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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 �`�—