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RESOLUTION: 2002-78
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 authorizing assignment of three agreements to the One Horse Business District relating to the use of overhead conversion funds for undergrounding of electrical facilities at the Colorado Mills project.
RECOMMENDATION: Adopt the resolution.
SUMMARY AND BACKGROUND OF SUBJECT MATTER: The City has encouraged the earliest possible conversion of overhead electrical facilities to serve the Colorado Mills Project and to provide orderly traffic patterns and development because such development will provide a significant financial benefit to the City. The City Council has previously authorized Agreements for use of the Overhead Conversion Fund Credits by Resolutions 2001-13, 2001-81, and Resolution 2002-49.
The One Horse Business Improvement District is taking over the responsibility to pay back loaned overhead conversion funds to the City and an assignment needs to be approved by the City allowing assignment from the 640 Improvement Corporation to the One Horse Business Improvement District
FUNDING SOURCE: Overhead Conversion funds established by City franchise agreement with PSCo.
RESOLUTION ADOPTION DATE: October 28, 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 2002-78
SUBMITTED BY:
Richard J. Plastino, Director of Public Works
Jacque Wedding-Scott, Finance Director
REVIEWED BY:
Joni Inman, Director of the Mayor and City Manager's Office
Michael J. Rock, City Manager
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