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RESOLUTION: LRA 2003-9
SUBJECT: The Redevelopment Agreement between the City of Lakewood, Lakewood Reinvestment Authority and Wal-Mart Stores, Inc.
RECOMMENDATION: Approval of an Amendment to the Redevelopment Agreement by the Mayor and Council.
SUMMARY AND BACKGROUND OF SUBJECT MATTER: The Redevelopment Agreement between the City of Lakewood, Lakewood Reinvestment Authority and Wal-Mart was approved and authorized by the City and the LRA on June 30, 2003. All the parties signed the Agreement. Since the execution of this Agreement, both staff and Wal-Mart have been fine-tuning the project and the implementation of the project. The Amendment reflects changes in certain dates and refinements in attachments to the original Agreement. These changes involve the demolition and construction time frames, agreement on the Public Improvements and reassignment of the purchase-sale agreement with the Lakewood Housing Authority.
RESOLUTION ADOPTION DATE: November 24, 2003
ORIGINATED BY: Rebecca P. Clark, Lakewood Reinvestment Authority Director
STAFF PERSON RESPONSIBLE: Rebecca P. Clark, Lakewood Reinvestment Authority Director, 303-987-7532
DOCUMENTS ATTACHED: LRA 2003-9
Exhibit 1 - First Amendment to the Redevelopment Agreement
SUBMITTED BY:
Rebecca P. Clark, Lakewood Reinvestment Authority Director
Jacque Wedding-Scott, LRA Treasurer Secretary
REVIEWED BY:
Michael J. Rock, Executive Director
Margaret A. Greer, LRA Recording
LRA 2003-9
A RESOLUTION
A RESOLUTION FOR APPROVAL OF THE FIRST AMENDMENT TO THE REDEVELOPMENT AGREEMENT BETWEEN THE CITY OF LAKEWOOD, 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 approved the Redevelopment Agreement between the City of Lakewood, the Lakewood Reinvestment Authority and Wal-Mart Stores, Inc., by the adoption of Resolution 2003-50 on June 30, 2003; and
WHEREAS, the Board of Commissioners of the Lakewood Reinvestment Authority approved the Redevelopment Agreement between the City of Lakewood, the Lakewood Reinvestment Authority and Wal-Mart Stores, Inc., by the adoption of Resolution 2003-6 on June 30, 2003; and
WHEREAS, the City of Lakewood, the Lakewood Reinvestment Authority and Wal-Mart Stores, Inc., have executed the Redevelopment Agreement, dated June 30, 2003; and
WHEREAS, the City of Lakewood, the Lakewood Reinvestment Authority and Wal-Mart Stores, Inc., desire to amend the Redevelopment Agreement as a result of further progress in the development process.
BE IT RESOLVED by the Board of Commissioners of the Lakewood Reinvestment Authority, that:
SECTION 1. The Board of Commissioners of the Lakewood Reinvestment Authority
hereby authorizes the Executive Director of the Lakewood Reinvestment Authority
to execute the First Amendment to the Redevelopment Agreement between the City
of Lakewood, the Lakewood Reinvestment Authority and Wal-Mart Stores, Inc. in
the form attached as Exhibit 1 hereto.
SECTION 2. The Board of Commissioners of 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 10 for and 0 against at a regular meeting of the Lakewood Reinvestment Authority on November 24, 2003, at ____ o'clock p.m. at Lakewood Civic Center, 480 South Allison Parkway, Lakewood, Colorado.
Stephen A. Burkholder, Chair
ATTEST:
Michael J. Rock, Executive Director
Exhibit 1
FIRST AMENDMENT TO REDEVELOPMENT AGREEMENT
THIS FIRST AMENDMENT TO REDEVELOPMENT AGREEMENT is entered into by and between
THE CITY OF LAKEWOOD, COLORADO, a Home Rule municipal corporation organized
under Article XX of the Constitution of the State of Colorado and the Charter
of the City (the "City"), LAKEWOOD REINVESTMENT AUTHORITY, a body
corporate duly organized and existing as an Urban Renewal Authority under the
laws of the State of Colorado (together with any successors thereto, the "Authority"),
and WAL?MART STORES, INC., a Delaware corporation, (together with any successors
and/or assigns "Redeveloper").
RECITALS
A. The City, the Authority and Redeveloper are the parties to that certain Redevelopment
Agreement dated August 12, 2003.
B. The parties wish to amend the Redevelopment Agreement as set forth herein.
AGREEMENT
NOW, THEREFORE, in consideration of the premises and promises contained herein,
and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties agree as follows:
1. Accuracy of the Recitals. The parties hereby acknowledge the accuracy of
the recitals which are incorporated herein by this reference.
2. Defined Terms. Terms not defined herein shall have the respective meanings
as set forth in the Redevelopment Agreement.
3. Amendments. The Redevelopment Agreement is hereby amended as follows:
(a) Section 2.04 of the Redevelopment Agreement is hereby deleted and replaced
as follows:
Section 2.04: City Public Improvements. Without limiting the generality of
Section 2.03, a portion of the Public Improvements are improvements that, upon
their completion, will be conveyed to and owned and operated by the City or
its designee except for those Public Improvements Redeveloper and City agree
will be maintained by Redeveloper (the "City Public Improvements").
