Creating the Tax Increment Financing for the Downtown Development Authority - Resolution No. 41-82 - A Resolution Setting Special Election for Downtown Development Authority (DDA)

RESOLUTION NO. 41-82

A RESOLUTION CALLING A SPECIAL ELECTION TO BE HELD AUGUST 3, 1982, CONCERNING THE ISSUANCE OF BONDS AND THE PLEDGE OF THE TAX INCREMENT FUND AS SECURITY THEREFOR.

WHEREAS, by a resolution duly adopted on December 16, 1981, the City Council (the Council) of the City of Grand Junction, Colorado (the City), approved a Plan of Development (the Plan of Development) for the Grand Junction, Colorado, Downtown Development Authority (the Authority) providing for the use of tax increment financing; and

WHEREAS, in furtherance of the Plan of Development said resolution creates a separate special fund of the city (the Tax Increment Fund) and provides that there shall be deposited therein the ad valorem and municipal sales tax increment funds derived from and attributable to development and redevelopment within the area specified in the Plan of Development (the Plan of Development Area); and

WHEREAS, by a further resolution duly adopted on June 2, 1982, the Council of the City approved an amendment to the Plan of Development enlarging the boundaries of the Plan of Development Area; and

WHEREAS, the Plan of Development provides for the acquisition, construction, and installation of certain public improvements designed to improve traffic and pedestrian circulation within the Plan of Development Area, including on-street parking facilities, alleyway improvements, off-street parking facilities, and associated right-of-way improvements; and

WHEREAS, part 8 of article 25 of title 31, Colorado Revised Statutes 1973, as amended (the Act), authorizes the City to pledge the Tax Increment Fund for the payment of the principal of, the interest on, and any premiums due in connection with bonds, loans, advances, or indebtedness of the City to finance projects within the Plan of Development Area if the question of issuing or providing for the same and the question of the intended pledge are first submitted to the qualified electors of the district within which the Authority may exercise its powers (the District) at a special election to be held for that purpose; and

WHEREAS, the Act requires that such a special election be called by resolution of the Board of Directors (the Board) of the Authority and approved by the Council of the City at least thirty days prior thereto; and

WHEREAS, by a resolution duly adopted on June 4, 1982, the Board of the Authority called such a special election to be held on August 3, 1982, subject to the approval of the Council of the City.

NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GRAND JUNCTION, COLORADO, THAT:

Section 1. The resolution of the Board of the Authority calling a special election to be held August 3, 1982, concerning the issuance of bonds and the pledge of the Tax Increment Fund as security therefor is hereby approved.

Section 2. Pursuant to the Act there shall be submitted to the qualified electors of the District at a special election to be held for that purpose on Tuesday, the 3rd day of August, 1982, between the hours of 7:00 a.m. and 7:00 p.m. at the polling place hereinafter designated the question set forth in the forms of notice and ballot hereinafter prescribed.

Section 3. Said special election shall be held and conducted in accordance with the Constitution of the State of Colorado, the Charter of the City, the Colorado Municipal Election Code of 1965, as amended (the Code), and the Act insofar as the same may be applicable.

Section 4. No vote, either for or against the question to be submitted at said special election, shall be received or permitted by the judges of election unless the person offering the same shall be a qualified elector of the District.

A qualified elector of the district is one who is either a "resident", a "Landowner" OR a "lessee" as these terms are defined below:

"Resident" means one who is a citizen of the Untied States and a resident of the State of Colorado, eighteen years of age or older, who makes his primary dwelling place within the District.

"Landowner" means the owner in fee of any undivided interest in real property or any improvement permanently affixed thereto within the District. "Owner in fee" includes a contract purchaser obligated to pay general taxes, an heir, and a devisee under a will admitted to probate and does not include a contract seller of property with respect to which the contract purchaser is deemed to be the owner in fee.

"Lessee" means the holder of a leasehold interest in real property within the District. "Leasehold interest" does not include a license or mere contract right to use real property within the District.

Any landowner or lessee which is not a natural person may vote only if it designates by some official action a representative thereof to cast its ballot.

No qualified elector may cast more than one vote, even though any person qualified or lawfully designated may be entitled to cast the vote of more than one qualified elector.

Section 5. The qualified electors of the District shall vote at said special election by secret paper ballot, either by submitting an absent vote ballot or by appearing and casting a ballot at the polls. Voting machines will not be used.

Section 6. Qualified electors of the District who meet the requirements of the Code relating to absent voter balloting, and who intend to vote by absent voter ballot, may obtain information and apply for and receive an absent voter ballot at the office of the City Clerk at City Hall, 250 North Fifth Street, Grand Junction, Colorado, at any time during regular business hours on or before Friday, the 30th day of July, 1982, by following the procedures set forth in the Code.

Section 7. There is hereby established, for the purposes of said special election only, one election precinct, the polling place for which shall be Two Rivers Plaza, 159 Main Street, Grand Junction, Colorado, and the boundaries of which shall be the same as those of the District. The absent voter polling place shall be the office of the City Clerk, 250 North Fifth Street, Grand Junction, Colorado.

Section 8. The City Clerk is hereby instructed to appoint and to mail certificates of appointment to the election judges and to maintain a list for public inspection of those so appointed. Said judges shall receive in full compensation for their services, the sum of $40.00 each.

