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2002-73

A RESOLUTION

AUTHORIZING THE CITY OF LAKEWOOD TO ENTER INTO AN AGREEMENT WITH THE 640 IMPROVEMENT CORPORATION AND THE ONE HORSE BUSINESS IMPROVEMENT DISTRICT WHICH AUTHORIZES THE ASSIGNMENT OF A GUARANTEE AGREEMENT WHICH THE CITY HAD ENTERED INTO WITH THE 640 IMPROVEMENT CORPORATION TO THE ONE HORSE BUSINESS IMPROVEMENT DISTRICT

WHEREAS, in order to facilitate the construction of the Colorado Mills retail center, the City entered into certain agreements with the Colorado Department of Transportation (CDOT), the Lena Gulch Metropolitan District and the 640 Improvement Corporation relating to the construction and payment of the improvements at the U.S. 6 and Indiana Street interchange. The agreements authorize the Lena Gulch Metropolitan District to construct said improvements and the 640 Improvement Corporation to guarantee the payment of the costs of constructing the improvements; and,

WHEREAS, the City adopted an ordinance declaring the organization of the One Horse Business Improvement District on August 26, 2002 ("Business District"), which has the legal authority to perform all the obligations and accept all the benefits of the 640 Improvement Corporation; and,

WHEREAS, the Business District and the 640 Improvement Corporation desire that the Guarantee of the 640 Improvement Corporation entered into between the City and the 640 Improvement Corporation, dated January 24, 2001, and the Amended Guarantee of the 640 Improvement Corporation entered into between the City and the 640 Improvement Corporation, dated December 19, 2001, ( the "Guarantees" ) be assigned to it and that the Business District assume the benefits and obligations of the Guarantees.

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

SECTION 1. The City is authorized to enter into an agreement with the 640 Improvement Corporation and the One Horse Business Improvement District which provides for the assignment of the Guarantee of the 640 Improvement Corporation entered into between the City and the 640 Improvement Corporation, dated January 24, 2001, and the Amended Guarantee of the 640 Improvement Corporation entered into between the City and the 640 Improvement Corporation, dated December 19, 2001.

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

INTRODUCED, READ AND ADOPTED by a vote of 10 for and 0 against at a regular meeting of the City Council on October 28, 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