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RESOLUTION: 2002-49
SUBJECT: A resolution authorizing the City of Lakewood to enter into a second amended and restated agreement with the 640 Improvement Corporation relating to the use of overhead conversion funds for undergrounding of electrical facilities at the Stevinson/Denver West Center Project.
RECOMMENDATION: Adoption of the Resolution will facilitate the planning, design, engineering and timely construction work in connection with the undergrounding of electrical utility lines and related facilities on or adjacent to the Colorado Mills Retail Center.
SUMMARY AND BACKGROUND OF SUBJECT MATTER: The 640 Improvement Corporation ("Corporation") is the successor to the Stevinson/Denver West Improvement District. The Agreement with the Corporation relates to construction at the Stevinson/Denver West Center Project.
The City desires to encourage conversion of overhead electrical facilities to serve the Stevinson/Denver West Center Project and to provide orderly site and roadway layout and development. The City has previously entered into an Agreement for Use of Overhead Conversion Fund Credits dated February 27, 2001 as authorized by Resolution 2001-13 and an Amended and Restated Agreement for Use of Overhead Conversion Fund Credits dated November 14, 2001 as authorized by Resolution 2001-81. The Corporation is requesting that the amount of credits to be used be increased by $300,000 from $3,150,000 to $3,450,000.
The City is willing to request that City credits from Xcel Energy (Xcel) for conversion of overhead electrical facilities pursuant to the City's franchise agreement with Xcel be increased 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 by March 31, 2004.
FUNDING SOURCE: Overhead Conversion funds established by City franchise agreement with Xcel.
RESOLUTION ADOPTION DATE: August 12, 2002
ORIGINATED BY: Richard J. Plastino, Director of Public Works
STAFF PERSON RESPONSIBLE: Richard J. Plastino, Director of Public Works, 303-987-7901
DOCUMENTS ATTACHED: Resolution 2002-49
SUBMITTED BY:
Richard J. Plastino, Director of Public Works
REVIEWED BY:
Joni Inman, Director Mayor and City Manager's Office
Michael J. Rock, City Manager
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