Title
RESOLUTION APPROVING AGGREEMENT AMONG THE CITY OF COMMERCE CITY, BUFFALO HIGHLANDS METROPOLITAN DISTRICT, BUFFALO HIGHLANDS, LLC, AND C. LARSON FAMILY FARMS, INC, FOR THE CONSTRUCTION AND FUNDING OF CERTAIN IMPROVEMENTS TO 96TH AVENUE AND THE DEDICATION OF CERTAIN LANDS
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Summary and Background Information:
· Buffalo Highlands came to the City because the 96th Avenue between Nucla and Tower Road and the 96th Avenue bridge over Second Creek must be built in order for Buffalo Highlands to develop.
· Buffalo Highlands found that it is not possible to obtain financing for infrastructure construction until there is assessed valuation available to support the debt service.
· The City Council approved providing a loan to Buffalo Highlands for the construction of 96th Avenue and its bridge.
· Buffalo Highlands has requested that the loan agreement be rounded up by another $1 million because they anticipate the 104th Avenue bridge design will add closer to $800,000 to the cost of the project and the loan issuance costs are estimated at $115,000.
· City staff recommends authorizing up to that amount for a total of $5.5 million.
· The City Attorney's Office has drafted the agreement with Buffalo Highlands to allow for minor changes to the documents.
Staff Responsible (Department Head): Roger Tinklenberg
Staff Member Presenting: Roger Tinklenberg
Financial Impact:
· The loan to Buffalo Highlands will be authorized up to the amount of $5,500,00. The additional $1,000,000 can be taken from the CIPP fund balance.
Funding Source:
· CIPP fund balance
Suggested Motion:
· I move to approve Resolution 2013-15.