The City Public Improvements are described in the "Public Improvements
Agreement" attached to this Agreement as Exhibit E. The Public Improvements
Agreement shall be executed in the form found in Exhibit E at the time of the
issuance of the first building permit for construction of any structure as part
of the Project.
(b) Section 2.05 of the Redevelopment Agreement is hereby deleted and replaced
as follows:
Section 2.05. Schedule for Construction.
(a) Commencement of Construction. As of the date of this Agreement, it is Redeveloper's
intention to commence demolition on the Property on or before that date which
is 60 days after the date that fee title to the Property vests in the Redeveloper,
and to commence construction of the Project immediately upon completion of the
demolition, in each case subject to the satisfaction of the Conditions Precedent.
Understanding that the actual timing of the redevelopment will depend upon a
number of factors, Redeveloper covenants that it will use commercially reasonable
efforts to cause Commencement of Construction by no later than October 1, 2004,
subject to the satisfaction of the Conditions Precedent and subject to Section
14.06. Failure of Redeveloper to complete demolition or commence construction
during the time period indicated above shall not, of itself, constitute an Event
of Default.
(b) Completion of Construction. As of the date of this Agreement, it is Redeveloper's
intention to complete the Project by the end of the first quarter of 2005. Understanding
that the actual timing of the redevelopment will depend upon a number of factors,
Redeveloper covenants that it will use commercially reasonable efforts to cause
Substantial Project Completion by no later than October 1, 2005, subject to
the satisfaction of the Conditions Precedent and subject to Section 14.06. Failure
of Redeveloper to cause Substantial Project Completion by October 1, 2005 shall
not, of itself, constitute an Event of Default.
(c) Section 11.03 of the Redevelopment Agreement is hereby deleted and replaced
as follows:
Section 11.03 Lakewood Housing Authority. Redeveloper, as purchaser, and the
Lakewood Housing Authority, as seller, have entered into a purchase and sale
agreement (the "Vance Terrace Agreement") regarding Redeveloper's
proposed acquisition of the real property and improvements comprising an existing
multifamily housing project now located within the Property and known as "Vance
Terrace". Subject to the satisfaction of the Conditions Precedent, in accordance
with the terms and conditions of the Vance Terrace Agreement, Redeveloper shall
pay the purchase price to the Lakewood Housing Authority on or before March
31, 2004. The Lakewood Housing Authority will cause the tenants within Vance
Terrace to vacate Vance Terrace not later than March 31, 2004, subject to approval
by the U.S. Department of Housing and Urban Development. The City will cooperate
with Redeveloper to cause the Lakewood Housing Authority to comply with the
terms and conditions of the Vance Terrace Agreement.
(d) Section 13.02 of the Redevelopment Agreement is hereby deleted and replaced
as follows:
Section 13.02 Redeveloper's Option to Terminate. If the Conditions Precedent
are not satisfied on or before March 31, 2004 (the "Conditions Precedent
Deadline"), then Redeveloper may, at its option, terminate this Agreement
by giving written notice of such termination to the City and the Authority not
later than 10 business days after the Conditions Precedent Deadline.
4. Counterparts. This Amendment may be executed in one or more counterparts,
all of which in the aggregate shall constitute one and the same instrument.
5. Effect. Except as specifically modified pursuant to this Amendment, the
Redevelopment Agreement remains in full force and effect and is in all events
ratified, confirmed and approved.
IN WITNESS WHEREOF, the parties have executed this First Amendment as of the
date and year first set forth below.
Attest: CITY OF LAKEWOOD, COLORADO
By: City Clerk
By: Michael J. Rock, City Manager
Approved: Jacque Wedding-Scott, Finance Director
(SEAL)
LAKEWOOD INVESTMENT AUTHORITY
Attest: By: Michael J. Rock, Executive Director/Secretary
By: Clerk
Approved as to legal matters only
WAL-MART STORES, INC., a Delaware corporation
By: Wal-Mart Legal Department
By: Barry T. Shannahan
Its: Assistant Vice President
STATE OF COLORADO )
) ss:
COUNTY OF JEFFERSON )
The foregoing instrument was acknowledged before me as of the _____ day of _____________, 2003, by Michael J. Rock, as City Manager, and Margy Greer, as City Clerk, of the City of Lakewood, Colorado, a home rule municipal corporation.
WITNESS my hand and official seal.
Notary Public for the State of Colorado
My Commission Expires: __________________
STATE OF COLORADO )
) ss:
COUNTY OF JEFFERSON )
The foregoing instrument was acknowledged before me as of the _____ day of _____________, 2003, by Michael J. Rock, as Executive Director/Secretary, and Margy Greer, as Clerk, of the Lakewood Reinvestment Authority, a body corporate.
WITNESS my hand and official seal.
Notary Public for the State of Colorado
My Commission Expires: __________________
STATE OF ARKANSAS )
) ss:
COUNTY OF BENTON )
The foregoing instrument was acknowledged before me as of the _____ day of _____________, 2003, by Barry T. Shannahan, as Assistant Vice President, of Wal-Mart Stores, Inc., a Delaware corporation, on behalf of the corporation.
WITNESS my hand and official seal.
Notary Public for the State of Colorado
My Commission Expires: __________________
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