HomeMy WebLinkAbout1993-170-11/02/1993-IGA OPERA HOUSE PROJECT RESOLUTION 93-106 RESOLUTION 93-170
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING AN INTERGOVERNMENTAL AGREEMENT RELATED
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; 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 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 might be
necessary to protect the interests of the City; and
WHEREAS, the above-mentioned intergovernmental agreement was to be approved
by the Council on or before August 3, 1993, which deadline was subsequently
extended by the Council pursuant to Resolutions 93-114, 93-119, 93-136 and 93-
156, to August 17, 1993, September 21, 1993, October 19, 1993 and November 2,
1993, respectively; and
WHEREAS, such an agreement has, in fact, been negotiated between the City,
the Downtown Development Authority, the Bondholder and all other parties who will
hold an interest in the Project upon completion of the bond restructuring which
is the subject of Resolution 93-106, which agreement is attached hereto as
Exhibit "A" and incorporated herein by this reference ("the Agreement") ; and
WHEREAS, the City Council believes that the approval of the Agreement would
be in the best interests of the City.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS
as follows:
Section 1. That the Agreement is hereby approved, and the Mayor is hereby
authorized and directed to execute the same at such time as all current liens
against the Opera House Project have been released, except for those liens
securing the Senior and Junior Bonds, as referenced in the Agreement.
Section 2. That the approval of the Agreement includes the approval of
such additional details therein as may be necessary and appropriate for its
completion and such modifications thereof, deletions therefrom and additions
thereto as may, in the judgment of the City Manager and City Attorney, be
necessary to protect the interests of the City and effectuate the purposes of the
Agreement.
Section 3. That upon the City's execution of the Agreement and the
subsequent approval and execution of the Parking Agreement referred to in Section
4 of the Agreement, the contingency referred to in Section 3 of Resolution 93-106
shall be deemed to have been satisfied and the City Council 's approval of the
Fifth Supplemental Indenture and the Forbearance Agreement shall become
effective.
Passed and adopted at a regular meeting of the Council of the City of Fort
Collins held this 2nd day of November, A.D. 1993.
Mayor
ATTEST:
City Clerk
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AGREEMENT
This Agreement is made and entered into this day of
, 1993, by and among the Fort Co11Tn—sDowntown
Development Authority, a body corporate and politic (the "DDA") ,
the City of Fort Collins, Colorado, a municipal corporation (the
"City") , Historical Opera House Properties, Ltd. , a Colorado
limited partnership (the "Partnership") , Houlihan Lokey Howard &
Zukin, Inc. ("Houlihan") and Opera Galleria I, L.L.C. , a Colorado
limited liability company ("General Partner") .
PREFACE
In December 1986, the City issued industrial development
revenue bonds in the aggregate principal amount of $5,800,000.00
(the "Tax Exempt Bonds") to finance the acquisition, construction,
equipping and rehabilitation of three historical buildings. located
in downtown Fort Collins, the legal description of which is set
forth on Exhibit A, attached hereto and incorporated herein by
reference (the "Project") . The Tax Exempt Bonds are presently
owned by Van Kampen Merritt Tax Free High Income Fund ("VKM") . In
December 1988, the City issued $1, 000,000.00 aggregate principal
amount of Taxable Industrial Development Revenue Bonds (the
"Taxable Bonds") to provide additional funds for the completion of
the Project. The Taxable Bonds are presently owned by several
banks.
The Taxable and Tax Exempt Bonds are secured by, inter alia,
A mortgage lien on and security interest in the Project (the
"Central Bank Lien") . Central Bank of Denver serves as successor
trustee (the "Trustee") pursuant to Indentures of Trust executed
and delivered in connection with both the 1986 and 1988 bond
issues.
In July 1990, the Partnership executed a deed of trust against
the Project for the benefit of Investors Real Estate Trust, a North
Dakota trust (the "IRET Lien") . In December 1990, the Partnership
executed a deed of trust against the Project for the benefit of
Fund America Equities Corporation (the "Fund America Lien") , and
both the Central Bank Lien and the IRET Lien were subordinated to
the Fund America Lien. In 1990, the Partnership conveyed title to
the pedestrian mall located within the Project to the DDA (the
"Public Mall") by warranty deed recorded at Reception No. 90031701
of the records of the Larimer County Clerk and Recorder's Office.
