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2002-74

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 TWO AGREEMENTS 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 separate agreements with the Stevinson/Denver West Improvement District (now known as the 640 Improvement Corporation) dated May 15, 1995 and October 9, 1996 (the "District Agreements"), which District Agreements require the District to construct and maintain certain public improvements necessary to serve the property and to provide for a method of sharing certain tax revenues with the 640 Improvement Corporation to pay for such public 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 District Agreements entered into between the City and the 640 Improvement Corporation, dated May 15, 1995 and October 9, 1996, be assigned to the Business District and that the Business District assume the benefits and obligations of the District Agreements.

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 District Agreements entered into between the City and the 640 Improvement Corporation, dated May 15, 1995 and October 9, 1996, from the 640 Improvement Corporation to the One Horse Business Improvement District and affirms and ratifies the parties' obligations thereunder.

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