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2003-50

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 City Council of the City of Lakewood, Colorado, that:

SECTION 1. The City Council hereby authorizes the City Manager to execute the Redevelopment Agreement between the City of Lakewood, the LRA and Wal-Mart Stores, Inc. 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 Redevelopment Agreement.

INTRODUCED, READ AND ADOPTED by a vote of 8 for and 0 against at a special meeting of the City Council on June 30, 2003, at 7:00 o'clock p.m. at Lakewood Civic Center, 480 South Allison Parkway, Lakewood, Colorado.

Stephen A. Burkholder, Mayor

Margy Greer
City Clerk