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HomeMy WebLinkAbout 17-57 Restated Coop FURARESOLUTION NO. 17-57 A RESOLUTION APPROVING AN AMENDED AND RESTATED COOPERATION AGREEMENT BETWEEN THE FIRESTONE URBAN RENEWAL AUTHORITY AND THE TOWN OF FIRESTONE 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, the Town Boa�•d of Trustees approved the Urban Renewal Plan for the Southern Firestone Urban Renewal Area on February 3, 2010; and WHEREAS, the Town and the Firestone Urban Renewal Authority ("FURA") previously entered into a cooperation agreement to confirm certain mutual understandings regarding the provision of support services to FURA by the Town and allocation of Tax Increment Financing ("TIF") revenues under the Urban Renewal Plan for the Southern Firestone Urban Renewal Area ("Original Agreement"); and WHEREAS, the Town Board of Trustees subsequently approved the Urban Renewal Plan for the Northern Firestone Urban Renewal Area on June 12, 2013, and the Urban Renewal Plan for the Central Firestone Urban Renewal Area on December 16, 2015 2015 (referred to collectively with the Urban Renewal Plan for the Southern Firestone Urban Renewal Area as the "Plans"); and WHEREAS, each of the Plans includes a provision for use of property tax increment TIF financing, as contemplated by C.R.S. § 31-25-107(9)(a), for the purposes authorized by the Act; and WHEREAS, the Town and FURA desire to enter into an Amended and Restated Cooperation Agreement to confirm their mutual understandings regarding FURA operating costs and allocation of certain TIF revenues; NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE TOWN OF FIRESTONE, COLORADO: Section 1. The proposed Amended and Restated Cooperation Agreement ("Cooperation Agreement") between the Town of Firestone and the Firestone Urban Renewal Authority is hereby approved in essentially the same form as the copy of such Agreement accompanying this Resolution. Section 2. The Mayor and Town Clerk are hereby authorized to execute the Cooperation Agreement on behalf of the Town. Section 3. All actions heretofore taken by Town officers and staff relating to the subject matter of the Cooperation Agreement consistent with its terms are hereby are, ratified, approved and confirmed. INTRODUCED, READ, and ADOPTED this day of ILA ; d� te r .: , 20174 Sorensen, Mayory t WIV ATTEST: rw a 1® ® % �. II Leah Vanarsdall, Town Clerk �'�'� AMENDED AND RESTATED COOPERATION AGREEMENT TOWN OF FIRESTONE - FIRESTONE URBAN RENEWAL AUTHORITY THIS AMENDED AND RESTATED COOPERATION AGREEMENT ("Agreement") is made and executed by and between the TOWN OF FIRESTONE, COLORADO ("Town") and the FIRESTONE URBAN RENEWAL AUTHORITY ("FURA"), referred to collectively as the "parties." WITNESSETH: 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, FURA and the Town desire to enter into this Agreement to confirm certain mutual understandings regarding the provision of support services to FURA by the Town and allocation of Tax Increment Financing ("TIF") revenues; and WHEREAS, the Town Board of Trustees approved the Urban Renewal Plan for the Southern Firestone Urban Renewal Area on February 3, 2010, the Urban Renewal Plan for the Northern Firestone Urban Renewal Area on June 12, 2013, and the Urban Renewal Plan for the Central Firestone Urban Renewal Area on December 16, 2015 (hereinafter referred to collectively as the "Plans"), which Plans include a provision for use of property TIF financing, as contemplated by C.R.S. § 3 1 -254 07(9)(a), for the purposes authorized by the Act; and WHEREAS, the Town and FURA desire to confirm by this Agreement their understandings regarding allocation of Town property tax TIF generated within the areas within the Plans, and their understandings regarding authorization and uses of any municipal sales tax increment generated within the areas within the Plans; and WHEREAS, the Act and Section 18, Article XIV of the Colorado Constitution authorize the parties to enter into cooperation agreements; NOW THEREFORE, in consideration conditions, the parties agree as follows: of the .foregoing and the following terms and 1. Support Services. The parties agree the Town in its discretion may provide support services to FURA as maybe desired to carry out the duties, operations and functions of FURA. Support services may include, without limitation, administrative, managerial, planning, financing, accounting, engineering, legal, and other services, including Town employee and/or outside consulting services ("Support Services"). The Town Manager is authorized to serve as Executive Director of FURA as provided in the Act and subject to budgetary requirements shall 1 direct the utilization of Support Services as may be required to carry out the duties, operations and functions of FURA. 2. Advance of Operating Funds. The Town may annually advance to FURA an amount of operating funds ("Operating Funds") to be determined by appropriation by the Town Board of Trustees. Operating Funds shall be used by FURA for Support Services and other costs incurred by FURA in accordance with the Act, this Agreement and approved Town and FURA budgets. FURA is not required to reimburse any Operating Funds advanced to it by the Town. 3. Allocation of Town Pro,�erty Tax Levy. FURA agrees to transfer to the Town all A the increase in property tax revenues calculated, produced, and allocated to FURA as a result of the levy of the Town upon taxable property within any area within any of the Plans and within the Town pursuant to and in accordance with Section 31-25-107(9)(a)(II) of the Act and the rules and regulations of the Property Tax Administrator of the State of Colorado (the "Town Tax Levy Allocation"). FURA shall transfer to the Town, on or before the 15`1' day of each month or at such other times as the parties shall agree (but no less frequently than annually) all Town Tax Levy Allocation revenues received by FURA through the preceding month. This Section applies only to the Town Tax Levy Allocation revenues and does not include any other revenues of Firestone or FURA. 4. Town Sales Tax. The parties agree that allocation of any municipal sales taxes for purposes of any of the Plans shall occur only upon approval of the Board of Trustees of the Town. Any such approval shall be by separate, future resolution of the Board of Trustees, setting forth the specific amount(s) and purpose(s) for which the municipal sales tax increments are proposed to be used. The Board of Trustees of the Town may approve or deny any proposed allocation of any municipal sales tax increment in its discretion. 5. Continuing Cooperation. The parties shall cooperate to carry out and complete the Plans 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. 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. 2 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. Governin�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. 17. Effective Date. This Agreement shall be binding and effective as to each of the Plans commencing upon the respective date of approval of each of the Plans; to wit, commencing February 3, 2010 with respect to the Urban Renewal Plan for the Southern Firestone Urban Renewal Area; commencing June 12, 2013 with respect to the Urban Renewal Plan for the Northern Firestone Urban Renewal Area, and commencing December 16, 2015 with respect to the Urban Renewal Plan for the Central Firestone Urban Renewal Area. 18. Prior Agreement Superseded. This entirety that Cooperation Agreement approved b Agreement supersedes and replaces in its 3 19. Ratification. The parties agree that all actions heretofore taken by the parties in furtherance of agreements set forth herein are hereby ratified, approved and confirmed. IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officials to execute this Agreement effective as of the day and year first above written. ATTEST: ATTEST: WN OF FIRESTONE Sorenson, Mayor URBAN RENEWAL AUTHORITY