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RESOLUTION: 2002-73
SUBJECT: A resolution authorizing the City of Lakewood to enter into an agreement with the 640 Improvement Corporation and the One Horse Business Improvement District assigning a guarantee agreement which the City had entered into with the 640 Improvement Corporation to the One Horse Business Improvement District.
RECOMMENDATION: Adopt the Resolution.
SUMMARY AND BACKGROUND OF SUBJECT MATTER: 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.
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. 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.
FUNDING SOURCE: Not applicable
RESOLUTION ADOPTION DATE: October 28, 2002
ORIGINATED BY: Jacque Wedding-Scott, Finance Director
STAFF PERSON RESPONSIBLE: Jacque Wedding-Scott, Finance Director, 303-987-7601
DOCUMENTS ATTACHED: Resolution 2002-73
SUBMITTED BY:
Jacque Wedding-Scott, Finance Director
REVIEWED BY:
Joni Inman, Director of the Mayor and City Manager's Office
Mike Rock, City Manager
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