HomeMy WebLinkAbout991 Repealing Ord 713 & termination improvements reimbursement Agreement Union Annex Lifebridge 03-15-2021ORDINANCE NO. 991
A ORDINANCE OF THE BOARD OF TRUSTEES OF THE TOWN OF
FIRESTONE, COLORADO, REPEALING IN ITS ENTIRETY
ORDINANCE 713, AND THEREBY ACKNOWLEDGING
TERMINATION OF THE IMPROVEMENTS REIMBURSEMENT
AGREEMENT (UNION ANNEXATION) BETWEEN THE TOWN OF
FIRESTONE AND LIFEBRIDGE CHRISTIAN CHURCH
WHEREAS, by Ordinance 713, adopted on May 14, 2009, the Board of Trustees of the
Town of Firestone, Colorado, ("Board") approved an Improvement Reimbursement Agreement
("IRA") between the Town of Firestone ("Town") and LifeBridge Christian Church ("Owner"),
(collectively, the "Parties"), recorded on January 21, 2011 in the Weld County Clerk and
Recorder's Office at Reception No. 3746262, concerning the Union Annexation ("Project"); and
WHEREAS, in conjunction with adoption of Ordinance 713 on July 23, 2009, the Board,
by Ordinance 719, enacted Section 3.08.210 of the Firestone Municipal Code which
implemented the Parties' IRA; and
WHEREAS, in accordance with the IRA, the Credit PIF period starts the date on which
the Project first generates sales or use tax and ends on the earlier of: (a) disbursement of Credit
PIF Revenues equal to total Eligible Costs incurred by Infrastructure Provider and Accrued
Interest thereon for Eligible Costs pursuant to reimbursement agreements; or (b) the 20tn
anniversary of the Credit PIF Release Date (defined as the date the Town issues a certificate of
occupancy for the 50,000th s.f. of retail sale generating space within the Project); and
WHEREAS, in accordance with the IRA, the IRA automatically terminates in the event
the Credit PIF Release Date does not occur within ten years of the date of recording of the IRA;
and
WHEREAS, the IltA was recorded on January 21, 2011 and, as a result, the IRA
automatically terminates if the Credit PIF Release Date does occur on or before January 21,
2021; and
WHEREAS, Owner has not yet commenced any work on the Project as of January 21,
2021; and
WHEREAS, the Board fords and determines that, due to the failure of Owner to
commence any work on the Project, the Credit PIF Release Date can never occur on or before
January 21, 2021 as provided in the IRA, in which case the IRA for the Project has automatically
terminated; and
WHEREAS, because the IRA has automatically terminated, the Board declares the IRA
is null and void; and
713.
WHEREAS, as the IRA is null and void, the Town therefore desires to repeal Ordinance
1
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
TOWN OF FIRESTONE, COLORADO,
Ordinance 713 adopted by the Board of Trustees of the Town of Firestone, Colorado
("Board") is hereby repealed in its entirety and the Board, hereby acknowledges and declares the
Improvement Reimbursement Agreement (Union Annexation) between the Town of Firestone,
Colorado and LifeBridge Christian has been terminated and of no further legal force and effect.
INTRODUCED, READ AND ADOPTED this Quay of , 2021.
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