Section 9. The City Clerk is hereby instructed to publish a Notice of Special Election on the tenth day prior to the election and for any three successive days during the ten-day period prior to the election in The Daily Sentinel, a daily newspaper of general circulation published in the City. The City Clerk is further instructed to post a copy of such Notice of Special Election in a conspicuous place at the office of the City Clerk at least ten (10) days before the election. Said Notice of Special Election shall be in substantially the following form:

NOTICE OF SPECIAL ELECTION

CITY OF GRAND JUNCTION, COLORADO

DOWNTOWN DEVELOPMENT AUTHORITY

AUGUST 3, 1982

NOTICE IS HEREBY GIVEN that a special election to be held at the polling place hereinafter designated on Tuesday, the 3rd day of August, 1982, between the hours of 7:00 a.m. and 7:00 p.m., there will be submitted to the qualified electors of the district within which the Grand Junction, Colorado, Downtown Development Authority may exercise its powers (the District) the following question:

Shall the City of Grand Junction, Colorado, be authorized to issue bonds or provide for loans, advances or indebtedness (including, but not limited to, obligations payable from project revenues or special assessments, but not including obligations which are general obligations of the City) and to pledge for the payment of the principal thereof, the interest thereon, and any premiums due in connection therewith the Tax Increment Fund created by Resolution of the City Council on December 16, 1981, containing the ad valorem and municipal sales tax increment funds derived or to be derived from and attributable to development and redevelopment within the Grand Junction, Colorado, Downtown Development Authority, for the purpose of providing public improvements designed to improve traffic and pedestrian circulation within the downtown area, including, but not limited to, property acquisition for off-street parking, off-street surface and structure parking development, right-of-way acquisition, alleyway improvements, channelization, paving, curb and gutter improvements, landscaping, and traffic signal and control facilities, such bonds, loans, advances, and indebtedness not to exceed in aggregate principal amount the sum of $10,000,000 at a maximum net effective interest rate of 18% per annum and the pledge of the Tax Increment Fund not to exceed 25 years in duration?

A qualified elector of the District is one who is either a "resident", a "landowner" OR a "lessee" as these terms are defined below:

"Resident" means one who is a citizen of the Untied States and a resident of the State of Colorado, eighteen years of age or older, who makes his primary dwelling place within the District.

Any landowner or lessee which is not a natural person may vote only if it designates by some official action a representative thereof to cast its ballot.

No qualified elector may cast more than one vote, even though any person qualified or lawfully designated may be entitled to cast the vote of more than one qualified elector.

Those qualified electors of the District who are otherwise fully qualified to vote on said question at said special election, but who shall be absent from the District on the day of said special election, or who by reason of their work or the nature of their employment are likely to be absent and fear that they will be absent from the District on the day of said special election, or who because of serious illness or physical disability, or who for reasons based upon the doctrines of an established religion shall be unable to attend the polls, may apply in writing at the office of the City Clerk at City Hall, 250 North Fifth Street, Grand Junction, Colorado, for absent voter ballots at any time during regular business hours on or before Friday, July 30, 1982.

The City Council has established, for the purposes of said special election only, one election precinct, the polling place for which shall be Two Rivers Plaza, 159 Main Street, Grand Junction, Colorado. The absent voter polling place shall be the office of the City Clerk, 250 North Fifth Street, Grand Junction, Colorado.

The votes cast shall be recorded on paper ballots, and said special election shall be held and conducted, the returns thereof canvassed, and the results thereof declared, in the manner prescribed by law for other municipal elections.

IN WITNESS WHEREOF, the City Council of the City of Grand Junction, Colorado, has caused this notice to be given.

/s/ Neva B. Lockhart

____________________

City Clerk

City of Grand Junction, Colorado

(CITY SEAL)

Section 10. Ballots to be used in voting upon the question to be submitted at said special election shall be prepared and furnished by the City Clerk to the judges of election, to be by them furnished to the qualified voters of the District. Said ballots shall be in substantially the following form:

Official Ballot

Stub No.

________

Official Ballot

Duplicate Stub No.

________

OFFICIAL BALLOT

CITY OF GRAND JUNCTION STATE OF COLORADO

SPECIAL ELECTION AUGUST 3, 1982

(Each elector desirous of voting FOR or AGAINST the following question shall designate his or her choice by placing a cross (x) in the square opposite the words expressing his or her choice.)

YES

(to appear on reverse side of ballot)

OFFICIAL BALLOT FOR SPECIAL ELECTION

HELD IN THE CITY OF GRAND JUNCTION, COLORADO,

ON AUGUST 3, 1982

(Facsimile Signature)

____________________

City Clerk

City of Grand Junction, Colorado

Section 11. The votes cast at said special election shall be canvassed, the returns thereof made, and the results thereof declared in the manner provided by law for the canvass, return and declaration of the result of votes cast at regular municipal elections of the City.

Section 12. If a majority of the qualified electors of the District voting on the question set forth hereinbefore to be submitted at said special election vote in favor thereof the Council may issue the bonds or pledge the Tax Increment Fund from time to time as authorized by said qualified electors.

Section 13. All action, not inconsistent with the provisions of this Resolution, heretofore taken by the officers of the City, whether elected or appointed, directed toward holding the special election, are hereby ratified, approved and confirmed.

Section 14. All ordinances, resolutions, motions, or parts thereof, in conflict with this Resolution are hereby repealed, except that this repealer shall not be construed to revive any ordinance, resolution, motion, or part thereof, heretofore repealed.

Section 15. If any section, paragraph, clause, or provision of this Resolution is judicially adjudged invalid or unenforceable, such judgment shall not affect, impair, or invalidate any of the remaining sections, paragraphs, clauses, or provisions of this Resolution, the intention being that the various sections, paragraphs, clauses, or provisions hereof are severable.

Section 16. This Resolution shall be effective immediately upon its adoption and approval.

PASSED and ADOPTED this 16th day of June, 1982.

CITY OF GRAND JUNCTION, COLORADO

By:

____________________

President of the Council

Attest:

____________________

City Clerk

Upon motion by Councilman Johnson, seconded by Councilwoman Clark Council and carried by roll call vote with Councilman HOLMES voting NO, the Resolution was passed and adopted as read.