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RESOLUTION: LRA 2003-3
SUBJECT: A resolution authorizing the Lakewood Reinvestment Authority Executive Director to negotiate a Redevelopment Agreement for the Redevelopment of the Colfax/Wadsworth Reinvestment Area consistent with the Redevelopment Plan.
ADDRESS: Colfax/Wadsworth Reinvestment Area
RECOMMENDATION: Approval
SUMMARY AND BACKGROUND OF SUBJECT MATTER: On July 22, 2002 the Board of Commissioners of the Lakewood Reinvestment Authority (LRA) authorized the Executive Director to enter into a Redevelopment Agreement with Goldberg Property Associates, Inc. and Vance Street Metropolitan Districts No. 1 and 2. Goldberg Property Associates, Inc. has been unable to secure the necessary consents and approvals to allow the execution of the Redevelopment Agreement.
This resolution and the accompanying action authorizes the LRA Executive Director to proceed to redevelop the Colfax/Wadsworth Reinvestment area envisioned within the Redevelopment Plan and to negotiate a redevelopment agreement with a qualified developer. This resolution also provides that the Redevelopment Agreement will be brought to the Board of Commissioners of the LRA for approval.
RESOLUTION ADOPTION DATE: April 28, 2003
ORIGINATED BY: Rebecca P. Clark, LRA Director
STAFF PERSON RESPONSIBLE: Rebecca P. Clark, LRA Director, 303-987-7525
DOCUMENTS ATTACHED: Resolution LRA 2003-3
Exhibit 1
SUBMITTED BY:
Rebecca P. Clark, LRA Director
Jacque Wedding-Scott, LRA Treasurer
REVIEWED BY:
Michael J. Rock,, Secretary/Executive Director
Margaret A. Greer, LRA Clerk
LRA 2003-3
A RESOLUTION
DIRECTING THE EXECUTIVE DIRECTOR OF THE LAKEWOOD REINVESTMENT AUTHORITY TO NEGOTIATE A REDEVELOPMENT AGREEMENT FOR THE REDEVELOPMENT OF THE COLFAX/WADSWORTH REINVESTMENT AREA CONSISTENT WITH THE REDEVELOPMENT PLAN.
WHEREAS, the City of Lakewood ("City") has established the Lakewood Reinvestment Authority ("LRA") as an urban renewal authority pursuant to the City's Charter and the Colorado Urban Renewal law; and
WHEREAS, the City Council of the City of Lakewood approved the Colfax/Wadsworth Reinvestment Plan on August 9, 1999; and
WHEREAS, the City Council of the City of Lakewood has amended the Colfax/Wadsworth Reinvestment Plan to include adjacent properties in the urban renewal area, to include the retail land use concept and to allow for a feasible method of relocation; and
WHEREAS, the Colfax/Wadsworth Reinvestment Plan as amended calls for the inclusion of quality retail development so as to renew and improve the character and environment of the Reinvestment Area and to reverse the cycle of economic, physical and environmental deterioration; and
WHEREAS, the City of Lakewood will participate in the financing of the public improvements necessary for the Colfax/Wadsworth Reinvestment Area; and
WHEREAS, on July 22, 2002, the Board of Commissioners of the LRA adopted Resolution
2002-7, authorizing the Executive Director to enter into a Redevelopment Agreement
with Goldberg Property Associates, Inc., and Vance Street Metropolitan Districts
Nos. 1 and 2 (a copy of which was attached as Exhibit 1 to Resolution
2002-7).
WHEREAS, the Redevelopment Agreement included a Redevelopment Plan for a quality retail development in conformance with the Colfax/Wadsworth Reinvestment Plan; and
WHEREAS, Goldberg Property Associates, Inc., has been unable to secure necessary consents and approvals to allow the execution of the Redevelopment Agreement; and
WHEREAS, the Board of Commissioners of the LRA has determined that it is necessary to proceed with the redevelopment as envisioned in the Redevelopment Plan.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the LRA, that:
SECTION 1. The Lakewood Reinvestment Authority hereby authorizes the Executive Director of the Lakewood Reinvestment Authority to negotiate a redevelopment agreement with a qualified developer to develop the Colfax/Wadsworth Reinvestment Area in substantial conformance with the Redevelopment Plan attached hereto as Exhibit 1.
SECTION 2. The Lakewood Reinvestment Authority hereby directs the Executive Director to submit such redevelopment agreement to the Board of Commissioners of the LRA for its approval.
INTRODUCED, READ AND ADOPTED by a vote of 9 For and 0 Against at a regular meeting of the Board of Commissioners of the Lakewood Reinvestment Authority on April 28, 2003, at 7:30 o'clock p.m. at Lakewood Civic Center, 480 South Allison Parkway, Lakewood, Colorado.
Stephen A. Burkholder, Chair
ATTEST:
Michael J. Rock
Secretary/Executive Director
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