RESOLUTION NO. 48-16

A RESOLUTION FOR ALLOCATION OF CERTAIN SALES TAX REVENUES FOR THE GRAND JUNCTION DOWNTOWN DEVELOPMENT AUTHORITY

Recitals:

WHEREAS, the Grand Junction Downtown Development Authority (“DDA”) was established and exists to enhance the built environment of the public spaces, buildings, and property by the expenditure of money to prevent and remedy slum and blight within the boundaries of the DDA; and,

WHEREAS, the DDA strives to create a more pleasing urban environment and expand the opportunities for residents and visitors to experience a quality urban landscape, streets, buildings and design in public places; and,

WHEREAS, the City of Grand Junction has committed to allocate fifty percent (50%) of the sales tax increment to the DDA debt service fund; and,

WHEREAS, the purpose of the allocation shall be for the continued construction of capital improvement projects as provided by state law in the City of Grand Junction’s downtown area; and,

WHEREAS, such allocation is in the best interests of the community of the City of Grand Junction;

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

1. The City of Grand Junction agrees that fifty percent (50%) of the sales taxes attributable to the increment of sales tax growth within sales tax districts located within the DDA boundaries for the benefit and use of the DDA for the 2017 budget period. Funds shall be approved for expenditure in accordance with City financial policies but shall not constitute funds of the City for any purpose, including but not limited to the application of Article X, Section 20 of the Colorado Constitution.

 PASSED and ADOPTED this 16^th day of November, 2016.

             /s/ Phyllis Norris    

President of the Council

Attest:

/s/ Stephanie Tuin    

City Clerk