HomeMy WebLinkAbout2008-110-11/18/2008-REPEALING RESOLUTION 2007-053 AND DISBANDING THE FOOTHILLS MALL URBAN RENEWAL PLAN AREA RESOLUTION 2008-110
OF THE COUNCIL OF THE CITY OF FORT COLLINS
REPEALING RESOLUTION 2007-053 AND DISBANDING THE
FOOTHILLS MALL URBAN RENEWAL PLAN AREA
WHEREAS, on May 15, 2007, City Council adopted Resolution 2007-053 approving an
Urban Renewal Plan for the Foothills Mall Area,which plan was developed at the request of General
Growth Partners, owner of the Foothills Mall, pursuant to the provisions of the Colorado Urban
Renewal Law; and
WHEREAS, the Foothills Mall Urban Renewal Plan described the framework for certain
public undertakings constituting urban renewal projects and other authorized activities for the
Foothills Mall Area under the Urban Renewal Law; and
WHEREAS, the Plan was intended to stimulate private sector development in and around
the Foothills Mall Area and to take advantage of the use of tax increment financing for public
improvements and redevelopment activities; and
WHEREAS,General Growth Partners has failed to initiate any redevelopment activities since
the adoption of the Plan and is not likely to do so in the reasonably foreseeable future with the result
that the twenty-five year time limitation on the usage of tax increment financing is running,without
benefit to the Foothills Mall Plan Area; and
WHEREAS, in light of the current national and international economic difficulties, City
Council has determined that it is in the best interests of the City,the Urban Renewal Authority, and
the Foothills Mall Plan Area that Resolution 2007-053 be repealed, rendering the Foothills Mall
Urban Renewal Plan null and void and of no further force and effect.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the City Council hereby repeals Resolution 2007-053, which approved the Urban
Renewal Plan for the Foothills Mall Area, and hereby renders the same to be null and void and of
no further force and effect,thereby disbanding the Foothills Mall Urban Renewal Plan Area.
Passed and adopted at a regular meeting of the Counc' the City of Fort Coll' this 18th
day November, A.D. 2008.
Mayor
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City Clerk