ORDINANCE NO. 3008

EXPANDING THE BOUNDARIES OF THE GRAND JUNCTION, COLORADO

DOWNTOWN DEVELOPMENT AUTHORITY

ORDINANCE CONSIDERING A SUBSTANTIAL MODIFICATION OF AN APPROVED PLAN OF DEVELOPMENT BY EXPANDING THE BOUNDARIES OF THE GRAND JUNCTION, COLORADO DOWNTOWN DEVELOPMENT AUTHORITY AND TAX INCREMENT FINANCING DISTRICT

RECITALS.

 The Grand Junction, Colorado, Downtown Development Authority ("Authority" or "DDA") has adopted a Plan of Development establishing the boundaries of the Authority. The plan and boundaries of the DDA were initially approved by the Grand Junction, Colorado, City Council on December 16, 1981.

 Since that time, several individual property owners, pursuant to Section 31-25-822, 12A C.R.S. 12A, and Article X of the Authority's Plan of Development have petitioned for inclusion within the boundaries of the Authority. The Board of the Authority has determined that the boundary of the DDA should be co-terminus with the boundary of the Tax Increment Financing ("TIF") District, requiring expansion of the tax increment finance district boundary.

 The Board of the Authority has reviewed and approved current petitions for the inclusion of certain properties with the Authority's boundary and requests Council’s approval to expand the Authority’s boundary to include the properties that have petitioned for inclusion and to expand the Authority to receive a portion or increment of ad valorem and sales taxes collected within the Plan of Development Area in accordance with state law, the Plan of Development and other applicable law, rules or regulations.

BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAND JUNCTION, COLORADO:

Section  1. Findings. The City Council finds that (a) blight exists within the boundary of the Authority within the meaning of Section 31-25-802 (1.5), C.R.S. and that the approval of the expansion of the boundaries for the DDA and the Plan of Development, as shown on the attached Exhibit A, will serve a public purpose and use; (b) that the health, safety, prosperity, security and general welfare of the inhabitants of the city and of its central business district will be served; (c) that deterioration of property values and/or structures will be halted, prevented or diminished; (d) this Ordinance will assist the City and the Authority in the development and redevelopment of the property within the Authority boundary and in the overall planning to restore or provide for the continuance of economic health; and (e) this Ordinance will be a specific benefit to the property to be included within the boundary of the DDA and the Tax Increment Financing district.

Section 2. Approval. Amendment of "The Plan of Development Area" for the expansion of the Authority's boundary, as shown in the attached Exhibit, is approved by the City Council and is hereby incorporated into the Plan of Development Area for TIF purposes. The Authority is therefore authorized to undertake development projects as described in the Plan and to act consistently with Article X of the Plan including, but not necessarily limited to, receiving and expending for development and redevelopment efforts a portion or increment of ad valorem and sales taxes generated in the area in accordance with 31-25-801 et. Seq. C.R.S..

Section 3. Certification. The City Council hereby requests that the County Assessor certify the valuation for the assessment of the new property included by this Ordinance within the DDA boundary and the TIF district as of the date of the last certification. The City Finance Director is hereby directed to certify the sales tax receipts for the properties included in and described by the attached exhibit for the twelve (12) months prior to the inclusion.

Section 4. Effect. Adoption of this Ordinance and amendment to, or expansion of the boundary of the DDA and the TIF district, does not, shall not and will not provide for or allow or authorize receipt or expenditure of tax increments without requisite statutory and plan compliance.

Section 5. Judicial Invalidity. If any provision of this Ordinance is judicially adjudged invalid or unenforceable, such judgment shall not affect the remaining provisions hereof, it being the intention of the City Council that the provisions hereof are severable.

INTRODUCED this 16th day of April, 1997.

PASSED and ADOPTED this 7th day of May, 1997.

ATTEST:        /s/ Janet Terry ___________________

                President of the Council

/s/ Christine English_______________________

Acting City Clerk

EXHIBIT A

Expanding the boundaries of the Grand Junction Downtown Development Authority.

The boundaries of the Authority shall be expanded to include the following properties into the Plan of Development area within which tax increment financing is used.