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0-2002-7
AN ORDINANCE
ORDINANCE AUTHORIZING A TEMPORARY WAIVER OF ONE HALF OF THE CITY'S TWO PERCENT SALES TAX WITHIN PORTIONS OF THE BELMAR PROJECT AREA
WHEREAS, the City Council of the City of Lakewood has approved the "Amended West Alameda Corridor Urban Redevelopment Plan," Phase I of which was approved by the City Council on May 26, 1998 and Phase II of which was approved by the City Council on September 11, 2000 (the "Plan"), relating to the redevelopment of the property on which the former Villa Italia Shopping Center was located and other adjoining properties; and
WHEREAS, pursuant to a Redevelopment Agreement between the Lakewood Reinvestment Authority (the "Authority") and Continuum Lakewood Development Company, LLC (the "Redeveloper") effective as of July 9, 2001 (the "Redevelopment Agreement"), the Redeveloper will demolish existing improvements and construct new public improvements and mixed-use retail, office, hotel, entertainment and residential improvements (the "Belmar Project"); and
WHEREAS, the public improvements the Redeveloper will construct, repair or remodel or cause to be constructed, repaired or remodeled will include, without limitation, public streets, sidewalks, utilities and parking facilities, storm water management facilities and parks and open space and associated land acquisition, demolition and remediation, as described in the Redevelopment Agreement (the "Public Improvements"); and
WHEREAS, the City, the Authority, the Redeveloper and Plaza Metropolitan District No. 1, Plaza Metropolitan District No. 2, and Plaza Metropolitan District No. 3 (such districts are collectively referred to as the "Districts") have entered into a Public Financing Amendment to Redevelopment Agreement dated as of December 31, 2001 (the "Amendment"); and
WHEREAS, pursuant to the Amendment, in order to facilitate the financing of the Public Improvements, the Redeveloper will record a real property covenant (the "PIF Covenant") encumbering and running with title to the property referred to in the Amendment as the Belmar Tax Increment Area and the Belmar Outparcels Tax Increment Area providing that every seller or provider of goods and services who engages in the applicable transactions described in such PIF Covenant will collect from the purchaser or recipient of goods or services a public improvement fee in the amount of two and one-half percent (2.5%) of such transactions; and
WHEREAS, to assure that such transactions are competitive with similar transactions in the Denver Metropolitan Area, the City has agreed in the Amendment to a temporary waiver of one half of the City's two percent (2%) sales taxes so that during the temporary waiver period described in Section 3 below, the City will impose a one percent (1%) sales tax rather than a two percent (2%) sales tax on transactions occurring within the property known as the Belmar Tax Increment Area and the Belmar Outparcels Tax Increment Area, which property is more specifically described in Exhibit A which is attached hereto.
NOW THEREFORE, BE IT ORDAINED by the City Council of the City of Lakewood, Colorado, that:
Section 1. The City of Lakewood hereby temporarily waives one half of its two percent (2%) sales tax (resulting in a one percent (1%) sales tax) imposed pursuant to the City's sales and use tax ordinance, Chapter 3.01 of the Lakewood Municipal Code (the "Code") for any Sale (as defined in Section 3.01.020 of the Code) occurring only within the property legally described on Exhibit A which is attached hereto and incorporated herein by this reference:
Section 2. The temporary waiver of sales tax for Sales as described in Section 1 shall commence on the later of (a) the date on which the PIF Covenant is recorded in the real property records of Jefferson County, Colorado or (b) April 1, 2002 (the "Waiver Commencement Date").
Section 3. The temporary waiver of sales tax shall terminate without any further action by the City Council or others on the earlier of (a) the date that is 25 years after the Waiver Commencement Date; or (b) the first date on which (i) any bonds issued pursuant to the Amendment are no longer outstanding, and (ii) the Redeveloper or the Districts have received the maximum amount of reimbursable costs under the Amendment (the "Waiver Termination Date").
Section 4. The City Manager is directed to take all action necessary to implement
the provisions of this ordinance, including notifying retailers and vendors
of the Waiver Commencement Date.
Section 5. This ordinance shall take effect thirty (30) days after final publication.
I hereby attest and certify that the within and foregoing ordinance was introduced and read on first reading at a regular meeting of the Lakewood City Council on the 11th day of February, 2002; published in full in the Lakewood Sentinel on the 14th day of February 2002; set for public hearing on the 25th day of February, 2002; read, finally passed and adopted by the City Council on the day 25th of February, 2002; and signed and approved by the Mayor on the day 26th of February, 2002.
