Background Info for this Resolution

<Previous Resolution Following Resolution>

Archives

REVISED 6/23/03

2003-44

A RESOLUTION

FOR APPROVAL OF 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 City Council of the City of Lakewood, Colorado, that:

SECTION 1. The City Council hereby authorizes the City Manager 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 in substantially the form as Exhibit 1 attached hereto.

SECTION 2. The City Council hereby authorizes the City Manager to take such actions as are necessary to implement the terms of the First Amendment to Public Financing Agreement, 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 City Council 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.

INTRODUCED, READ AND ADOPTED by a vote of 9 for and 0 against at a regular meeting of the City Council on June 23, 2003, at 7:00 o'clock p.m. at Lakewood Civic Center, 480 South Allison Parkway, Lakewood, Colorado.

Stephen A. Burkholder, Mayor

ATTEST:
Margy Greer, City Clerk