Proceeds from the City's previously-issued tax increment bonds
were used to finance the cost of certain public improvements
benefiting the Project. In connection with the issuance of such
bonds, the City and the DDA, in October 1988, entered into an
agreement with the Partnership (the "Implementation Agreement")
wherein the Partnership agreed to (1) certify to the Larimer County
Treasurer an actual value of $4,500,000.00 for the Project, (2) ,
make a specified payment to the City in the event of a shortfall in
tax increment generated by the Project and (3) refrain from seeking
a reassessment of the valuation of the Project below a certain
specified level through the year 2005. In July 1990, the City, the
DDA, the Partnership and VKM entered into an agreement (the 111990
Agreement") in which VKM agreed not to seek a reassessment of
valuation of the Project below an actual value of $6,087,000.00 and
an assessed value of $1,765,460.00 through July 20, 1995.
The Partnership is currently in default on the obligations
owed to VKM, IRET and Fund America. Further, the Partnership has
not paid real property taxes on the Project; tax certificates for
tax years 1990 and 1991 have been issued (the "Tax Certificates")
and taxes for tax year 1992 are in default. . Edward B. Cordes was
appointed as the receiver for the Project ("Receiver") in January
1993.
In April 1993, Houlihan entered into an agreement to purchase
the Tax Exempt and the Taxable Bonds and the Trustee has requested
that the City adopt a resolution approving the restructuring of the
Bonds. Houlihan intends to separate the Tax Exempt Bonds into
$3,060,000.00 aggregate principal amount of senior bonds (the
"Senior Bonds") and $2,740, 000.00 of subordinate bonds (the
"Subordinate Bonds") . The Senior Bonds shall be secured by a first
mortgage lien on and security interest in the Project while the
Subordinate Bonds shall be secured by a junior mortgage lien and
security interest in the Project. The Taxable Bonds will be
retired in full, the indebtedness owing to IRET shall be satisfied
in full (and the IRET Lien released) and the Fund America Lien
shall be released.
In order to improve the economic viability of the Project,
Houlihan and the Partnership have requested that the City and the
DDA agree to amend and restate the Implementation Agreement and the
1990 Agreement. The Board of Directors of the DDA and the City
Council of the City believe that the Project serves an important
public purpose by contributing to the economic viability and
aesthetic appearance of downtown Fort Collins.
The parties desire to enter into a new agreement which sets
forth the continuing rights and obligations of the parties in
connection with the Project.
NOW, THEREFORE, by and in consideration of the above premises
and the within terms and conditions, the parties hereto agree as
follows:
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1. SUPERSEDE PREVIOUS AGREEMENTS
This Agreement shall supersede any and all provisions of the
Implementation Agreement and the 1990 Agreement, provided that
nothing herein shall be deemed to have any effect on the
Declaration of Covenants, Conditions and Restrictions for the
Project filed of record with the Clerk and Recorder of Larimer
County, Colorado at Reception No. 92078075 which shall remain in
full force and effect and continue to bind the property described
on Exhibit A.
2. REAL PROPERTY TAXES
2.1 Upon execution of this Agreement, the DDA, the City and
the Partnership agree to certify in writing to the Larimer County
Treasurer, and any other administrative or judicial body or forum
with jurisdiction over a proceeding or controversy involving the
Project's valuation for tax year 1992, an actual valuation of the
Project necessary to result in a Required Tax Level, as defined
hereinafter, of $125,000.00 for tax year 1992.
2.2 For tax years 1992 through 2005, inclusive, the
Partnership, Houlihan and the General Partner agree not to seek a
reduction in the assessed valuation of the Project or to seek an
abatement of real property taxes which would result in such taxes
being assessed against the Project below the following described
levels (the "Required Tax Levels") :
Tax Year Property Taxes Assessed
1992 $125,000
1993 $120,000
1994 $110,000
1995 through 2005, inclusive $100,000
Further, such parties shall not seek an abatement of
property taxes assessed against the Project for any tax year prior
to 1992. The DDA and the City agree that they will not contest an
appeal by the Partnership for a reduction in the assessed valuation
of the Project for tax years 1992 through 1995, inclusive, provided
that such reduction does not fall below the Required Tax Levels.
