HomeMy WebLinkAbout985 Firelight Repealing Ord 720 Annexation Fairview Estates 12-09-2020ORDINANCE NO. 985
A RESOLUTION OF THE BOARD OF TRUSTEES OF THE TOWN OF
FIRESTONE, COLORADO, REPEALING IN ITS ENTIRETY
ORDINANCE 720, AND THEREBY ACKNOWLEDGING
TERMINATION OF THE IMPROVEMENTS REIMBURSEMENT
AGREEMENT (FIRELIGHT PARK ANNEXATION) BETWEEN THE
TOWN OF FIRESTONE AND FAIRVIEW ESTATES, LLC
WHEREAS, by Ordinance 720, adopted on July 23, 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 Fairview Estates, LLC ("Owner"),
(collectively, the "Parties"), recorded on November 1, 2010 in the Weld County Clerk and
Recorder's Office at Reception No. 3729072, concerning the Firelight Park Annexation
("Project"); and
WHEREAS, in conjunction with adoption of Ordinance 720 on July 23, 2009, the Board,
by Ordinance 723, enacted Section 3.08.190 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 $6,000,000.00; or (b) the 201h anniversary of the Credit PIF Release Date
(defined as the date the Town issues a certificate of occupancy for the 12,500th 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 IRA was recorded on November 1, 2010 and, as a result, the IRA
automatically terminates if the Credit PIF Release Date does occur on or before November 1,
2020; and
WHEREAS, Owner has not yet commenced any work on the Project as of November 1,
2020; and
WHEREAS, the Board finds 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
November 1, 2020 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
720.
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
TON OF FIRESTONE, COLORADO, W
Ordinance 720 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 (Firelight Park Annexation) between the Town of
Firestone, Colorado and Fairview Estates, LLC has been terminated and of no further legal force
and effect.
INTRODUCED, READ AND ADOPTED thisay of j1E4MMbW, 2020.
ATTEST:
J�/ssi�a Koenig, T
APPROVED
William
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d Cout�
TOWN OF FIRESTONE, COLORADO
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