Stephen A. Burkholder, Mayor
ATTEST:
Margy Greer, City Clerk
EXHIBIT A
Legal Description
A PARCEL OF LAND LOCATED IN THE NORTHEAST QUARTER OF SECTION 14, TOWNSHIP 4
SOUTH, RANGE 69 WEST, OF THE SIXTH PRINCIPAL MERIDIAN, TOGETHER WITH A PART
OF LOT 1, BLOCK 1, VILLA ITALIA SHOPPING CENTER SUBDIVISION, THE PLAT OF WHICH
IS RECORDED IN PLAT BOOK 78, AT PAGES 37, 38, 39 OF THE RECORDS OF THE JEFFERSON
COUNTY CLERK AND RECORDER, CITY OF LAKEWOOD, COUNTY OF JEFFERSON, STATE OF COLORADO,
BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE NORTHEAST CORNER OF SAID SECTION 14;
THENCE S.0°05'29"W. ALONG THE EAST LINE OF SAID NORTHEAST QUARTER,
A DISTANCE OF 300.00 FEET TO THE POINT OF BEGINNING;
THENCE CONTINUING S.0°05'29" W. ALONG SAID EAST LINE, A DISTANCE OF
316.70 FEET;
THENCE S.89°42'43"W., A DISTANCE OF 180.10 FEET TO THE EAST BOUNDARY
LINE OF SAID SUBDIVISION;
THENCE ALONG THE BOUNDARY OF SAID SUBDIVISION THE FOLLOWING 10 COURSES:
S.0°04'12"W., A DISTANCE OF 708.10 FEET;
S.89°42'43"W., A DISTANCE 0.61 FEET;
S.0°04'12"W., A DISTANCE OF 814.66 FEET;
S.89°42'42"W., A DISTANCE OF 560.03 FEET TO A POINT OF NON-TANGENT
CURVE;
ALONG AN ARC OF A CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 19°47'52",
A RADIUS OF 507.56 FEET, AN ARC LENGTH OF 175.38 FEET (A CHORD BEARING N.80°23'22"W.,
A CHORD LENGTH OF 174.51 FEET) TO A POINT OF TANGENT;
ALONG SAID TANGENT S.89°42'42"W., A DISTANCE OF 1179.34 FEET TO A POINT
OF CURVE;
ALONG AN ARC OF A CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 90°27'05",
A RADIUS OF 15.00 FEET, AND AN ARC LENGTH OF 23.68 FEET TO A POINT OF TANGENT;
ALONG SAID TANGENT N.0°09'47"E., A DISTANCE OF 569.56 FEET;
S.89°42'42"W., A DISTANCE OF 480.00 FEET TO THE EASTERLY RIGHT-OF-WAY
OF SOUTH WADSWORTH BOULEVARD;
ALONG SAID EASTERLY RIGHT-OF-WAY N.0°01'30"W., A DISTANCE OF 588.65
FEET TO THE BOUNDARY OF A TRACT CONVEYED TO THE COLORADO DEPARTMENT OF HIGHWAYS
DESCRIBED BY THE INSTRUMENT RECORDED UNDER RECEPTION NO. 88084306; OF SAID COUNTY
RECORDS;
THENCE ALONG THE BOUNDARY OF SAID TRACT AND BEING THE EASTERLY RIGHT-OF-WAY
OF SAID SOUTH WADSWORTH BOULEVARD THE FOLLOWING 4 COURSES:
S.89°55'12"E., A DISTANCE OF 10.16 FEET;
N.0°57'30"E., A DISTANCE OF 537.16 FEET;
N.0°01'30"W., A DISTANCE OF 173.51 FEET TO A POINT OF CURVE;
ALONG A CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 34°50'33", A RADIUS
OF 69.50 FEET AND AN ARC LENGTH OF 42.26 FEET TO THE SOUTH RIGHT-OF-WAY LINE
OF WEST ALAMEDA AVENUE;
THENCE N.89°42'42"E. ALONG SAID SOUTH RIGHT-OF-WAY LINE AND BEING 150.00
FEET SOUTH FROM AND PARALLEL WITH THE NORTH LINE OF SAID NORTHEAST QUARTER,
A DISTANCE OF 2406.35 FEET; THENCE S.0°05'28"W., A DISTANCE 150.00
FEET; THENCE N89°42'42"E., A DISTANCE OF 150.00 FEET TO THE POINT OF
BEGINNING CONTAINING AN AREA OF 4,502,576 SQUARE FEET OR 103.365 ACRES MORE
OR LESS.
LOTS 2 AND 3, BLOCK 1, LAKEWOOD CITY CENTER SUBDIVISION, CITY OF LAKEWOOD, COUNTY OF JEFFERSON, STATE OF COLORADO
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