2.3 No later than December 31, 1993, the Partnership shall
fully pay and cancel the Tax Certificates which have been issued by
the Larimer County Treasurer for failure to pay property taxes on
the Project for tax years 1990 and 1991.
2.4 In the event that real property taxes assessed against
the Project are reduced by reason of a valuation challenge,
abatement effort or appeal initiated by Houlihan, the Partnership
or the General Partner, which reduction causes the annual property
tax to fall below the Required Tax Levels for any tax year between
1992 and 2005, inclusive (the "Valuation Breach") , the Partnership,
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for itself and its successors and assigns, agrees that it shall
make a payment in lieu of taxes directly to the City in each year
in which such shortfall occurs, in an amount equal to the loss of
property tax revenues to the City caused by the Valuation Breach.
Such sum shall be paid no later than September 1 in each year in
which such a shortfall exists and, upon payment, shall be deposited
into the DDA Tax Increment Fund of the City.
The breach of the obligation of the Partnership to make
payments in lieu of taxes as set forth herein shall constitute a
default by the Partnership in the Parking Agreement (as defined in
Section 4 hereinafter) and shall permit the City to thereupon
unilaterally revoke the Parking Agreement.
2.5 The Partnership, Houlihan and the General Partner agree
that they and their successors and assigns shall be estopped from
asserting that any provision of paragraph 2 is void, voidable or in
any way legally unenforceable.
3. PROJECT IMPROVEMENTS
The Partnership and Houlihan shall cause a $1,100,000.00 fund
to be established from proceeds from the remarketing of the Senior
Bonds, which fund shall be used only for the construction of tenant
improvements to the Project as needed for the benefit of its
tenants and projected to be exhausted during , a three-year period
commencing upon execution of this Agreement.
Documents shall be executed at the time of closing on the
purchase of the Bonds which shall establish, to the satisfaction of
the City and the DDA and consistent with this section, (1) the
creation of such fund, (2) the funding thereof, (3) the
availability of such fund for tenant finish improvements and (4)
the right of the DDA and the City to inspect the financial records
of the Partnership and Houlihan in connection with such fund for
the purpose of determining compliance with the provisions of this
paragraph. The execution of such documents shall be an express
condition of the city's execution and delivery of the Fifth
Supplemental Indenture referenced in Resolution 93-106 of the City
Council of the City.
4. PARKING LOT
The City contemplates entering into an agreement with the
Partnership to lease certain parking lot spaces in the LaPorte
America Lot, which agreement will contain substantially the
following terms and conditions (the "Parking Agreement") :
a. The City will provide the
Partnership with fifty (50) full-time parking
spaces at the LaPorte America Lot for so long
as these spaces are offered by the City for
parking.
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b. The City will provide the
Partnership with the opportunity to lease up
to seventy (70) additional parking spaces at
the LaPorte America Lot, up to fifty (50)
parking spaces on the third floor of the
downtown parking garage and up to twenty (20)
parking spaces on Block 31, on a space-
available basis. If these spaces are not
leased to third parties, they will be
available for lease first by the Partnership
on an annual basis and then to other parties.
Once the Partnership begins leasing a space,
it will have the opportunity to continue to
lease that space annually thereafter at the
current rental rate for so long as these
spaces are offered by the City for parking.
C. The monthly fee for the parking
spaces will be Ten Dollars ($10.00) per
parking space on the LaPorte America Lot and
Block 31 and Fifteen Dollars ($15.00) per
space in the parking garage. The Fifteen
Dollar ($15.00) rate is due to the fact that
the parking garage provides covered parking.
These rates are the present rates determined
by the City Council of the City for parking in
these places. .
d. The lease will require that a
minimum of fifty (50) parking spaces be leased
at any given time. The number of parking
spaces may be increased on a monthly basis if
additional spaces become available.
e. The lessee will pay an advance
rental amount of Fifty Thousand Dollars
($50, 000.00) upon the closing of the lease.
