2002-61

A RESOLUTION

AUTHORIZING THE CITY OF LAKEWOOD TO ENTER INTO A REVENUE SHARING AGREEMENT WITH THE TOWN OF MORRISON AND DEVELOPERS DIVERSIFIED REALTY RELATING TO THE DEVELOPMENT OF APPROXIMATELY SIXTY-FIVE ACRES IN ROONEY VALLEY

WHEREAS, the Town of Morrison (Morrison) and the City of Lakewood (Lakewood) have entered into an Intergovernmental Agreement regarding the Rooney Valley dated May 5, 2000 (IGA) in order to share the burdens and benefits of development within the Rooney Valley on a cooperative basis, including providing for a unified land development process, sharing revenues from development, utilizing revenues from development to assist with the payment of the cost of municipal services, and coordinating the provision of public improvements; and,

WHEREAS, Developers Diversified Realty Corporation (DDR) proposes to construct a project within Morrison which have a gross leasable retail square footage of not less than 450,000 and not more than 900,000 square feet; and,

WHEREAS, Morrison, Lakewood and DDR wish to enter into an Agreement setting forth the specific method and specific method of revenue sharing among the three parties.

NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lakewood, Colorado, that:

SECTION 1. Lakewood is authorized to enter into an Agreement with Morrison and DDR to allow for revenue sharing among Morrison, Lakewood and DDR as set forth in the IGA.

SECTION 2. The City Manager is authorized to execute and the City Clerk to attest to the Agreement, in form approved by the City Attorney.

SECTION 3. If any section, paragraph, clause or provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of any such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Resolution.

SECTION 4. This Resolution shall be in full force and effect upon its passage and approval.

INTRODUCED, READ AND ADOPTED by a vote of 11 for and 0 against at a regular meeting of the City Council on September 9, 2002, at 7 o'clock p.m. at Lakewood Civic Center, 480 South Allison Parkway, Lakewood, Colorado.

Stephen A. Burkholder, Mayor

ATTEST:
Margy Greer, City Clerk