HomeMy WebLinkAbout1994 Resolution No. 041RESOLUTION NO . t/(
SERIES OF 1994
A RESOLUTION AUTHORIZING THE APPROPRIATION FOR REDEVELOPMENT OF CINDERELLA CITY.
WHEREAS, the redevelopment of Cinderella City requires the employm ent of attorneys
with shopping center expen.isc and the transactio n is out of the ordinary requiring the
emp loyment or independent coun sel;
NO W, THEREFORE, BE IT RESOLVED BY THE CITY COUNC IL OF THE CITY OF ENGLEWOOD, COLORADO , THAT:
~-The following ame ndment to appro priations is h ereby made in the 1994 Budget of the City of Englewood, Colo rado.
SOURCE OF FJJJ:"PS·
Gi,neral Fund Balance
$85,000.00
USE OF FJINpS :
C ity Attorney's Offi ce
$85,000.00
ADOPTED AND APPROVED thi s 4th day of April , 1994.
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Loucrishia A. Elli s, Depu ty City Clerk
• I, Loucrishia A. Ellis, De puty City Clerk for the City of Englewood , Colorado, hereby
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L--scrishia A. Ellis
COUNCIL COMMUNICATION
Date
April -1 , 1994
INI11A TID BY
~"'.:AFF SOURCE
Agenda Item
11 e
Ci ty Attorney
Rick DeWitt, City Attorney
CO 'CIL GOAL ~/ A
ISSUE/ ACTIO PROPOSED
Subject Appropriation for
Redevei opment of
Cinderella City
A resolution authorizing an appropriation fo r the employ ment of indepe n:i e nt real estate
counsel .
PREVIOUS COU CIL ACTION
The redevelopment of Cinderella City is an ongoing process.
BAC KGROUND
The red evelopment of Cinderell a City requires the employment of attorneys with shop ping
ce nter e.xpertise and the transaction is out of the ordinary requiring the employ ment of
independent counsel.
PROS Al D CONS OF OPTIONS REVIEWED
Independent counsel will allow interaction wi th the current City staff to provi de an overall
development plan that is legally sound both fror:1 the standpoint of • ea] estate d e velopment
and from the standpoint of .,,._;nicipal issues . The luring of independent counsel unde r the
circumstances would be less expensive than hiring additi onai City staff due to the services
provided and expertise req ,,i r!'d .
FINANCIAL IMPACT
App rop riation of 585 ,000 from the General Fund .