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HomeMy WebLinkAbout21-36 Amended IGA with FURA Northern URA 03-24-2021RESOLUTION NO. 21-36 A RESOLUTION OF THE BOARD OF TRUSTEES OF THE TOWN OF FIRESTONE, COLORADO APPROVING AN AMENDED AND RESTATED INTERGOVERNMENTAL AGREEMENT BETWEEN THE TOWN OF FIRESTONE AND FIRESTONE URBAN RENEWAL AUTHORITY — NORTHERN URBAN RENEWAL PLAN WHEREAS, the Firestone Urban Renewal Authority ("FURA") is a public body corporate and politic organized as of July 24, 2009 and 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. (the "Urban Renewal Law" or the "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 Town adopted Resolution 13-32 on June 12, 2013 approving the Northern Firestone Urban Renewal Plan (as amended, the "Northern Firestone Urban Renewal Plan" or the "Plan"); and WHEREAS, the Plan includes a provision for use of tax increment financing ("TIF"), as contemplated by C.R.S. § 31-25407(9)(a), for the purposes authorized by the Act; and WHEREAS, FURA and the Town entered into the Cooperation Agreement approved by the governing bodies of the Parties on September 23, 2010, as amended and restated by the Amended and Restated Cooperation Agreement approved by FURA by Resolution No. 17-57 on December 13, 2017 (the "Prior Agreement"); and WHEREAS, the Town and FURA desire to enter into an Amended and Restated Intergovernmental Agreement (the "Northern Firestone Intergovernmental Agreement") to amend and restate the Prior Agreement and confirm their mutual understandings regarding allocation of certain TIF revenues under the Northern Firestone Urban Renewal Plan. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE TOWN OF FIRESTONE, COLORADO: Section 1. The foregoing Recitals are incorporated herein by this reference. Section 2. The proposed Northern Firestone Intergovernmental Agreement between the Town and FURA is hereby approved in essentially the same form attached hereto as Exhibit A. Section 3. The Mayor is hereby authorized to execute the Northern Firestone Intergovernmental Agreement on behalf of the Town. INTRODUCED, READ, and ADOPTED this 24tn day of March, zuz i . TOWN OF FIRESTONE, COLORADO APPROVED,AS TO William P. Hayashi, ToSv�Attorney Exhibit A Northern Firestone Intergovernmental Agreement [see attached] AMENDED AND RESTATED INTERGOVERNMENTAL AGREEMENT TOWN OF FIRESTONE — FIRESTONE URBAN RENEWAL AUTHORITY (Northern Firestone Urban Renewal Plan) This AMENDED AND RESTATED INTERGOVERNMENTAL AGREEMENT ("Agreement") made and executed by and between the TOWN OF FIRESTONE, COLORADO (the "Town") and the FIRESTONE URBAN RENEWAL AUTHORITY ("FURA") is dated effective as of March , 2021 (the "Effective Date"). The Town and FURA are referred to herein individually as a "Party" and collectively as the "Parties." RECITALS WHEREAS, the 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, FURA is a public body corporate and politic organized as of July 24, 2009 and 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. (the "Act"); and WHEREAS, the Town Board of Trustees adopted its Resolution 13-32 on June 12, 2013 approving the Northern Firestone Urban Renewal Plan (as amended, the "Urban Renewal Plan" or the "Plan"), which Urban Renewal Plan includes a provision for use of tax increment financing ("TIF" ), as contemplated by C.R.S. § 31-25407(9)(a), for the purposes authorized by the Act; and WHEREAS, the Town Board of Trustees adopted its Resolution 15-49 on October 28, 2015 approving a substantive amendment to the Urban Renewal Plan; and WHEREAS, the Act and Section 18, Article XIV of the Colorado Constitution authorize the Parties to enter into cooperation agreements; and WHEREAS, FURA and the Town entered into the Cooperation Agreement approved by the governing bodies of the Parties on September 23, 2010, as amended and restated by the Amended and Restated Cooperation Agreement approved by FURA by Resolution No. 17-57 on December 13, 2017 (the "Prior Agreement"); and WHEREAS, FURA and the Town desire to amend and restate the Prior Agreement in its entirety to confirm their understandings regarding allocation of Town property tax TIF revenues generated within the Urban Renewal Plan Area (defined below), and their understandings regarding authorization and uses of any municipal sales tax TIF revenues generated within the Urban Renewal Plan Area. NOW THEREFORE, in consideration of the foregoing and the following terms and conditions, the Parties agree as follows: 1. DEFINITIONS. In this Agreement, the following terms shall have the following meanings unless a different meaning clearly appears from the context: 3122775.3 22376251.3 1.1. "Act" has the meaning set forth in the Recitals to this Agreement. 