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Home My WebLink About 15-64 Approving Second Amendment to Tax Increment Expenditure and Revenue Sharing AgreementRESOLUTION NO. 15 ` co ` ' A RESOLUTION APPROVING A SECOND AMENDMENT TO TAX INCREMENT EXPENDITURE AND REVENUE SHARING AGREEMENT BETWEEN WELD COUNTY, THE TOWN OF FIRESTONE, AND THE FIRESTONE URBAN RENEWAL AUTHORITY WHEREAS, the Firestone Urban Renewal Authority ("FURA") is a public body corporate and politic authorized to transact business and exercise its powers as an urban renewal authority under and pursuant to the Colorado Urban Renewal Law, Part 1 of Article 25 of Title 31, C.R.S. ("Act"); and WHEREAS, the Town of Firestone ("Town") is a statutory town of the State of Colorado authorized to exercise its powers under and pursuant to the Colorado Constitution and state law; and WHEREAS, the County of Weld ("County") is a home rule county authorized to exercise its powers under and pursuant to the Colorado Constitution and state law; and WHEREAS, Weld County, Firestone and FURA previously entered into that certain FAX INCREMENT EXPENDITURE AND REVENUE SHARING AGREEMENT made and executed effective the 28th day of January, 2010 and that certain AMENDMENT TO TAX INCREMENT EXPENDITURE AND REVENUE SHARING AGREEMENT, made and executed effective the 29th day of May, 2013 (hereinafter the "Agreement"); and WHEREAS, the Agreement provides for the sharing of the County Tax Levy Allocation for the Urban Renewal Area described in the Urban Renewal Plan for the Southern Firestone Urban Renewal Area, which Plan was approved by Resolution 10-04 adopted by the Board of Trustees on January 28, 2010 and for the Northern Firestone Urban Renewal Area, which Plan was approved by Resolution 13-32 adopted by the Board of Trustees on June 12, 20130 and WHEREAS, pursuant to the Act, the Board of Trustees will be considering the Urban Renewal Plan for the Central Firestone Urban Renewal Area ("the Plan") to carry out urban renewal projects ("Urban Renewal Projects") described in the Plan for the area described therein ("Urban Renewal Area"); and WHEREAS, the Act includes and the Plan contains a provision authorizing the financing of the Urban Renewal Projects utilizing property tax increment financing as further provided in the Plan and as authorized by Section 31-25407(9) of the Act; and WHEREAS, Section 31-25407(11) of the Act permits and authorizes FURA, the Town and the County to enter into agreements for allocation of responsibility among the parties for payment of the costs of any additional County infrastructure or services necessary to offset the impacts of an urban renewal project and for the sharing of revenues; and 1 WHEREAS, pursuant to Section 31-25-107(3.5) of the Act, FURA and the Town submitted an urban renewal impact report for the Plan to the County and the County submitted its response thereto, and an amendment to the Agreement has been proposed among FURA, the Town and the County to address issues raised in discussion of the urban renewal impact report; and WHEREAS, the Town desires to enter into such amendment to the Agreement as authorized under Section 31-25-107(11); NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE TOWN OF FIRESTONE, COLORADO: Section 1. The proposed Second Amendment to Tax Increment Expenditure and Revenue Sharing Agreement ("Agreement") among the Town, FURA, and the County, a copy of which is attached hereto and incorporated herein by this reference, is hereby approved. Section 2. The Mayor and Town Clerk are hereby authorized to execute the Agreement effective as of the date of approval of the Plan, and the Mayor is further authorized to negotiate and approve on behalf of the Town such revisions to the Agreement are determined necessary or desirable for the protection of the Town, so long as the essential terms and conditions of the Agreement are not altered. INTRODUCED, READ, and ADOPTED this day of _ ;, , 2015. ATTEST: Medina Town Clerk Sao 2 L-w owto �1 - -n AMENDMENT TO TAX INCREMENT EXPENDITURE AND REVENUE SHARING AGREEMENT THIS AMENDMENT (hereinafter "Amendment") is made and executed effective the day of 2015, by and between the COUNTY OF WELD, COLORADO (hereinafter referred to as "Weld County" or "County"), the TOWN OF FIRESTONE, COLORADO (hereinafter referred to as "Firestone"), and the FIRESTONE URBAN RENEWAL AUTHORITY (hereinafter referred to as "FURA"), RECITALS A. Weld County, Firestone and FURA previously entered into that certain TAX INCREMENT EXPENDITURE AND REVENUE SHARING AGREEMENT made and executed effective the 28th day of January, 2010, and subsequently amended on the 29th day of May, 2013 (hereinafter the "Agreement"). B. The Agreement provides for the sharing of the County Tax Levy Allocation for the Urban Renewal Area described in the Urban Renewal Plan for the Southern Firestone Urban Renewal Area, which Plan was approved by Resolution 10-04 adopted by the Firestone Board of Trustees on January 28, 2010, and for the Northern Firestone Urban Renewal Area, which Plan was approved by Resolution 13-32 adopted by the Firestone Board of Trustees on June 12, 2013. C. By cover letter dated _ , 2015, and pursuant to C.R.S. § 31-25-107(3.5), Firestone provided Weld County with the proposed Urban Renewal Plan for the Central Firestone Urban Renewal Area ("Central Firestone Plan"), with an associated Weld County Impact Report, all of which detail FURA's and Firestone's intended inclusion of the parcels described in the Central Firestone Plan for the purposes authorized