This Fifty Thousand Dollars ($50,000.00) will
be applied to the amounts due by the lessee
under the lease until these funds are
exhausted. At that time, the lessee will pay
the annual lease costs in advance for the next
year of the lease. If the number of parking
spaces increases, rent for these spaces,
through the then-existing annual term, will be
paid immediately for these additional spaces.
f. The monthly rental amount for each
parking space will not be increased until the
advanced rental payment of Fifty Thousand
Dollars ($50,000.00) is exhausted. At that
time, and thereafter, the monthly rental
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amount for each parking space will equal the
amount charged by the City for parking spaces
in the lots where these spaces are located.
g. Houlihan and the Partnership will
acknowledge that a condition of approval of
the planned unit development for the Project
was that the owner of the Project have
available for employees, tenants and patrons
of the Project at least forty (40) parking
spaces in the LaPorte America Lot and that in
the event Houlihan, the Partnership or their
successors fail to meet such condition, then
in accordance with S118-83L of the Land
Development Guidance System of the City, such
failure may subject Houlihan and the
Partnership to the enforcement remedies of
S29-4 of the Code of the City and such other
remedies as may be available at law.
h. In the event any parking space
leased to the lessee is no longer offered by
the City for parking, these parking spaces
will be removed from this Agreement until such
time as these spaces are again offered by the
City for parking, if ever. However, if
parking spaces are so removed, the lessee
shall have the first opportunity to lease an
equal number of available parking spaces owned
by the City on the same terms and conditions
set forth in the lease.
5. MAINTENANCE OF PUBLIC MALL
The Partnership shall be obligated to provide for the
maintenance and repair of the Public Mall and to pay for any and
all costs and expenses associated therewith, including, but not
limited to, general liability insurance in a minimum amount equal
to the maximum liability limits for public entities as established
by the Governmental Immunity Act (C.R.S. S24-10-101 et sec . ) . In
the event that ownership of the Public Mall is transferred to the
City, the Partnership shall continue to be obligated to provide for
the maintenance and repair of such area in accordance with the
terms of this provision.
6. REPLACEMENT
In the event that the Project or any portion thereof shall be
damaged or partially or totally destroyed while the Partnership or
its successors owns any part thereof and before the DDA has retired
its debt obligations incurred to finance the costs of the Project
constructed hereunder, the Partnership shall promptly repair,
rebuild or restore that property which it owns and which has been
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damaged or destroyed in a manner substantially consistent with the
initial construction thereof, subject to the inability to restore
historic structures. Upon the happening of such event, the
Partnership shall promptly given written notice thereof to the DDA.
Proceeds from insurance policies resulting from claims for such
losses shall be deposited in a trust account approved by the DDA to
be held for the sole purpose of paying the cost of such repair and
rebuilding or restoration. If said net proceeds are insufficient
to pay in full the cost of such repair, rebuilding or restoration,
it shall be the responsibility of the Partnership to complete the
work thereof and provide for payment of the portion of the cost
thereof which is in excess of the amount of said proceeds;
provided, however, that following the DDA's recapture of the costs
of the Project, such net proceeds shall be utilized at the
Partnership's discretion.
7. TRANSFER OF PROJECT
The Partnership agrees for itself and for all of its
successors and assigns of any interest in the Project or any part
thereof that any subsequent deed of sale of the Project-or any part
thereof shall contain covenants on the part of the Partnership, its
successors and assigns that such successors and assigns shall be
bound by the terms of this Agreement and shall, at the time of such
transfer, provide the DDA with an addendum to this Agreement
obligating such successor or assignee to perform any and all
responsibilities or obligations of the Partnership in accordance
with the terms hereof.
8. RIGHT OF INSPECTION
The DDA, the City or their authorized representatives shall
have full and complete access to the Public Mall and to the alley
adjacent to the Project for any purpose whatsoever, including
access for inspection to ensure compliance by the Partnership of
the obligations to maintain and repair the Public Mall.
