HomeMy WebLinkAbout1990-089-06/05/1990-1989 CONSOLIDATED ABATEMENT OF PENALTY INTEREST FUQUA ENTERPRISES SID RESOLUTION 90-89
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE ABATEMENT OF PENALTY INTEREST IN
THE 1989 CONSOLIDATED SPECIAL IMPROVEMENT DISTRICT
WHEREAS, on April 3, 1990, City Council adopted Ordinance No. 27,
1990, which amended the Code so as to permit the Council , by resolution, to
abate all or any portion of an assessment in special improvement districts
under certain circumstances; and
WHEREAS, the City's Financial Officer has received a request for the
partial abatement of penalty interest from Fuqua Enterprises ("Fuqua") , a
property owner in the 1989 Consolidated Special Improvement District ("the
District") ; and
WHEREAS, City staff has recommended that a portion of the penalty
interest due from Fuqua for the delinquent payment of assessments in the
District be abated; and
WHEREAS, Council has reviewed the criteria contained in Section
22-95(d) of the Code and has determined that the abatement of a portion of
the penalty interest due and owing from Fuqua would be consistent with the
criteria contained in Section 22-95(d) of the Code.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1 . That the City Council hereby finds and determines that the
aforementioned abatement of penalty interest recommended by the Financial
Officer is necessary and advisable to avoid any possible injustice to Fuqua
and to protect the financial interests of the City; that adequate funds are
anticipated to be available from the payment of assessments in the District
or from other funds appropriated by the City Council to pay all principal
and interest due on the Special Assessment Bonds issued by the City for the
construction of improvements in the District; and that the waiver of
penalty interest will not contravene any covenant made by the City for the
benefit of the holders of such Special Assessment Bonds.
Section 2. That the penalty interest owed on the assessments for
Provincetowne/Portner SID #81 for the property owned by Fuqua, as set forth
in more particularity on Exhibit "A" attached hereto and incorporated
herein, be calculated at one percent per month for the period from November
1, 1989 to July 5, 1990; and that the sum of Six Thousand Five Hundred and
Two Dollars and Two cents ($6,502.02) , which is the difference between a
penalty interest calculation of one and one-half percent (1.5%) per month
and one percent (1 .0%) per month for said period of time, be and is hereby
abated. This partial abatement of penalty interest is expressly
conditioned upon Fuqua becoming current in the payment of all other amounts
currently due and owing for the payment of assessments in the District
against the District property presently owned by Fuqua on or before July 5,
1990.
Section 3. The abatement of penalty interest approved by this
Resolution shall in no way be construed to prevent the City from exercising
all rights and remedies otherwise available under the law to protect the
financial interests of the City and to ensure the payment of assessments by
Fuqua and the full and timely payment of principal and interest on the
bonds issued for the construction of improvements in the District,
including, without limitation, the right to advertise and sell such real
property within the District as may be subject to the City's lien for
assessments in the event that full payment of the assessments, including
accrued interest and remaining penalty interest not abated by this
Resolution are not paid on or before July 5, 1990.
Passed and adopted at a regular meeting of the City Council held this
5th day of June, A.D. 1990.
Mayor
ATTEST:
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City Clerk
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EXHIBIT
Covering the Land in the ltats of Colorado, County of Lorimar.
Donor ad as,
A tract of land located in the Southeast Quarter of Section 12,
Township 6 North, Range 69 Nest, of the Gth P.M. , of Lorimar County,
Colorado, being more particularly described as follows:
Considering the East line of the said Southeast quarter of section
12 ae bearing North 00000i0o• Bast and with all bearings contained
heroin relative thereto:
COMMENCING at the Southeast corner of said Section 12, the TRUE
POINT 0! BEGINNING of this deroription;
thsno'e along the said East line, North 00'.00100" East 517.23 foot
to the Easterly prolongation of the Southerly right-of-way of
Brittany Streetl
thence along the Said Easterly prolongation and along the said
Southerly right-of-way the following five (S) courses and distances;
(1) North 90100100• West 101 .72 feet,
(2) 151. 84 feet along the arc of a curve concave to the North,
having a central angle of 31*45 ,000 , a radius of 274.00 feet the
long chord of the maid curve bears North 74'07130" Wast, 149.90
feet!
(31 North 58' 16'oo" Nest 176.00 feet;
(4) 723.94 feet along the arc of curve concave to the Southeast
having a central angle of 120'12140" , a radius o! 345.00 Peet,
the long chord of the said curve bears South 51 *381401, West 599.83
feet;
(3) South 01'32120- West 341 ,00 foot t0 the South line of the
said Southeast quarter of Section 121
thence along the said South line, South 88'77140" East 933 .00 feet
to the POINT OF BEGINNING,
JUN 4 ' 90 14: 58 3034822962 PRGE . 003