2024 76, 387 8 ,229 11 , 125 11 , 836 107 , 577 53, 788 2025 79, 213 8,764 11 , 557 12 , 296 111 , 831 55 , 915 2026 82 , 144 9, 334 11 , 944 12 , 708 116 , 131 58 , 065 2027 85, 183 9, 176 12 ,462 13 ,259 120 ,081 60 , 040 ri 2028 88 , 335 9, 727 12, 849 13 , 671 124 , 582 62,291 2029 91 ,603 10, 310 13 , 367 14,223 129 , 503 64 , 752 2030 79 , 161 10 , 929 13, 885 14, 774 118 , 749 59 , 374 2031 82 , 090 11 , 585 14 , 358 15 ,277 123 , 309 61 , 655 2032 85 , 127 12, 280 14 , 876 15 , 828 128 , 110 64 , 055 2033 44 , 138 13 , 016 15,480 16 ,470 89, 104 44 , 552 2034 54 , 926 13, 797 15 , 998 16 ,470 101 , 191 50 , 595 2035 56, 958 14 , 625 16,601 16 ,470 104 ,654 52, 327 2036 59, 065 15 , 503 17 ,204 16,470 108 ,243 54 , 121 2037 61 , 251 16,433 17 , 813 16 ,470 111 ,967 55 , 983 2038 63 , 517 17 ,419 18 , 543 16 ,470 115 , 949 57 , 974 . 2039 65, 867 18,464 19 ,232 16 ,470 120 ,033 60, 016 2040 68 , 304 _ 19, 572 _ 19 , 232 16 ,470 _ 123 ,578 61 , 789 Total 2,660,943 1 ,330,472 Notes 1 FS stands for Firestone . 2 DU stands for dwelling unit. 3 CP stands for the Central Plan . 4 Projections are estimates only. 5 Tax revenue is shown in dollars . DOI 14 ° SAlf e Che I Hoffman To : rtoberman@firestoneco . gov Subject: Amendment to Tax Increment Expenditure Attachments : 20153675-Amendment to Tax Increment Expenditure and Revenue Sharing Agreement. pdf Here' s the pdf as promised . We will send you the agreements to finalize and return one to us . Thank you so much . Cli cry! L. Hoffman Deputy Clerk to the Board � 1150 D Street / P. O. Box 758JGreeley, CO 80632 til'A-reatol) email: chewitt@weldgov. com � �D � tel: (970) 336- 7215 X4227 ° , driasf d , es., lizAkr 36 ah, () , y, , ....t rt res - 1 4-- 4 illi 1:l& 3 -- it; Or r , r -“ ids, 7 _ , Confidentiality Notice : This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged , confidential or otherwise protected from disclosure . If you have received this communication in error, please immediately notify sender by return e- mail and destroy the communication . Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited . Hello