9. INSURANCE
The Partnership, its successors and assigns shall either
directly or through its contractors continually maintain in effect
insurance against such risks, both generally and specifically with
respect to the Project, as are customarily insured against in
developments of like size and character and including, but not
limited to:
9.1 Casualty Insurance. Casualty insurance insuring the
Project, including the Public Mall portion thereof, to its full
replacement value against any loss or damage, including, but not
limited to, damage by fire, lightning, winds, storm, hail,
explosion, collapse, vandalism, malicious mischief and damage from
aircraft and vehicles and smoke damage and such other risks as are
from time to time included in standard all-risk coverage
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endorsements in the State of Colorado. The minimum amount of
coverage of the premises comprising the Project shall be the
insurable value of the Project as determined by the replacement
cost approach without allowance for depreciation but in no event
less than $1,000,00.00 per occurrence;
9.2 Boiler and Pressure Vessel Insurance. Boiler and
pressure vessel insurance in an amount sufficient to protect the
Project during all periods when a boiler or pressure vessel is on
the Project;
9.3 Comprehensive General Liability Insurance. Comprehensive
general liability insurance, including blanket contractual
liability insurance and comprehensive automobile insurance (for
vehicles operated in connection with the Project) against liability
for personal injury, including death, to persons resulting from
injuries occurring on or in any way related to the Project in a
minimum amount of $1, 000, 000.00 per occurrence;
9.4 Physical Damage Insurance. Physical damage insurance
insuring the full fair market value of the Project and the Public
Mall;
9.5 General Insurance Provisions. All other forms of
insurance required generally by the State of Colorado for entities
such as the Partnership and the Partnershipfs contractor,
including, without limitation, Workers' Compensation Insurance,
with minimum limits at least equivalent to those minimum amounts
required by the State of Colorado from time to time during the
construction and operation of the Project. Such insurance coverage
may consist of a combination of primary and umbrella policies, with
deductibles no greater than $50,000.00; and
9.6 DDA and Cif as Additional Insureds. Each policy
obtained pursuant to this section as outlined above shall name the
DDA and the City as additional insureds as their interests may
appear. Any such insurance coverage shall contain a provision that
each insurer shall give the DDA at least thirty (30) days, prior
written notice of cancellation, non-renewal or material change in
policy.
10. REMEDIES
In the event of any default in or breach of this Agreement or
any of its terms or conditions by any of the parties hereto or any
successor in interest, such party or successor shall, upon written
notice from the others, proceed immediately to cure or remedy such
default or breach and in any event, shall cure any such default or
breach within sixty (60) days of receipt of such notice. In case
such action is not taken or is not diligently pursued or the
default or breach cannot be cured or remedied within the aforesaid
time, the aggrieved party may institute such proceedings as may be
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necessary and desirable in its opinion to cure the default or
breach, including, but not limited to, proceedings to compel
specific performance by the party in default or breach of its
obligation. The parties hereto acknowledge that once construction
has commenced, damages to the Partnership and the DDA, as the case
may be, are incapable of measurement. Any costs, including
attorneys' fees, incurred by the non-defaulting party to cure or
remedy any default or breach shall be recoverable by said party
from the defaulting party.
11. SPECIAL PROVISIONS
11.1 Colorado Law. This Agreement shall be deemed to have
been made in the State of Colorado, and its validity, construction,
performance, breach and operation shall be governed by the laws of
the State of Colorado.
11.2 Non-Exclusive Remedies. No right or remedy conferred
hereunder is exclusive of any other right or remedy, but each such
right or remedy is accumulative and is in addition to any other
right or remedy provided by law and may be exercised without
exhausting and without regard to any other right or remedy.
11.3 Waivers. No waiver by the Partnership or the DDA of any
defect shall affect any subsequent default or breach of duty or
contract or shall impair the exercise of any right or remedy
occurring upon any default or the exercise thereof, nor shall it be
construed as a waiver of any such default or breach of duty or
contract or action therein.
11.4 Notices. Notices, demands or other communications under
this Agreement by any party to the other party shall be delivered
to:
a. In the case of the Partnership, to Historical Opera
House Properties, Ltd. , c/o Opera Galleria I, L.L.C. , 3600 S.
Yosemite, Denver, CO 80237; and
b. In the case of the DDA, to Fort Collins
Downtown Development Authority, One West Art Center, 201
South College Avenue, Fort Collins, Colorado 80524,
Attention: Executive Director; and
C. In the case of the City, to City of Fort
Collins, P. 0. Box 580, Fort Collins, Colorado 80522;
and
d. In the case of Houlihan, to Houlihan, Lokey,
Howard and Zukin Capital, Public Finance Group, 1930
Century Park West, 2nd Floor, Los Angeles, California
90049; and
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e. In the case of the General Partner, to Opera
Galleria I, L.L.C. , 3600 S. Yosemite, Denver, CO 80237.
11.5 Amendments. This Agreement may be supplemented or
amended only by written instrument executed by the parties affected
by such supplement or amendment.
11.6 Counterparts. This Agreement may be executed in
multiple counterparts, each of which shall constitute an original
but all of which, taken together, shall constitute one and the same
document.
