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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: n City Clerk xtnux itLtuirlm awb: 4- 5-90:11:3" W3 484 26204 3034622962;# 3 00/04/80 12:66 'f 3 484 2620 WOOD,HERZOG, E'. Z003 • i 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