HomeMy WebLinkAbout1993-114-07/20/1993-DOWNTOWN DEVELOPMENT AUTH INDUSTRIAL REVENUE BONDS OPERA HOUSE PROJECT RESOLUTION 93-106 RESOLUTION 93-114
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AMENDING RESOLUTION 93-106 APPROVING CERTAIN DOCUMENTS
RELATING TO THE OPERA HOUSE PROJECT
WHEREAS, on July 6, 1993, the City Council passed Resolution 93-106
approving the forms of a Fifth Supplemental Indenture and a Forbearance Agreement
and authorizing the execution and delivery by the City of these and certain other
documents relating to the City's Industrial Revenue Bonds (the Opera House
Project) , Series 1986, in the aggregate principal amount of $5,800,000.00; and
WHEREAS, the approvals contained in said Resolution were expressly
contingent upon the City Council 's subsequent approval of an intergovernmental
agreement to be executed by the City, the Downtown Development Authority and all
parties having a recorded interest in the Opera House Project, which agreement
was to be approved by the Council on or before August 3, 1993; and
WHEREAS, additional time is required for the execution of said agreement
in order to finalize negotiations among the parties and obtain a recommendation
from the Board of Directors of the Downtown Development Authority.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS
that Resolution 93-106 is hereby amended so that Section 3 thereof reads in its
entirety as follows:
Section 3. That the approvals contained in Sections 1 and 2
of this Resolution are expressly contingent upon the City Council 's
subsequent approval of an intergovernmental agreement to be executed
by the City, the Downtown Development Authority, the Bondholder and
all other parties having a recorded interest in the Project, which
agreement shall address the level of tenant finish for the Project,
the provision of adequate parking facilities for the Project, the
level of tax revenues anticipated to be generated by the Project and
such other matters as may be considered necessary, in the judgment
of the City Manager and the City Attorney, to protect the interests
of the City. In the event that such agreement has not been approved
by the Council on or before August 17, 1993, this Resolution shall
be null and void and of no effect whatsoever.
Passed and adopted at a regular meeting of the Council of the Ci Fort
Collins held this 20th day of July, A.D. 1993./
ATTEST: ayor
City Clerk �`�—