1.2. "Agreement" has the meaning set forth in the Preamble to this Agreement. 1.3. "Duration" means the twenty-five (25) year period that the tax increment or tax allocation provisions will be in effect as specified in C.R.S. § 31-25407(9)(a) and the Plan. 1.4. "Eligible Costs" means those costs eligible to be paid or reimbursed from the Town Sales Tax Increment Revenues and Property Tax Increment Revenues pursuant to the Act. 1.5. "Effective Date" has the meaning set fo1 th in the Preamble to this Agreement. 1.6. "FURA" has the meaning set forth in the Preamble to this Agreement. 1.7. "Plan" has the meaning set forth in the Recitals to this Agreement. 1.8. "Property Tax Increment Revenues" means the incremental property tax revenues from the real property within the Urban Renewal Plan Area derived from ad valorem property tax levies described in C.R.S. § 31-25-107(9)(a)(II) allocated to the Special Fund for the Urban Renewal Project. 1.9. "Special Fund" means the fund described in the Plan and C.R.S. § 31-25- 107(9)(a)(II) into which the Town Increment will be deposited. 1.10. "TIF" has the meaning set forth in the Recitals to this Ag1eement. 1.11. "Town" has the meaning set forth in the Preamble to this Agreement. 1.12. "Town Increment" means the combination of the Town Sales Tax Increment and Town Property Tax Increment. 1.13. "Town Property Tax Increment" means the portion VD Tax Increment Revenues generated by the Town's mill levy, received by FURA flour the County Treasurer and paid into the Special Fund as specified in Section 3. 1.14. "Town Sales Tax Increment" means the portion of Town Sales Tax Increment Revenues paid into the Special Fund as specified in Section 3, but only as authorized by a separate, future approval by the Town Board of Trustees. 1.15. "Town Sales Tax Increment Revenues" means the incremental sales and use tax revenues f1•om the portion of the Town's 3.6% general fund municipal sales and use tax authorized by the Town Board of Trustees which are in excess of the base amount established in accordance with the provisions of C.R.S. § 31-25407(9). 1.16. Plan. 1.17. 22376251.3 "Urban Renewal Plan Area" means the area included in the boundaries of the "Urban Renewal Plan" has the meaning set forth in the Recitals. 2 "Urban Renewal Project" means all undertakings and activities, or any combination thereof, required to carry out the Urban Renewal Plan pursuant to the Act. 2. TOWN INCREMENT REVENUES. In compliance with the requirements of FIB 15- 1348 and SB 18-248, the Parties have negotiated and agreed to the sharing of Town Increment as set forth herein. 3. SPECIAL FUND. FURA has established a Special Fund to pay the Eligible Costs and otherwise provide funding for the Urban Renewal Project. 3.1. Deposits. The Town and FURA agree that FURA may retain and expend in furtherance of the Urban Renewal Project one hundred percent (100%) of the Town Sales Tax Increment (but only as authorized by a separate, future approval by the Town Board of Trustees) and one hundred percent (100%) of the Town Property Tax Increment. If and when authorized by a separate, future approval by the Town Board of Trustees, the Town will deposit into the Special Fund the Town Sales Tax Increment. FURA will deposit into the Special Fund the Town Property Tax Increment received from the County Treasurer, to be combined with the Town Sales Tax Increment, as the Town Increment, that FURA will use to pay Eligible Costs, 3.2. Term. The Town Increment will be deposited into the Special Fund, commencing on the date of approval by the Town of the Plan and ending upon the earlier of: (a) the occurrence of the Duration; or (b) the payment in full of any debt, as defined in the Act, incurred in furtherance of the Urban Renewal Project, 3.3. Collection. The Town agrees to use reasonable efforts to pursue in good faith all lawful procedures and remedies available to it in collecting and depositing the Town Sales Tax Increment in the Special Fund, if and when authorized by a separate, future approval by the Town Board of Trustees. To the extent lawfully possible, the Town will take no action that would have the effect of reducing the Town Sales Tax Increment from the Urban Renewal Plan Area in accordance with this Agreement. The Town Sales Tax Increment does not include (a) amounts subject to valid claims for refunds, paid into certain rebated funds, as determined by a court of competent jurisdiction or as deemed proper in the Town's sole discretion, and (b) the reasonable and necessary costs and expenses of collecting the Town Sales Tax Increment. 