RESOLUTION: LRA 2003-6

SUBJECT: A resolution authorizing the Lakewood Reinvestment Authority Executive Director to execute the Redevelopment Agreement between the LRA, the City of Lakewood, and Wal-Mart Stores, Inc.

ADDRESS: Colfax/Wadsworth Reinvestment Area

RECOMMENDATION: Approval

SUMMARY AND BACKGROUND OF SUBJECT MATTER: This resolution and the accompanying action authorizes the Executive Director of the Lakewood Reinvestment Authority to execute the Redevelopment Agreement between the LRA, the City of Lakewood, and Wal-Mart Stores, Inc. in substantially the form as Exhibit 1 attached hereto at the appropriate time, and to take such actions as are necessary to implement the terms of the Redevelopment Agreement.

RESOLUTION ADOPTION DATE: June 30, 2003

ORIGINATED BY: Rebecca P. Clark, LRA Director

STAFF PERSON RESPONSIBLE: Rebecca P. Clark, LRA Director, 303-987-7525

DOCUMENTS ATTACHED: Resolution LRA 2003-6
Exhibit 1 - This is a long document and will take some time to download.

SUBMITTED BY:
Rebecca P. Clark, LRA Director
Jacque Wedding-Scott, LRA Treasurer

REVIEWED BY:
Michael J. Rock, Executive Director
Margaret A. Greer, LRA Clerk

LRA 2003-6

A RESOLUTION

A RESOLUTION FOR APPROVAL OF THE REDEVELOPMENT AGREEMENT BETWEEN THE LAKEWOOD REINVESTMENT AUTHORITY AND WAL-MART STORES, INC.

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 and to include the retail land use concept and finding 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

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 Redevelopment Agreement between the LRA, the City of Lakewood, and Wal-Mart Stores, Inc. 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 Redevelopment Agreement.

INTRODUCED, READ AND ADOPTED by a vote of 8 for and 0 against at a regular meeting of the Board of Commissioners of the Lakewood Reinvestment Authority on June 30, 2003, at 8:04 o'clock p.m. at Lakewood Civic Center, 480 South Allison Parkway, Lakewood, Colorado.

Stephen A. Burkholder, Chair

ATTEST:
Michael J. Rock, Executive Director

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