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HomeMy WebLinkAbout1985-011-01/15/1985-APPROVING A MULTI-FAMILY RESIDENTIAL HOUSING PROJECT FOR INVESTWEST PROPERTY CORPORATION, AS OWNER, h RESOLUTION 85- 11 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROVING A MULTI-FAMILY RESIDENTIAL HOUSING PROJECT FOR INVESTWEST PROPERTY CORPORATION, AS OWNER, MAKING FINDINGS AND AUTHORIZING THE ISSUANCE OF REVENUE BONDS IN CONNECTION THEREWITH, AND AUTHORIZING REPRESENTATIVES OF THE ISSUER TO TAKE ACTION INCIDENTAL THERETO WHEREAS, the City of Fort Collins, Colorado (the "Issuer") , a body politic and corporate and a political subdivision of the State of Colorado, is authorized and empowered by the provisions of the County and Munici- pality Development Revenue Bond Act, Sections 29-2-101 et, seq. , of the Colorado Revised Statutes, as amended (the "Act") , to finance t e acquisi- tion and construction of a project, as that term is defined in the Act, consisting of residential rental housing facilities and to issue its revenue bonds for the purpose of paying the cost of financing such project; and WHEREAS, Investwest Property Corporation (the Owner") has requested the Issuer to issue and sell to Kirchner Moore and Company (the "Pur- chaser") , its revenue bonds pursuant to provisions of the Act for the purpose of financing the acquisition and construction of a rental housing facility to be known as the "Stone Creek Apartments Phase I" located at 1225 West Prospect Road, Fort Collins, Colorado, which facilities consti- tute a project, as that term is defined in the Act (the "Project") , for the Owner; and WHEREAS, the Issuer wishes to declare its intention to authorize an issue of its revenue bonds for the purpose of paying the cost of financing the Project, when so requested by the Owner, upon such terms and conditions as may then be agreed upon by the Issuer, the Owner and the Purchaser. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS that it does hereby declare its intention to authorize the issuance and sale of multifamily housing revenue bonds of the Issuer to the Pur- chaser, subject to the approving opinion of qualified Bond Counsel , under and in accordance with the Act, in an amount necessary to pay the cost of financing the acquisition and construction of the Project , presently estimated to be $2 ,900 ,000 , upon such terms and conditions as may be mutually agreed upon by the Issuer, the Owner and the Purchaser, the issuance and sale of such bonds to be authorized by ordinance of the Issuer at a meeting to be held for such purposes. Such bonds shall never consti- tute the debt or indebtedness of the Issuer within the meaning of any provision or limitation of the Colorado Constitution or statutes, and shall not constitute nor give rise to a pecuniary liability of the Issuer of a charge against its general credit or taxing power. Passed and adopted at a regular meeting of the Council of the City of Fort Collins held this 15th day of January, A.D. 1985. Mayor A�TyTESnT1 �4A City Clerk ��' -2-