HomeMy WebLinkAbout20154032.tiff RESOLUTION
RE: APPROVE AGREEMENT FOR TAX INCREMENT EXPENDITURE AND REVENUE
SHARING AND AUTHORIZE CHAIR TO SIGN - TOWN OF MEAD/MEAD URBAN
RENEWAL AUTHORITY
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, the Board has been presented with an Agreement for Tax Increment
Expenditure and Revenue Sharing among the County of Weld, State of Colorado, by and through
the Board of County Commissioners of Weld County, the Town of Mead, and the Mead Urban
Renewal Authority, commencing upon full execution of signatures, with further terms and
conditions being as stated in said agreement, and
WHEREAS, after review, the Board deems it advisable to approve said agreement, a copy
of which is attached hereto and incorporated herein by reference.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the Agreement for Tax Increment Expenditure Revenue Sharing among
the County of Weld, State of Colorado, by and through the Board of County Commissioners of
Weld County, the Town of Mead, and the Mead Urban Renewal Authority be, and hereby is,
approved.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized
to sign said agreement.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 23rd day of December, A.D., 2015.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, CO ORADO
ATTEST: d, "
arbara Kirkmey r, Chair /
Weld County Clerk to the Board �/V
�f e ill l , Fr - -
BYE �0JiIL/( �,�� _/ 4j re Freeman, Pro-Tem
D putt' Clerk to the Boar. 0
P. Conway
APP A M: a ' O
ozad
�iyt
ounty Attorney _t / ✓'
Steve Moreno
Date of signature: 44'
C c . FT (VW)
6- 11-11a9 20154032
FI0061
TAX INCREMENT EXPENDITURE AND REVENUE SHARING AGREEMENT
THIS AGREEMENT is made and executed effective the(-),40 day of fhg1
2016, by and between the COUNTY OF WELD, COLORADO (hereinafter referred to as "Weld
County" or "County"), the TOWN OF MEAD, COLORADO (hereinafter referred to as
"Municipality"), and the MEAD URBAN RENEWAL AUTHORITY (hereinafter referred to as
"URA").
WITNESSETH:
WHEREAS, by cover letter dated 4% , 20_, and pursuant to C.R.S. § 31-
25-107(3.5), Municipality provided Weld County with the proposed Urban Renewal Plan for the
2015 Mead Urban Renewal Area ("Plan"), with an associated Weld County Impact Report, all of
which detail URA's and Municipality'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 URA to pay the principal of, interest on, and
any premiums due in connection with bonds of, loans or advances to, or indebtedness incurred
by URA for financing an urban renewal project, or to make payments pursuant to an agreement
executed pursuant to C.R.S. § 31-25-107(9.5) and C.R.S. § 31-25-107(11); and
WHEREAS, Weld County, Municipality and URA are authorized to enter into an
agreement pursuant to C.R.S. § 31-25-107(9.5) and 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, Municipality and URA desire to enter into this Agreement for
the purposes set forth in C.R.S. § 31-25-107(9.5) and C.R.S. § 31-25-107(11), and
WHEREAS, in consideration of the parties entering into this Agreement, pursuant to
C.R.S. § 31-25-107(9.5) and C.R.S. § 31-25-107(11), Weld County waives any right it has to file
an objection and ask for mediation or arbitration, pursuant to C.R.S. 31-25-9(5) or C.R.S. § 31-
25-107(12).
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NOW THEREFORE, in consideration of the covenants,promises and agreements of each
of the parties hereto, to be kept and performed by each of them, it is agreed by and between the
parties hereto as follows:
1. Sharing of County Levy Allocation: Weld County, Municipality and URA hereby
agree to share the County Tax Levy Allocation as follows:
a. URA 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) for the purpose of offsetting costs incurred by
the County caused by the URA (which may include improvements and/or maintenance on
County's roadways). Such revenues to be paid to the County shall be placed in a separate
URA 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, URA 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 URA 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 URA for
"Eligible Public Improvements" within the Urban Renewal Area. "Eligible Public
Improvements" shall include and be limited to public improvements described in the
Plan, including by way of example water lines, sewer lines, water treatment facilities,
waste, storm drainage, streets and roads, public works facilities, and police facilities.
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. Unincorporated Properties Part of URA. Upon notification that Municipality is
considering the adoption of the Plan, County may recommend certain unincorporated properties
for inclusion into the Plan if the owners of such properties consent to such inclusion.
4. 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.
5. Notification of Intended Amendments to the Plan; Agreement Not Part of Plan.
Municipality and URA agree to notify Weld County of any intended amendments to the Plan at
least ninety (90) days prior to the public hearing by Municipality to consider such amendment.
Both parties agree that this Agreement shall not, upon signature, become part of the Plan, but
rather, is a stand-alone agreement authorized pursuant to C.R.S. § 31-25-107(11) and in
satisfaction of the requirements of C.R.S. § 31-25-107(9.5). Notice provided to the County of
the intended amendment pursuant to this paragraph shall act as compliance with the provisions of
C.R.S. § 31-25-107(3.5)(a), requiring notice to the Board of County Commissioners of
substantial modification to the Plan.
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6. 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-
1070) to address the impacts of the Plan on Weld County revenues and on infrastructure and
services necessary to serve the Urban Renewal Area.
7. 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 URA 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 Municipality or URA. Municipality 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).
8. 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
URA 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 URA for financing
or refinancing, in whole or in part, the Urban Renewal Project specified in the Plan.
9. 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 URA 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, URA shall transfer and pay the total amount of the
County Tax Levy Allocation revenue that has been received by URA that is then owing to date,
as determined according to the provisions of Section 1 to this Agreement.
10. Termination and Subsequent Legislation. In the event of termination of the Plan,
including its TIF Financing component, URA and Municipality 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.
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11. 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.
12. Binding Effect. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their successors in interest.
13. 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.
14. 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.
15. 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.
16. No Assignment. No party may assign any of its rights or obligations under this
Agreement.
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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: daft& W id -ak COUNTY OF WELD, a political Weld County
Clerk to the Board subdivision of the STATE OF COLORADO:
By: By.
Deputy C rk to the B arbara Kirkmeye Chair - EC 2 3 2015
Board of County Commissioners,
County of Weld
APPROVED AS TO FUNDING: �` APPRIZ T S�NCE:---a4,4yst Controller ! it: `'`cted Official or Department Head
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APPROVED AS TO FORM: pest '.)S MI
County Attorney
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MUNICIPALITY:
ATTEST: TOWN OF MEAD, a municipal corporation of the
STATE OF COLORADO
p J fly BY:2/.....n -�.. -��-ce�k�r�.. By:n a Blackston, Town Clerk Gar Shields, Mayor
URA:
ATTEST: MEAD URBAN RENEWAL AUTHORITY
B n By:
4_____d_ a_:pdo
, Recording Secretary , Chairperson
GI-eec
5 02-d/5- X326-)
Town of
May 6, 2016
Weld County RECEIVED
Clerk to the Board MAY f 1 2015
PO Box 758
Greeley, CO 80632 WELD COUNTY
COMMISSIONERS
Dear Clerk to the Board,
I have enclosed Weld County fully executed copy of the Tax Increment Expenditure and
Revenue Sharing Agreement with the Town of Mead and the Mead Urban Renewal Authority.
Thank you,
Linda Blackston, CMC
Town Clerk
Town of Mead • 441 Third Street • P.O.Box 626 • Mead,Colorado 80542-0626 • 970-535-4477 • www.townofmead.org
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