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RESOLUTION: 2004-49
SUBJECT: A resolution authorizing the City of Lakewood to enter into an agreement with the City of Golden entitled First Amendment to Interchange Agreement, relating to Golden's contribution to construction of the interchange at U.S. 6 and Indiana Street.
ADDRESS: Not applicable
RECOMMENDATION: Staff recommends the adoption of this Resolution.
SUMMARY AND BACKGROUND OF SUBJECT MATTER: Golden and Lakewood entered into an Intergovernmental Agreement dated April 1, 1998 pertaining to the funding of improvements to the interchange at U.S.6 and Indiana Street (the "Interchange Agreement"). The Interchange Agreement provided for various scenarios for calculating Golden's percentage share of the cost of interchange improvements, based upon land uses that were expected to be developed within properties near the interchange and annexed to Golden since 1997. None of the scenarios contemplated in the Interchange Agreement accurately reflect the uses constructed or to be constructed within the property annexed to Golden.
Golden's finance department records show that the amount placed in a reserve account through the end of calendar year 2002, pursuant to paragraph C. 3. a. of the Interchange Agreement, was $80,413.00, which amount was paid to Lakewood in May 2003 in partial satisfaction of Golden's obligations under the Interchange Agreement. The Parties wish to agree on a final cost participation amount for Golden, the current status of Golden's obligations, and the manner and time by which future payments by Golden will be made. The Parties have agreed that all funds paid by Golden to Lakewood under the terms of the Interchange Agreement shall be remitted to the One Horse Business Improvement District, as the successor to the 640 Improvement Corporation which guaranteed the satisfactory completion of the interchange improvements, upon receipt of such funds by Lakewood.
FUNDING SOURCE: Not applicable
RESOLUTION ADOPTION DATE: May 10, 2004
ORIGINATED BY: Community Planning and Development
STAFF PERSON RESPONSIBLE: Dru Siley, Project Manager, 303-987-7725
DOCUMENTS ATTACHED: Resolution 2004-49
SUBMITTED BY:
Frank Gray, Director of Community Planning
Larry Dorr, Finance Director
REVIEWED BY:
Joni Inman, Director of the Mayor and & Development City Manager's Office
Michael J. Rock, City Manager
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