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HomeMy WebLinkAbout 13-25 Approving Amendment to Tax Increment Expenditure and Revenue Sharing AgreementAMENDMENT TO TAX INCREMENT EXPENDITURE AND REVENUE SHARING AGREEMENT THIS AMENDMENT (hereinafter “Amendment”) is made and executed effective the ____ day of ________, 2013, 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 (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. C. By cover letter dated May ____, 2013, and pursuant to C.R.S. § 31-25-107(3.5), Firestone provided Weld County with the proposed Urban Renewal Plan for the Northern Firestone Urban Renewal Area (“Northern 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 Northern Firestone Plan for the purposes authorized in the Colorado Urban Renewal Law, C.R.S. § 31-25-101, et seq., including utilizing tax increment financing (“TIF Financing”), as contemplated by C.R.S. § 31-25-107(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 Northern Firestone Plan upon taxable property in the area described in the Northern Firestone Plan (“the Northern 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 Northern 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. § 31-25-107(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 Northern Firestone Urban Renewal Area, to be allocated pursuant to C.R.S. § 31-25-107(9)(a)(II) (the “ NFURA 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 Northern 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 NFURA 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. § 31-25-107(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 Northern Firestone Urban Renewal Area of all agricultural lands contained within such Area as described in the Northern 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 Northern Firestone Urban Renewal Area. Sections 1, 4, 5, 6 and 7 of the Agreement are hereby amended to insert the phrase “and NFURA County Tax Levy Allocation” after the phrase “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 NFURA County Tax Levy Allocation in addition to revenue produced by the 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 and NFURA 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 and NFURA County Tax Levy Allocation may be used by FURA for payment of any amounts authorized by the Urban Renewal Plan for the Southern Firestone Urban Renewal Area and the Northern 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 mean the Northern Firestone Plan and the Northern Firestone Urban Renewal Area with respect to the NFURA 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 Northern 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. 5. Effective Date. This Amendment shall take effect as of the effective date of 2 approval of the Northern Firestone Plan, provided the same has been executed by each of the parties hereto. 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: _________________________ By: ________________________________ Deputy Clerk to the Board William F. Garcia, Chairman Board of County Commissioners, County of Weld TOWN: ATTEST: TOWN OF FIRESTONE, a municipal corporation of the STATE OF COLORADO By: ____________________________ By: ________________________________ Rebecca Toberman Chad Auer, Mayor Acting Town Clerk FURA: ATTEST: FIRESTONE URBAN RENEWAL AUTHORITY By: _____________________________ By:__________________________________ Rebecca Toberman Chad Auer, Chairperson Recording Secretary 3