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RESOLUTION: 2003-44
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 City Manager 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 has 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 City Council authorizes the City Manager 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.
DATE OF FIRST READING: June 23, 2003
DATE OF SECOND READING: N/A
ORIGINATED BY: Jacque Wedding-Scott, Department of Finance
Rebecca Clark, Community Planning and Development
STAFF PERSON RESPONSIBLE: Jacque Wedding-Scott, Finance Director, 303-987-7601
Rebecca Clark, Deputy Director, Community Planning and Development, 303-987-7525
DOCUMENTS ATTACHED: Resolution 2003-44
Exhibit 1 - First Amendment
to Public Financing Amendment
SUBMITTED BY:
Jacque Wedding-Scott, Finance Director
Rebecca Clark, Deputy Director, Community Planning and Development
REVIEWED BY:
Michael J. Rock, City Manager
Joni Inman, Director Mayor and City Manager's Office
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