957 Turner Commons Repealing FMC 3.08.200 Reimbursement AgrmntORDINANCE 957
AN ORDINANCE OF THE BOARD OF TRUSTEES OF THE TOWN OF FIRESTONE,
COLORADO, COLORADO, REPEALING IN ITS ENTIRETY SECTION 3.08.200 OF
THE FIRESTONE MUNICIPAL CODE REGARDING THE TURNER COMMONS
ANNEXATION IMPROVEMENTS REIMBURSEMENT AGREEMENT
WHEREAS, on October 26, 2011, the Board of Trustees ("Board") of the Town of Firestone,
("Town") by Ordinance No. 790, enacted Section 3.08.200, "Tax Credit on Turner Commons
Annexation" to implement the provisions of the Improvements Reimbursement Agreement
(Turner Commons Annexation) between the Town and Firestone Partners LLC ("Developer")
which was approved by Resolution 11-31, adopted by the Board on October 26, 2011; and
WHEREAS, in accordance with the Improvement Reimbursement Agreement ("IRA"), the
Developer of the Turner Commons Annexation ("Project") upon the IRA's "Effective Date" was
to become the fee owner of the Project's Property; and
WHEREAS, in accordance with the IRA the "Effective Date" is the later of the Developer
acquiring fee title to the Property or the recordation of the Property's annexation ordinance and
map, which recordation was done by the Town with the Weld County Clerk and Recorder on
March 26, 2012; and
WHEREAS, the IRA set forth Conditions Precedent as to the "Effective Date" which included
Developer's acquisition of the Property within one year of the Parties execution of the IRA; and
WHEREAS, the Conditions Precedent further provide that the Town may terminate the IRA if
Developer fails to acquire fee title to all the Property within one year after execution of the IRA;
and
WHEREAS, upon finding that Developer failed to meet the Condition Precedent of acquiring
fee title to the Prope1iy within one year of execution of the IRA and that the IRA thus never
became "Effective," the Board by Resolution 19-83, adopted on September 11, 2019 repealed
Resolution 11-31 and terminated the IRA; and
WHEREAS, the Board therefore desires to repeal in its entirety Section 3.08.200, Tax Credit
Turner Commons Annexation, of the Firestone Municipal Code, which was to implement the
now-terminated IRA.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN
OF FIRESTONE, COLORADO:
Section 1. Section 3.08.200, Tax Credit Turner Commons Annexation, of the
Firestone Municipal Code is repealed in its entirety.
Section 2. If any a1iicle, section, paragraph, sentence, clause, or phrase of this
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