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2003-9

A RESOLUTION

A RESOLUTION AUTHORIZING THE CITY OF LAKEWOOD TO ENTER INTO AN AGREEMENT WITH THE LAKEWOOD REINVESTMENT AUTHORITY FOR THE PURPOSE OF LOANING FUNDS TO THE LAKEWOOD REINVESTMENT AUTHORITY

WHEREAS, the Lakewood Reinvestment Authority has, through the power of eminent domain, acquired certain property interests in Case No. 01CV1482, filed in Jefferson County District Court relating to the project known as the Belmar Project. In order to complete the acquisition of said property interests, the Lakewood Reinvestment Authority needs to deposit funds with the Jefferson County District Court Clerk; and

WHEREAS, in order to facilitate such acquisition, the City Council agrees to loan funds to the Lakewood Reinvestment Authority, said loan to be represented by an Agreement and Promissory Note to be executed by the Lakewood Reinvestment Authority.

NOW THEREFORE BE IT RESOLVED by the City Council of the City of Lakewood, Colorado that:

SECTION 1. The City Council hereby approves and authorizes a loan to the Lakewood Reinvestment Authority in an amount not to exceed three million four hundred fifty thousand dollars ($3,450,000.00), said loan to be repaid to the City by the Lakewood Reinvestment Authority on or before July 1, 2003.

SECTION 2. The City Manager is authorized to execute and the City Clerk to attest to the Agreement, in form approved by the City Attorney.

SECTION 3. This Resolution shall be in full force and effect upon its passage and approval.

INTRODUCED, READ AND ADOPTED by vote of 11 for and 0 against at a regular meeting of the City Council on January 27, 2003, at 7:00 p.m., at Lakewood Civic Center, 480 South Allison Parkway, Lakewood, Colorado.

Stephen A. Burkholder, Mayor

ATTEST:
Margy Greer, City Clerk