in the Colorado Urban Renewal Law, C.R.S. § 31-25401, et seq., including utilizing tax increment financing ("TIF Financing"), as contemplated by C.R.S. § 31-25407(9)(a), for the purposes authorized by the Urban Renewal Law, D. TIF Financing provides that taxes, if any, levied after the effective date of the approval of the Central Firestone Plan upon taxable property in the area described in the Central Firestone Plan ("the Central Firestone Urban Renewal Area") each year shall be divided for a period not to exceed twenty-five (25) years from the effective date of the Central Firestone Plan and that a portion of said property tax revenues (the "TIF Revenue") shall be allocated to and paid into a special fund of FURA to pay the principal of, interest on, and any premiums due in connection with bonds of, loans or advances to, or indebtedness incurred by FURA for financing an urban renewal project or to make payments pursuant to an agreement executed pursuant to C.R.S. § 31-25407(11). E. Weld County, Firestone and FURA are authorized to enter into an agreement pursuant to C.R.S. § 31-25-107(11) for the payment of property tax revenue that results from the County levy on taxable property in the Central Firestone Urban Renewal Area, to be allocated pursuant to C.R.S. § 31-25407(9)(a)(II) (the "CFURA County Tax Levy Allocation") for the payment of the costs of any additional county infrastructure or services necessary to offset the impacts of the urban renewal project (the "Urban Renewal Project") described in the Central Firestone Plan, as it may be amended, and revenue sharing. F. Weld County, Firestone and FURA by this Amendment desire to amend their existing Agreement to subject to the terms and conditions of said Agreement revenue produced by the CFURA County Tax Levy Allocation. G. Weld County, Firestone and FURA desire to enter into this Amendment for the purposes set forth in C.R.S. § 31-25407(11). H. In consideration of the parties entering into this Amendment, Weld County waives any right it has to file an objection and ask for arbitration, pursuant to C.R.S. § 31-25- 107(12), and further consents to the inclusion within the Central Firestone Urban Renewal Area of all agricultural lands contained within such Area as described in the Central Firestone Plan, pursuant to C.R.S. § 31-25-107(1)(c)(II)(D). NOW THEREFORE, in consideration of the covenants, promises and agreements of each of the parties hereto, to be kept and performed by each of them, it is agreed by and between the parties hereto as follows: 1. Incorporation of Recitals. The foregoing recitals are incorporated into and made a part of this Amendment. 2. Inclusion of Central Firestone Urban Renewal Area. Sections 1, 4, 5, 6 and 7 of the Agreement are hereby amended to insert the phrase and CFURA County Tax Levy Allocation" after the phrase "County Tax Levy Allocation and NFURA County Tax Levy Allocation" in each any every location where the later phrase appears. 3. Intent. The parties hereby confirm that it is their intent in entering into this Amendment to make subject to the Agreement revenue produced by the CFURA County Tax Levy Allocation in addition to revenue produced by the County Tax Levy Allocation and NFURA County Tax Levy Allocation. As a result, FURA shall calculate and pay to Weld County fifty percent (50%) of the revenue produced by the County Tax Levy Allocation, NFURA County Tax Allocation and CFURA County Tax Allocation each year as provided in the Agreement, and the remaining fifty percent (50%) of the revenue produced by the County Tax Levy Allocation, NFURA County Tax Levy Allocation and CFURA County Tax Allocation may be used by FURA for payment of any amounts authorized by the Urban Renewal Plan for the Southern Firestone Urban Renewal Area, the Northern Firestone Urban Renewal Area and the Central Firestone Plan and the Urban Renewal Law as provided in the Agreement. 4. Construction. The parties hereby further agree that wherever the Agreement refers to "Plan" and "Urban Renewal Area," said terms shall be construed to include the Northern Firestone Plan and the Northern Firestone Urban Renewal Area with respect to the NFURA County Tax Levy Allocation and shall also include the Central Firestone Plan and the Central Firestone Urban Renewal Area with respect to the CFURA County Tax Levy Allocation.. The parties hereby further agree that all terms and conditions of the Agreement shall be construed to apply severally and not jointly; therefore, for example, in the event FURA and Firestone terminate only the Central Firestone Plan, including its TIF Financing component, the Agreement shall remain in effect with respect to the County Tax Levy Allocation for properties in the Southern Firestone Urban Renewal Area and the Northern Firestone Urban Area. 5. Effective Date. This Amendment approval of the Central Firestone Plan, provided parties hereto, shall take effect as of the effective date of the same has been executed by each of the IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officials to execute this Amendment. COUNTY: ATTEST: COUNTY OF WELD, a political Weld County Clerk to the Board subdivision of the STATE OF COLORADO: By: Deputy Clerk to the Board ATTEST: By: Carissa Medina, Town Clerk ATTEST: By: By: Barbara Kirkmeyer, Chairman Board of County Commissioners, County of Weld TOWN: TOWN OF FIRESTONE, a municipal corporation of the STATE OF COLORADO By: Paul Sorensen, Mayor FURA: FIRESTONE URBAN RENEWAL AUTHORITY By: Carissa Medina, Recording Secretary George Heath, Chairperson