HomeMy WebLinkAbout1997-003-01/07/1997-BULL RUN APARTMENTS PROJECT MULTIFAMILY HOUSING REVENUE BONDS RESOLUTION 97- 3
OF THE COUNCIL OF THE CITY OF FORT COLLINS, COLORADO
SETTING FORTH THE INTENTION
OF THE CITY OF FORT COLLINS, COLORADO
TO ISSUE MULTIFAMILY HOUSING REVENUE BONDS
FOR THE BULL RUN APARTMENTS PROJECT
WHEREAS, representatives of Brisben Companies, Inc., a Colorado corporation
(the "Company"), have met with officials of the City of Fort Collins, Colorado (the
"City"), and have advised the City of the interest of the Company in acquiring,
constructing and equipping a multifamily housing project (the "Project") to be located in
the vicinity of the northwest corner of Vine Road and Summitview Road, Fort Collins,
Colorado, which site is more particularly described on Exhibit A attached hereto and
incorporated by this reference herein, subject to the willingness of the City to finance the
Project by the issuance of multifamily housing revenue bonds, pursuant to the Colorado
County and Municipality Development Revenue Bond Act constituting Article 3, Title 29,
Colorado Revised Statutes, as amended (the "Act'); and
WHEREAS, the Project site is either within the municipal boundaries of the City
or within eight (8) miles thereof,
WHEREAS, the Company has represented to the City that the Project will qualify
as a project within the meaning of the Act,
WHEREAS, the Council has considered the proposal and has concluded that the
benefits to be derived therefrom by the City will be substantial;
WHEREAS, the Council has determined the Project to be consistent with the goals
and objectives of the City; and
WHEREAS, the Council desires to indicate its intent to proceed with financing the
Project through the issuance of such revenue bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY
OF FORT COLLINS, COLORADO:
Section 1. In order to induce the Company to undertake the Project, the City
shall, subject to the provisions hereof, take all necessary and advisable steps to effect the
issuance of multifamily housing revenue bonds (the "Bonds") pursuant to the Act in the
maximum aggregate principal amount not to exceed Nine Million Three Hundred
Thousand Dollars ($9,300,000) or such lesser amount as shall be determined and agreed
upon by the Company and the City to finance the Project.
The Bonds will not be general obligations of the City. Neither shall the Bonds,
including interest thereon, constitute the debt or indebtedness of the City within the
meaning of any limitation of the Constitution or statutes of the State of Colorado or the
Charter of the City, nor give rise to a pecuniary liability of the City or a charge against its
general credit or taxing powers. The Bonds shall be payable solely from and secured by a
pledge of revenues derived from and payable by the Company pursuant to financing
agreements with the City.
Section 2. No costs or expenses, whether incurred by the City or any other party
in connection with the issuance of the Bonds or the preparation of any documents by any
legal or financial consultants retained in connection therewith, shall be borne by the City.
All such costs or expenses shall be paid from the proceeds of the Bonds or otherwise
borne by the Company. In addition to the costs and expenses to be borne by the Company
as described in the preceding sentences, if the Project is approved by the City and the
Bonds are issued, the Company shall pay to the City at the time the Bonds are issued and
at the end of each bond year a fee equal to one-fourth percent (.25%) of the original
principal amount of the Bonds to be applied as rent subsidy to certain qualifying tenants of
the Project.
Section 3. Prior to any execution of a financing agreement, mortgage, indenture
of trust, bond purchase agreement or any other necessary documents and agreements in
connection with such Bonds, such documents and/or agreements shall be submitted for
approval to the City, and, if satisfactory to the City, their execution shall be authorized by
ordinance of the Council pursuant to law.
Section 4. Prior to any further action by the Council, the Company shall provide
the City with the opinion of Dwyer, Huddleson & Ray, P.C., as Bond Counsel, supporting
the legality of the financing of the Project and the utilization of bond proceeds for said
Project.
Section 5. Nothing contained in this Resolution shall constitute the debt or
indebtedness of the City within the meaning of any limitation of the Constitution or
statutes of the State of Colorado or the Charter of the City, nor give rise to a pecuniary
liability of the City or a charge against its general credit or taxing powers.
Section 6. All commitments of the City contained herein are subject to the
condition that within twelve (12) months of the date hereof, or such shorter period of time
available under applicable law, unless otherwise extended by agreement between the City
and the Company, the Bonds to be issued pursuant hereto shall be issued and sold. In the
event that said Bonds to be issued pursuant hereto are not issued within twelve (12)
months, or such shorter period of time available under applicable law, the City of Fort
Collins shall be under no obligation to perform any of the terms and conditions contained
herein. Nothing contained herein shall constitute a warranty or representation by the City
that the Bonds will receive from the State of Colorado any necessary allocation of a
portion of the private activity bond limit authorized for the State of Colorado pursuant to
the Internal Revenue Code of 1986, as amended If an allocation for the Project is
necessary, the City shall use its best efforts to secure from the State of Colorado such an
allocation authorizing the issuance of the Bonds from the State of Colorado private
activity bond limit.
Section 7. All resolutions or parts thereof concerning the subject matter hereof in
conflict with this Resolution are hereby repealed to the extent of such conflict. This
repealer shall not be construed to revive any resolution or part thereof, heretofore
repealed.