11.7 Attorneys' Fees and Costs. In the event either party
defaults in any of the covenants or obligations in this Agreement,
the defaulting party will pay all reasonable expenses of enforcing
this Agreement, including reasonable attorneys' fees.
11.8 Scope of Liability. Except with respect to all
liabilities and obligations of the Partnership arising under
Section 2 of this Agreement, any recovery made by the City or the
DDA on account of any such liabilities and obligations shall be
limited to the assets of the Partnership. In any event, the
Partnership's obligations under the Agreement shall terminate at
such time as it is no longer the owner of the Project.
12 . BENEFIT, BINDING EFFECT, COVENANT
The property described on Exhibit A shall be held, sold and
conveyed subject to the terms, conditions, restrictions and
covenants of this Agreement, which shall run with the land and
which shall be binding on and inure to the benefit of all parties
having any right, title or interest in the described property or
any part thereof and their heirs, successors and assigns.
13. SEVERABILITY
If any provision of this Agreement is held invalid, the
remainder of the Agreement shall not be affected thereby and such
remainder would then continue to conform to the requirements of
applicable laws.
14. CONTINGENCIES
This Agreement shall be expressly contingent upon the closing
of the purchase of the Taxable and Tax Exempt Bonds by Houlihan
from sellers of such Bonds. This Agreement shall further be
expressly contingent upon the execution of the lease agreement
contemplated in and consistent with the provisions of paragraph 4
herein.
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IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date written above.
FORT COLLINS DOWNTOWN DEVELOPMENT
AUTHORITY, a body corporate and
po tic
By: �—
RqbertL. Stedner, Executive Director
THE CITY OF FORT COLLINS, COLORADO,
a ipal c orat' n
By: C
Steven C. Burkett, City Manager
APPR 7 TO F
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,�t—eplicyf J. Roy, C t Attorney
ATTEST: n
1 .SA+i
Wanda Krajice , C ty lerk
HISTORICAL OPERA HOUSE PROPERTIES,
LTD. , a Colorado limited partnership,
By: OPERA GALLERIA I, L.L.C. , a Colorado
limited liability company, general
partner
By:
John M. Sevo, Manager
HOULIHAN LOKEY HOWARD & ZUKIN, INC.
By:
Rob Deutschman, Vice President
OPERA GALLERIA I, L.L.C. , a Colorado
limited liability company, general
partner
By:
John M. Sevo, Manager
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E7,H7.ISIT A TO AGREEMENT BY AND AMONG
THE FORT COLLINS DOWNTOi, >EVELOPMENT AUTHORITY, THE CITY FORT COLLINS, COLORADO,
HISTORICAL OPERA HOUSE PROPERTIES, LTD. , HOULIHAN LOKEY HOWARD & ZUKIN, INC. AND
OPERA GALLERIA I, L.L.C. _
------- Parcel 1 — _ --_----_
Lot 1, Opera House Block Building P.U.D. according to the recorded plot thereof, C!ty of Fort Collins, County of
Latimer, State of Colorado. Also Lot S. Block 21, City of Fort Collins, except Opera House Block Building P.U,D.,
County of Lorimer, State of Colorado; formerly known as Lots 5, 6, 7, and 8, Block•21, City of Fort Collins,
County of Latimer, State of Colorado.
Parcel 2
Lots 9, 10, and 11, Block 21, City of Fort Collins except six inches (6') off the North side Lot 11, according to the
recorded plat thereof, County of Latimer, State of Colorado.
Parcel 3
The North six inches I6".l of Lot 11, and all of Lots 12 and 13, and the South six inches IV) of Lot 14, Block 21,
in the City of Fort Collins, Colorado, Including any rights as conveyed in Party Well Agreement, dated March 2,
1925, recorded March 26, 192G, in Book 506. at Page 473, executed by August C. Klyver and The Portner
Investment Company, and including any rights os'contained in Decree, dated March 31, 1947, recorded April 1,
1947, in Book 831, at Page 301, in case styled the Moody-Warren Commercial Company, a corporation, Plaintiff
vs. Fred Klyver, Executor of The Estate of August C. Klyver, at at., County of Latimer, State of Colorado, Except
that parcel conveyed to Fort Collins Downtown Development Authority by deed dated July 23, 1890, at Reception
No. 90031701.
County of Larimer,
State of Colorado.