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RESOLUTION: 2002-74
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 two agreements 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 two 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.
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 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.
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 2002-74
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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