Section 8. The agreements of the City set forth above are expressly conditioned
upon the ability and willingness of the City to issue the Bonds as tax exempt obligations
under the Federal Income Tax laws existing on the date of the issuance of the bonds.
Nothing contained in this resolution shall be construed as requiring the City to issue the
bonds and the decision to issue the bonds shall be in the complete discretion of the City.
Section 9. If any section, paragraph, clause, or provision of this Resolution with
the exception of any section, paragraph, clause or provision limiting the City's financial
obligation shall for any reason be held to be invalid or unenforceable, the invalidity or
unenforceability of such section, paragraph, clause or provision shall not affect any of the
remaining provisions of this Resolution.
Section 10. This Resolution shall take effect immediately upon its introduction
and passage.
Passed and adopted at a regular meeting of the City Council held this 7th day of
January, 1997.
ATTEST:
Wanda M. Kralicek t Ann Azari, Mayor �—
City Clerk
ADEMBRISBENHNDUCE.FC
EXHIBIT "A"
Legal Description
An approximately 10 acre parcel of land located in the southeast corner of
the Waterside P.U.D., City of Fort Collins, Colorado, which is located north and
west of the intersection of Vine Drive and Summit View Drive. The legal
description of the Waterside P.U.D. is as follows:
A PORTION OF a tract of land situate in the W% of Section 5,
Township 7 North, Range 68 West of the 6th P .M. , Larimer County,
Colorado, being more particularly described as follows :
Considering the South line of the Sw34 of said Section 5, as bearing
N 89'36 ' 37" W and with all bearings contained herein relative
thereto.
COMMENCING at the Southwest corner of said Section 5;
thence N 0 '00, W and along the West line of said Section 5, 176 . 00
feet to the TRUE POINT OF BEGINNING;
thence continuing N 0'00' W, 2957 . 41 feet to a point on the
centerline of the Larimer and Weld county Canal,
thence along the centerline of said Canal along the following
courses:
S 53 *03100" E, 492 . 00 feet;
S 62 '111001, E, 418 . 00 feet;
S 71 '00100,, E, 260. 00 feet;
S 60030' 00" E, 389. 00 feet;
S 54 *15100" E, 176 .30 feet;
thence leaving the centerline of said Canal S 0'23 ' 23" W, 2273 .48
feet to a point on the South line of the SWU of said Section 5,
said point also being on the centerline of a county road;
thence N 89*36, 37" W and along said South line of the SW)( 1424 . 94
feet ;
thence leaving said South line N 0 '00' w, 176 ,34 feet;
thence N 90'00' W, 50 . 00 feet to the POINT OF BEGINNING.
ALSO
A portion of the W% of Section 5, Township 7 North, Range 68 West
of the 6th P.M. , Larimer County, Colorado, described as follows:!
BEGINNING at a point on the South line of Section 5, Township 7
North, Range 68 West of the 6th P.M. , said point being N 89 '36' 37"
W, 300. 00 feet from the SM corner of said Section 5;
thence N 89 '36137" W, 470 . 00 feet along the South line of said
Section 5 ;
thence N 0 '23 ' 23" E, 596 . 71 feet;
thence N 89'36137" W, 146. 00 feet;
thence S 0 *23123" W, 82 . 22 feet;
thence N 89'36137" W, 254 . 00 feet;
thence N 0 '23 . 23" E, 937 . 55 feet;
thence S 89*36137" E, 858 .49 feet;
thence S 0'26' 37" E, 237 .19 feet;
thence S 89936, 37" E, 290 .40 feet to the North-South centerline of
said Section 5;
thence S 0*26137" E, 915 . 00 feet along the North-South centerline
of said Section 5;
thence N 89*36137" W, 300. 00 feet;
thence S 0'26 ' 37" E, 300 . 00 feet to the POINT OF BEGINNING.
County of Larimer, State of Colorado.
(continued)
ALSO:
A portion of the w% of Section 5, Township 7 North, Range 68 West
of the 6th P.M. , Larimer County, Colorado, described as follows :
BEGTNNING at the SW corner of Section 5,
thence N O '26' 37" W, 1215, 00 feet to the TRUE POINT OF BEGINNING;
thence N 89 '36137" W, 290.40 feet;
thence N 0 '26137" W, 237. 19 feet;
thence N 89 *36137" W, 858 .49 feet;
thence N 0 '23 ' 23" E, 821 .44 feet to a point on the centerline of
the Larimer and Weld County Canal;
thence along the centerline of said canal along the following
courses :
S 54 *15100" E, 273 . 70 feet;
thence S 62 '55' 00" E, 130 .60 feet;
thence S 82 '20100" E, 126 . 00 feet;
thence N 87 '34 ' 00" E, 505 . 00 feet;
thence N 57*581061, E, 200 . 99 feet;
thence leaving the centerline of said Canal, S 0'26' 37" E, 950 . 59
feet to the TRUE POINT OF BEGINNING.
EXCEPT that portion conveyed to the City of Fort Collins in Deed
recorded December 7, 1987, as Reception No. 87068478 .
County of Larimer, State of Colorado.
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