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RESOLUTION: LRA 2003-5
SUBJECT: Approval of the First Amendment to the Public Financing Amendment between the Lakewood Reinvestment Authority, the City of Lakewood, Continuum Lakewood Development Company, LLC, and the Plaza Metropolitan Districts nos. 1,2,3.
RECOMMENDATION: Staff recommends approval of the resolution authorizing the Executive Director to take actions as necessary to implement the terms of the First Amendment to the Public Financing Agreement to further facilitate the terms of the Redevelopment Agreement and ensure the development of the public improvements related to the Belmar Project.
SUMMARY AND BACKGROUND OF SUBJECT MATTER: The City of Lakewood established the Lakewood Reinvestment Authority ("LRA") as an urban renewal authority pursuant to the City's Charter and the Colorado Urban Renewal Laws.
On May 26, 1998, the City Council further approved the West Alameda Avenue Corridor Urban Redevelopment Plan ("Plan") as Phase I of the Plan area; and on September 11, 2000, the Plan was amended to include Phase II, which incorporated the site commonly referred to as the Villa Italia subdivision. Continuum Lakewood Development Company, LLC ("Continuum") and the LRA entered into a Redevelopment Agreement ("RDA") on July 9, 2001 for the development of certain public improvements and new mixed-use retail, office and residential improvements in Phase II of the Plan area (now known as the "Belmar Project"), and Continuum, the LRA, the City, and Plaza Metropolitan Districts Nos. 1, 2, and 3 have further entered into a Public Financing Agreement ("PFA") to the Redevelopment Agreement on December 31, 2001 for the financing of certain public improvements necessary for the Belmar Project. The parties to the PFA now desire to make certain amendments to facilitate the financing of the public improvements necessary for the Belmar Project.
The resolution before the LRA authorizes the Executive Director to execute the First Amendment to the Public Financing Agreement between the LRA, Continuum, the Plaza Metropolitan Districts Nos. 1, 2, and 3, and the City in substantially completed form.
RESOLUTION ADOPTION DATE: June 23, 2003
ORIGINATED BY: Jacque Wedding-Scott, Treasurer
Rebecca Clark, Director
STAFF PERSON RESPONSIBLE: Jacque Wedding-Scott, Treasurer, 303-987-7601
Rebecca Clark, Director, 303-987-7525
DOCUMENTS ATTACHED: Resolution LRA 2003-5
SUBMITTED BY:
Rebecca Clark, LRA Director
Jacque Wedding-Scott, LRA Treasurer
REVIEWED BY:
Michael J. Rock, Secretary/Executive Director
Margaret A. Greer, LRA Recording Secretary
REVISED 6/23/03
LRA 2003-5
A RESOLUTION
A RESOLUTION AUTHORIZING THE FIRST AMENDMENT TO PUBLIC FINANCING AMENDMENT BETWEEN THE LAKEWOOD REINVESTMENT AUTHORITY, THE CITY OF LAKEWOOD, CONTINUUM LAKEWOOD DEVELOPMENT COMPANY, LLC, AND THE PLAZA METROPOLITAN DISTRICTS NOS. 1, 2, AND 3 AND AFFIRMING AND RATIFYING CERTAIN OTHER AGREEMENTS.
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 West Alameda Avenue Corridor Urban Redevelopment Plan on May 26, 1998, for Phase I of the Alameda Avenue Corridor; and
WHEREAS, the City Council of the City of Lakewood amended the West Alameda Avenue Corridor Urban Redevelopment Plan on September 11, 2000, to include Phase II of the Alameda Avenue Corridor in the urban renewal area and to approve a plan for redevelopment of Phase I and Phase II; and
WHEREAS, Continuum Lakewood Development Company, LLC, ("Continuum") and the LRA entered into a Redevelopment Agreement, dated July 9, 2001, ("Redevelopment Agreement"), for the development of certain public improvements and new mixed-use retail, office and residential improvements (the "Belmar Project"); and
WHEREAS, Continuum, the LRA, the City, and Plaza Metropolitan Districts Nos. 1, 2 and 3 have entered into a Public Financing Amendment to Redevelopment Agreement, dated December 31, 2001, ("Public Financing Amendment"), for the financing of certain public improvements necessary for the Belmar Project; and
WHEREAS, the parties to the Public Financing Amendment now desire to make certain amendments thereto to facilitate the financing of certain public improvements necessary for the Belmar Project.
NOW, THEREFORE, BE IT RESOLVED by the Lakewood Reinvestment Authority of the City of Lakewood, Colorado, that:
SECTION 1. The Lakewood Reinvestment Authority hereby authorizes the Executive
Director of the Lakewood Reinvestment Authority to execute the First Amendment
to Public Financing Amendment between the LRA, Continuum, the Plaza Metropolitan
Districts Nos. 1, 2, and 3 and the City of Lakewood in substantially the form
as Exhibit 1 attached hereto.
SECTION 2. The Lakewood Reinvestment Authority hereby authorizes the Executive Director of the Lakewood Reinvestment Authority to take such actions as are necessary to implement the terms of the First Amendment to Public Financing Amendment, including the execution and delivery of such further agreements, certificates, or instruments as may be necessary or appropriate to implement the provisions of this First Amendment to Public Financing Amendment.
SECTION 3. The Lakewood Reinvestment Authority further affirms and ratifies
the authorization and execution of the Supplemental Financing Agreement and
the PIF Collection Agreement to be entered into between the City, the LRA, the
Districts and Continuum and the Parking Agreement to be entered into between
the LRA and District No. 1.
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 June 23, 2003, at 7:00 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
Exhibt 1 - First Amendment to the Public Financing Amendment
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