2002-49

A RESOLUTION

AUTHORIZING THE CITY OF LAKEWOOD TO ENTER INTO AN AMENDED AND RESTATED AGREEMENT WITH THE 640 IMPROVEMENT CORPORATION WHICH PROVIDES FOR THE CITY OF LAKEWOOD'S OVERHEAD CONVERSION FUND TO BE USED AT THE STEVINSON/DENVER WEST CENTER PROJECT

WHEREAS, the City of Lakewood has annexed certain property in the Stevinson/Denver West area pursuant to Annexation and Development Agreements; and

WHEREAS, the City desires to encourage the earliest possible conversion of overhead electrical facilities to serve the Annexed Property in order to expedite the completion of Phase II of the Stevinson/Denver West Center Project and to provide orderly site and roadway layout and development; and

WHEREAS, pursuant to Resolution 2001-13 and an Agreement for Use of Overhead Conversion Fund Credits dated February 27, 2001, the City has previously requested that $2,400,000 of City credits from Xcel Energy (Xcel) for conversion of overhead electrical facilities pursuant to the City's franchise agreement with Xcel be used to help expedite the commencement of such planning, design, engineering and construction work in connection with the undergrounding of electrical utility lines and related facilities on or adjacent to the Annexed Property, with the understanding that such amounts shall be repaid to the City by the 640 Improvement Corporation in the future; and

WHEREAS, pursuant to Resolution 2001-81 and an Amended and Restated Agreement for Use of Overhead Conversion Fund Credits dated November 14, 2001, the City increased the amount of City credits to be used to a total of $3,150,000; and

WHEREAS, the 640 Improvement Corporation has requested and the City is willing to request that the amount of City credits to be used be increased by $300,000 to a total of $3,450,000,

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 whereby, subject to the willingness of Xcel to do so, an amount not to exceed $3,450,000.00 from the overhead conversion fund established by Xcel pursuant to its franchise agreement with the City will be used by Xcel for planning, designing, engineering and construction costs incurred in connection with the undergrounding of electrical utility lines and related facilities located on or adjacent to the Annexed Property. A dollar amount equal to the total amount of credits used shall be repaid by the 640 Improvement Corporation to the City on or before March 31, 2004, which amount may be used by the City to pay the cost of undergrounding electric utility lines, constructing public improvements or any other lawful purpose as determined by the City.

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 August 12, 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