From: Golden Municipal Code, "Economic Incentives Program"


18.60.010 - Legislative intent.

18.60.020 - Authorization and approval.

18.60.030 - Negotiating and approving requirements.

18.60.040 - Coordination with Golden Urban Renewal Authority

18.60.050 - Restriction

18.60.060 - Notification to city council, council review.


18.60.010 Legislative intent. There is hereby established in the City of Golden an incentive program for commercial, office and manufacturing development, expansion and upgrade, for the purposes of the economic revitalization of the community, and the maintenance and enhancement of the business and employment opportunities int he community. (Ord. 1149-2 1992; Ord. 119-2, 1991).

18.60.020 Authorization and Approval. Subject to compatibility with established policy and regulation and subject to business plan, proforma revenue enhancement analysis, level of job creation/retention, and physical improvements to the appearance or historic character of the property, and subject to City Council's right to withdraw approval of agreements as provided in Section 7, below, the City Manager is hereby authorized to negotiate and approve economic development incentive agreements which:

(a) Shall be considered for all new/expansion/upgrade of retail, office, and service and manufacturing/distribution uses; and

(b) Shall not exceed the anticipated annual revenue enhancement to the City of Golden in the years for which inducements are offered. Such annual revenue enhancement analysis shall consider direct revenues generated by development related charges, sales and use tax and property tax which shall be diminished by previously established levels of sales tax and property tax for subject property, by anticipated detrimental effect upon sales and property tax currently generated elsewhere in the city; and

(c) Shall be for a specified time limit for both te duration of incentive and the maximum rime period to exercise the agreement.

(d) Shall to the degree possible avoid any substantial delay between the time when an incentive is received by a development and the time when city revenues are realized.

(e) Shall consist of one or more of the following:

(1) Reimbursement of a part or all of incremental property tax for up to seven (7) years, provided however, that any reimbursement based upon revenues generated within the Golen Urban Renewal Authority boundaries shall not impact the incremental revenues pledged by the City to the Authority.

(2) Reimbursement of a portion of incremental local sales and use taxes except building materials for use tax for up to five (5) years; sid portion reimbursed to be determined by a fiscal impact analysis when warranted as determined by the city manager, or in the absence of a fiscal impact analysis not to exceed 70% of the incremental revenues when there is an existing base of sales and use tax collections, and not to exceed 50% of the incremental revenues when there is no existing base, provided, however, that theSales and Use Tax Capital Improvement Fund or the revvenues pledged thereto shall not be used for any reimbursement. Furthermore any reimbursement based upon revenues generated within the Golden Urban Renewal Authority area boundaries shall not impact the incremental tax revenues pledged by the City to the authority.

(3) Waiver of all or part of the development application fees.

(4) Waiver or deferment, or a combination thereof, of all or a portion of development charges or fees which would otherwise be payable to the city by reason of the development. the developmentcharges and.or fees which are subject to this section shal include, by way of example, public land dedicaton requirements, cash in lieu of land dedication requirements, charges necessitated by connection to the citywater and sewer systems. any amounts deferred under the provisions of this paragraph shall not be deferredlonger than four (4) years. Any deferred and unpaid amoundt in conjunction with the provision of water and sewer services shall constitute a perpetual and continuing lein upon the property to which the water and sanitary sewer sewer services are provided. Such lein shall be prior and superior to all other leins, claims, titles and encumbrances, whether prior in time or not, except leins for general taxes; provided, however, that the city may, in its sole discretion, subordinate such leiln for the purpose of effecting development or construction on such property. The city manager amy require additional security for payment of any amounts deferred underthis section. In addition to other remidies as may be available to the city for non-payment of any water or sewer connection chargers deferred persuant tothis section, the city may discontinue water service to the subject property following procedures as aaaare provided for in Chapter 13.8 of the Golden Municipal Code.

(5) A credit for all or part of building materials use tax, provided, however, that the sales and use tax Capital Improvement Fund or the revenues pledged thereto shall not be used for nay credit.

(6) Limited participation in construction or enhancement of public improvements.

(f) Shall be available to both large and small developments but for requests where the economic benefit to the city is not clearly demonstrated shall typically be limited to no more than six thousand dollars ($6,000) in any one year for the entire program, in consideration of the purposes described in this ordinance.

(g) Agreements incorporating such incentives shall be reviewed and approved by the City Attorney as to the legality prior to approval by the City Manager. (Ord. 1149-1 & 2, 1992; Ord 1119-3, 1991).

18.60.030 Negotiating and approving - requirements. In negotiating/approving such incentives the City Manager will:

(a) Consider the degreeto which the proposed incentive is needed to facilitate the new/expanded/upgraded development.

(b) Consider the degree to which integral private sector parties (applicant, landlord or property sell, finance institutions, etc.) have made reasonable adjustment and efficiently negotiated to enhance project viability.

(c) Consider the revenue enhancement potentials as cited above.

(d) Consider the potential impact/benefits to:

(1) Established community plans and policies/goals.

(2) Established water and sewer utilities and other commmunity services and facilities.

(3) the extent to which revenue enhancement had been previously anticipated and reflected in the annual budget, in which case the latitude of incentive shall be restricted to avoid any unanticipated budgetary impact. (Ord 1149-2, 1992; Ord. 119-4-,1991).

18.60.040 Coordination with Golden Urban Renewal Authority. The Board of Commissioners of the Golden Urban Renewal Authority shall be consulted regarding coordination of incentives within the Urban Renewal Authority Area. (Ord. 1149-2, 1992; Ord. 1119-5, 1991).

18.60.050 Restriction. No vested property right or other such property interests or rights shall be granted or impliedly conferred upon any person or entity by the programs described herein. (Ord. 1149-2, 1992, Ord. 1119-6, 1991).

18.60.060 Notification to city council, council review. The City Council shall be immediately and confidentially notified of incentive agreements, and the anticipated value and benefit thereof, approved by the City Manager under the authority of this ordinance. If within fifteen (15) days of notification there has been no call up for City Council review and withdrawl of the City Manager's approval, the agreement shall be final. (Ord. 1149-2, 1992, Ord. 1119-7, 1991).

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