HomeMy WebLinkAbout 19-83 Turner Commons Repeal 11-31 Terminating Improvements ReimbursementRESOLUTION 19-83
A RESOLUTION OF THE BOARD OF TRUSTEES OF THE TOWN OF
FIRESTONE, COLORADO, REPEALING IN ITS ENTIRETY
RESOLUTION 11-31, AND THEREBY TERMINATING THE
IMPROVEMENTS REIMBURSEMENT AGREEMENT (TURNER
COMMONS ANNEXATION) BETWEEN THE TOWN OF FIRESTONE
AND FIRESTONE PARTNERS, LLC
WHEREAS, by Resolution 11-31, adopted on October 26, 2011, the Board of Trustees of
the Town of Firestone, Colorado, ("Board") approved an Improvement Reimbursement Agreement
between the Town and Firestone Partners, LLC, ("Parties") concerning the Turner Commons
Annexation ("Project"); and
WHEREAS, in conjunction with adoption of Resolution 11-31 on October 26, 2011, the
Board, by Ordinance 790, enacted Section 3.08.200 of the Firestone Municipal Code which
implemented the Parties Improvement Reimbursement Agreement ("IRA"); and
WHEREAS, in accordance with the IRA, Firestone Partners, LLC, ("Developer") upon the
IRA's "Effective Date" would become the fee owner of the Property ("Turner Commons"); and
WHEREAS, in accordance with the IRA, the Effective Date is the later of the occurrence
of the Developer acquiring fee title to the Property and the recordation in the records of the
annexation ordinances and annexation maps for the Property in accordance with C.R.S. § 31-12-
113 (2) (a) (I1) (A); and
WHEREAS, C.R.S. § 31-12-113 (2) (a) (II) (A) provides that an annexation shall be
effective upon an annexing municipality's filing of three certified copies of the annexation
ordinance and map of the area with the county cleric and recorder of each county affected; and
WHEREAS, in accordance with the records of the Weld County Clerlc and Recorders
Office, the Town filed the required Annexation Ordinance and Annexation Map on March 26,
2012: and
WHEREAS, the IRA contains Conditions Precedents setting forth specified time periods,
which if not met will entitle the Party for whose benefit the condition is established to terminate
the IRA in which case the legal effect will be as if the IRA for the Project has never been approved;
and
WHEREAS, for the benefit of the Town it may, in accordance with Section 7.11 of the
IRA, terminate the IRA if:
® the Developer fails to acquire fee title to the Property within one year of
"execution" of the IRA;
WHEREAS, the Weld County Clerlc and Recorders Office records show that at the date of
the execution of the IRA, (October 26, 2011) the Property was owned by RJ Holdings, LLC,
171
Fahrenholtz Ronald L. Revocable Trust until sold to the current owner, Fahrenholtz Ronald L.
Trust, on December 12, 2016; and
WHEREAS, additionally the Developer in accordance with the records of the Colorado
Secretary of State, effective July 10, 2012, voluntarily relinquished its authority to transact
business or conduct activities in the State of Colorado; and
WHEREAS, as the Developer failed to meet the Condition Precedent of acquiring fee title
to the Property within one year of execution of the IRA in 2011, the IRA was thus never "Effective"
and the Town therefore desires to terminate the Improvement Reimbursement Agreement,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
TOWN OF FIRESTONE, COLORADO,
Resolution 11-31 adopted by the Board of Trustees of the Town of Firestone, Colorado
("Board") is repealed in its entirety and the Board, hereby terminates the Improvement
Reimbursement Agreement (Turner Commons Annexation) between the Town of Firestone,
Colorado and Firestone Partners, LLC,
INTRODUCED, READ AND ADOPTED this llth day of September, 2019.
ATTEST:
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Leah Vanarsdall, Town Clerk
AS TO FORM:
Willia�f�'. Hayashi, Town Attorney
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WN OF FIRESTONE. COLORADO
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