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RESOLUTION: LRA-2008-3
SUBJECT: Approval of a loan and promissory note necessary to finance betterments at the West Corridor Light Rail's Oak Street Station and Wadsworth Boulevard Station.
ADDRESS: Light Rail Stations at Oak Street and at Wadsworth Boulevard.
RECOMMENDATION: Adoption of the resolution will allow for the approval of the
loan and promissory note and the financing of the project.
FUNDING SOURCE: $2,975,000 Loan from FirstBank of Colorado.
SUMMARY AND BACKGROUND OF SUBJECT MATTER: In 2005, the Lakewood City Council
and LRA Board designated the Colfax Avenue Corridor ("Corridor") as
an urban renewal area. This designation triggered urban renewal financing capabilities.
Upon the acceptance of the station betterments plan as an approved Lakewood
Reinvestment Authority ("LRA") project, this loan will provide the
funding necessary to carry out the $2,800,000 project. The loan will also finance
a reserve fund and pay for related loan costs.
Incremental property taxes, due to re-development in the Corridor, have been
received by the LRA during 2008 in the amount of $270,000. This annual revenue
stream will be pledged to the re-payment of the loan which has an annual payment
of approximately $250,000. This loan has also been presented to the Citizens
Advisory Committee that reviewed the project and the loan has received their
approval. The LRA has retained Piper Jaffray & Co. to serve as the LRA's
independent financial advisors in negotiating the best possible structure, rates,
fees, terms and conditions as related to the loan. This loan will not inhibit
the LRA's ability to finance other projects in the Corridor.
PROJECT DESCRIPTION: Station area improvements at Oak Street and at Wadsworth
Boulevard.
RESOLUTION ADOPTING DATE: September 22, 2008
ORIGINATED BY: Larry Dorr, LRA Treasurer
STAFF PERSON RESPONSIBLE: Larry Dorr, LRA Treasurer, 303-987-7061
DOCUMENTS ATTACHED: Resolution
LRA 2008-3
Loan Agreement
Promissory Note
Schedule A (Amortization
Schedule)
Exhibit A (West Colfax
Corridor Reinvestment Plan)
SUBMITTED BY:
Rebecca P. Clark, LRA Director
Larry Dorr, LRA Treasurer
REVIEWED BY:
Michael J. Rock, Executive Director
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