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RESOLUTION: 2005-41
SUBJECT: Development and Public Improvements Fee Collection Agreement between Academy Park Venture, LLP and the City.
RECOMMENDATION: It is recommended that City Council adopt the resolution authorizing the City Manager to execute the agreement.
FUNDING SOURCE: Public Improvements Fee imposed by the property owner.
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
On June 13, City Council will consider Ordinance O-2005-22 to rezone property at 7205 West Quincy Avenue for a Sam's Club. The property owner, Academy Park Venture, LLP, has executed a public improvements agreement (PIA) for the project. The PIA describes improvements required by the City. The PIA also describes additional public improvements the developer has volunteered to construct to further mitigate traffic conditions and other concerns in the vicinity of the project. The developer will pay for all City-required public improvements. The developer's commitment to construct the additional public improvements is contingent on reimbursement from a public improvements fee.
The public improvements fee will be used for five purposes in this ordeer.
1. The City will be reimbursed annually for the expenses of collecting the
public improvements fee from retailers located on the property.
2. The next $100,000 of receipts from the public improvements fee will be provided
to the City as reimbursement for legal, engineering, planning and other services
in connection with the project.
3. The next $100,000 will be placed in an escrow account for use by Colorado
Academy to construct pedestrian improvements between Colorado Academy's current
campus on the east side of Pierce Street and Colorado Academy's recently acquired
property on the west side of Pierce Street.
4. The developer will then be reimbursed for the actual cost of the additional
public improvements. The preliminary estimate of the cost of the additional
improvements is approximately $3 million.
5. Finally, the City will receive $250,000 as a maintenance fund for future
costs the City will incur to maintain the additional public improvements.
The public improvements fee will terminate after the amounts identified above are collected. The public improvements fee will be 1.0% of the cost of transactions occurring on the property. If the City increases its sales tax to 3.0%, the fee would be reduced to 0.5%.
The City will not provide any tax revenue to the project, nor will the City waive or rebate any tax revenue.
City Council action on this resolution is recommended only if the City Council approves the rezoning proposed in Ordinance O-2005-22. If the City Council does not approve the rezoning, this resolution should be tabled indefinitely.
RESOLUTION ADOPTION DATE: June 13, 2005
ORIGINATED BY: Public Works Department
STAFF PERSON RESPONSIBLE: Jay N. Hutchison, City Engineer, 303-987-7916
DOCUMENTS ATTACHED: Resolution 2005-41
SUBMITTED BY:
Richard J. Plastino, Director of Public Works
REVIEWED BY:
Joni Inman, Director Mayor and City Manager's Office
Michael J. Rock, City Manager
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