Title
Resolution of the City of Commerce City authorizing the 2012 Intergovernmental Agreement between the City of Commerce City and the Urban Renewal Authority of the City of Commerce City
Body
Summary and Background Information:
The City and the Authority entered into an Intergovernmental Agreement dated August 1, 2011 to provide for the purchase of the Property at 6200 and 6210 Dahlia Street, Commerce City, Colorado (the "Property"); andthe Authority desires to effect environmental abatement and demolition of structures on the previously purchase the Property; andthe Authority desires that the City make an additional loan to the Authority in the amount of Two Million, Five Hundred Thousand Dollars ($2,500,000.00) (the "Loan") to enable the Authority to effect environmental abatement and demolition of structures on the previously purchased Property and finance other uses authorized by the Executive Director of the Urban Renewal Authority to support the activities of the Urban Renewal Authority of the City of Commerce City; andthe City is agreeable to financing the environmental abatement and demolition of structures on the Property and to financing other uses authorized by the Executive Director of the Urban Renewal Authority to support the activities of the Urban Renewal Authority of the City of Commerce City subject to the terms and conditions of this Agreement.
Staff Responsible (Department Head): Roger Tinklenberg
Staff Member Presenting: Roger Tinklenberg
Financial Impact: $ 2,500,000
Funding Source: General Fund
Staff Recommendation: Resolve and Pass Resolution
Suggested Motion: I move to adopt Resolution 2012-27