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2002-94

A RESOLUTION

AUTHORIZING THE CITY OF LAKEWOOD TO ENTER INTO A PUBLIC FINANCE AGREEMENT WITH GOLDBERG PROPERTY ASSOCIATES, INC. RELATING TO THE DEVELOPMENT OF A KOHL'S DEPARTMENT STORE

WHEREAS, Goldberg Property Associates, Inc. ("Developer") desires to improve and develop property located in the vicinity of Wadsworth Boulevard and Eastman within the City ("Property") to construct a project consisting of a Kohl's department store and other retail development;

WHEREAS, the City has determined that it is in the City's best interest to encourage development of the Property and to share a portion of the sales tax revenue from such development of the Property in order to assist in the construction of public improvements;

WHEREAS, the City and Developer wish to enter into an agreement setting forth the specific method of revenue sharing between the parties ("Agreement").

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 Goldberg Property Associates, Inc. to allow for sharing of a portion of the sales tax revenue from the Property, subject to an annual appropriation therefor, with the Developer as more fully described in the Agreement.

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. If any section, paragraph, clause or provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of any such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Resolution.

SECTION 4. 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 November 25, 2002, at 7 o'clock p.m. at Lakewood City Hall, Civic Center South, 480 South Allison Parkway, Lakewood, Colorado.

Stephen A. Burkholder, Mayor

ATTEST:
Margy Greer, City Clerk