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RESOLUTION: LRA 2003-1
SUBJECT: A resolution allowing the payment of the promissory note to secure funds for deposit with the District Court in Case No. 01CV1482 to be extended from March 1 to no later than June 30, 2003.
ADDRESS: 7001 - 7501 West Alaska Drive and 7001 - 7100 West Virginia Avenue Lakewood, Colorado 80226 (Villa Italia Shopping Center Subdivision Filing No. 2)
RECOMMENDATION: Approval
SUMMARY AND BACKGROUND OF SUBJECT MATTER: On November 25, 2002, the Lakewood Reinvestment Authority (LRA) authorized the Executive Director to borrow funds to make a LRA deposit for the purposes of meeting the requirements of a district court order in Case No. 01CV1482. A note was secured by a promissory note from Continuum Lakewood Development Company, LLC payable by March 1 of this year. This resolution extends the payment date of the note to June 30, 2003.
RESOLUTION ADOPTION DATE: January 27, 2003
ORIGINATED BY: Rebecca P. Clark, LRA Staff
STAFF PERSON RESPONSIBLE: Rebecca P. Clark, LRA Staff, 303-987-7525
DOCUMENTS ATTACHED: Resolution LRA 2003-1
SUBMITTED BY:
Frank Gray, LRA Director
Jacque Wedding-Scott, LRA Treasurer Secretary
REVIEWED BY:
Michael J. Rock, Secretary/Executive Director
Margaret A. Greer, LRA Recording
LRA 2003-1
A RESOLUTION
A RESOLUTION ALLOWING THE PROMISSORY NOTE TO SECURE FUNDS FOR DEPOSIT WITH THE COURT IN CASE NO. 01CV1482 TO BE PAID NOT LATER THAN JUNE 30, 2003.
WHEREAS, the Lakewood Reinvestment Authority ("LRA") adopted Resolution LRA 2001?3 authorizing the condemnation of the Ground Lease for the Villa Italia Shopping Center; and
WHEREAS, the LRA brought Case No. 01CV1482 to acquire the Ground Lease for
the Villa Italia Shopping Center; and
WHEREAS, on October 11, 2001, the LRA deposited with the District Court the
sum of $3,000,000 to secure possession of the Ground Lease; and
WHEREAS, on January 27, 2003, the LRA deposited an additional $5,000,000 with the District Court pursuant to the Court's Order of November 6, 2002; and
WHEREAS, the Redevelopment Agreement between the LRA and Continuum Lakewood Development Company, LLC ("Continuum") requires Continuum to reimburse the LRA for any amounts deposited with the District Court; and
WHEREAS, on November 25, 2002, the LRA adopted Resolution 2002-10 authorizing the Executive Director to borrow funds necessary to make the deposit secured by a promissory note from Continuum Lakewood Development Company, LLC, payable no later than March 1, 2003; and
WHEREAS, in order to expedite construction of the Belmar Project, it is in the best interests of the LRA to postpone the payment of the promissory note from Continuum Lakewood Development Company, LLC, for the deposited funds to provide for payment not later than June 30, 2003.
NOW, THEREFORE, BE IT RESOLVED by the Lakewood Reinvestment Authority of the City of Lakewood, Colorado, that:
SECTION 1. The promissory note from Continuum Lakewood Development Company,
LLC, to secure any amounts borrowed to make the deposit necessary for Case No.
01CV1482 shall be payable not later than March 1, 2003.
INTRODUCED, READ AND ADOPTED by a vote of 11 For and 0 Against at a special
meeting of the Board of Commissioners of the Lakewood Reinvestment Authority
on January 27, 2003, at 7:30 p.m. at Lakewood Civic Center, 480 South Allison
Parkway, Lakewood, Colorado.
Stephen A. Burkholder, Chair
ATTEST:
Margy Greer, City Clerk
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