4. PLEDGE OF TOWN INCREMENT. The Parties acknowledge and agree that the Town Increment is and shall be FURA's funds as provided in C.R.S. § 31-25-107(9)(a). As such, the Town recognizes and agrees that in reliance on this Agreement and in accordance with the provisions of C.R.S. § 31-25407(9)(b), the adoption and approval of the Plan may include an irrevocable pledge of the Town Increment to pay FURA's financial obligations in connection with the Urban Renewal Project. 5. CONTINUING COOPERATION. The Parties shall cooperate to carry out and complete the Plan and other urban renewal plans as approved by the Board of Trustees of the Town, and agree to give timely consideration to any additional agreements or amendments to this Agreement that may be necessary or convenient in connection therewith. The Parties also agree they will execute, deliver and furnish such other instruments, documents, materials, and information as may be reasonably required to carry out the Agreement. 22376251.3 3 6. OBLIGATIONS SUBJECT TO ACT AND CONSTITUTION. The covenants, duties and actions required of the Parties under this Agreement shall be subject to and performed in accordance with the provisions and procedures required and permitted by the Act, any other applicable provision of law, and the Colorado Constitution. 7. ENFORCED DELAY. Neither Party shall be considered in breach of, or in default in, its obligations with respect to this Agreement in the event of delay in the performance of such obligations due to causes beyond its control and without its fault, it being the purpose and intent of this provision that if such delay occurs, the time or times for performance by either Party affected by such delay shall be extended for the period of the delay. 8. NO THIRD PARTY BENEFICIARIES. Neither the Town nor FURA shall be obligated or liable under the terms of this Agreement to any person or entity not a party hereto. 9. SEVERABILITY. In case any one or more of the provisions contained in this Agreement or any application thereof, shall be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement, or any other application thereof, shall not in any way be affected or impaired thereby. 10. BINDING EFFECT. Subject to compliance with Section 12, below, this Agreement shall be binding upon and inure to the benefit of the Parties, their successors, legal representatives, and assigns. 11. SEPARATE PARTIES. Nothing in this Agreement shall be interpreted in any manner as constituting the Parties as partners or joint venturers or as constituting one Party or its officials, representatives, or employees as agents of the other Party. Each Party is and shall remain a separate legal entity pursuant to applicable law, and neither of the Parties hereto shall be deemed to hereby assume the debts, obligations, or liabilities of the other. 12. ASSIGNMENT. This Agreement shall not be assigned in whole or in part by either Party without the prior written approval of the other Party. 13. GOVERNING LAW. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Colorado. 14. HEADINGS. Section headings in this Agreement are for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 15. ENTIRE AGREEMENT; AMENDMENT. This Agreement constitutes the entire agreement between the Parties pertaining to the subject matter hereof. No addition to or modification of the Agreement shall be effective except by written agreement authorized and executed by the Parties. 16. NO WAIVER OF IMMUNITIES. No portion of this Agreement shall be deemed to constitute a waiver of any immunities the Parties or their officers or employees may possess, nor shall any portion of this Agreement be deemed to have created a duty of care which did not previously exist with respect to any person not a party to this Agreement. 22376251.3 4 1 to EFFECTIVE DATE. This Agreement shall be binding and effective as to the Plan commencing upon the Effective Date. 18. RECITALS. Agreement. The provisions of the Recitals are incorporated in and made a part of this [Signature page follows] 22376251.3 5 IN WITNESS WHEREOF, the Town and FURA have caused their duly authorized officials to execute this Agreement effective as of the Effective Date. ATTEST: r By: J ATTEc''-'• By: CMC, Clerk OF FIRESTONE, a political subdivision of of Ceyrado FIRESTONE URBAN RENEWAL AUTHORITY, a body corporate and politic of the State of Colorado By: tha Meiring, 22376251.3