HomeMy WebLinkAbout1986-187-11/18/1986-AMENDING RESOLUTION 84-159 HISTORICAL OPERA HOUSE IDRB INDUSTRIAL DEVELOPMENT PROPERTIES LTD REVENUE OF THE COUNCIL OFS THE TCITY80FiFORT COLLINS,
COLORADO, AMENDING RESOLUTION 84-159 OF THE CITY OF
FORT COLLINS , COLORADO
STATING AN INTENTION TO ISSUE INDUSTRIAL DEVELOPMENT
REVENUE BONDS TO HISTORICAL OPERA HOUSE PROPERTIES LTD. ,
TO BROADEN THE SCOPE OF THE PROJECT TO BE FINANCED
BY SUCH BONDS, TO INCREASE THE MAXIMUM AGGREGATE PRINCIPAL
AMOUNT OF SUCH BONDS, AND TO EXTEND THE TIME
FOR ISSUANCE AND SALE OF SAID BONDS
WHEREAS, on October 2 , 1984 , the City Council of the City of
Fort Collins, Colorado ( the "City" ) approved Resolution 84-159 of
the City (the "Inducement Resolution" ) setting forth the intention
Of the City to issue Industrial Development Revenue Bonds
"Bonds" ) for Opera House Block Building Partnership ( the Of Purpose of financing the acquisition, renovation and construct the
ion
City; and a historic building in the downtown business district of the
City;
WHEREAS, Historical Opera House Properties, Ltd. is the
successor to Opera House Block Building Partnership and
adoption of the Inducement Resolution
Historical O � since
Opera House Properties, Ltd. representatives of
limited partnership to be formed for the ( the Partnershippurpose of s a
renovating and constructing the historic building referenced
the Inducement Resolution and two commercial buildings adjacent to
such historic two(collectively referred to as the
"Project" ) , have met with officials of the City
the City of the interest of the Partnership in
have advised
Inducement Resolution to
Partnership, issue the Bonds for the benefitding of the
to broaden the scope of the Project to be financed by
the Bonds, to increase the maximum aggregate principal amount of
the Bonds and to extend the time Bonds; and for issuance and sale of the
WHEREAS, the City Council has considered the proposed
amendments to the Inducement Resolution and has determined that
such amendments are consistent with the goals and objectives of
the City and the City Council desires to indicate its intent to
proceed with financing of the Project through the issuance of the
Bonds .
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
FORT COLLINS, COLORADO;
That the Inducement Resolution be amended as follows :
Section 1 . The maximum aggregate principal amount of the
Industrial Development Revenue Bonds to be issued to finance the
Project shall be $5 , 800, 000 . 00, or such lesser amount as shall be
determined and agreed upon the the Partnership and the City to
finance the Project .
Section 2 . The Project will include the acquisition,
renovation, and construction of three commercial buildings located
in the downtown business district of the City as more particularly
described in Exhibit A hereto .
Section 3 . The Bonds shall be issued for Historical Opera
House Properties , Ltd. , a limited partnership to be formed for the
acquisition, renovation and construction of the Project , or its
successor or assigns .
Section 4 . The time by which the Bond to be issued pursuant
hereto shall be issued and sold is hereby extended to December 31 ,
1986, and the commitments and obligations of the City pursuant to
the Inducement Resolution are also extended to December 31 , 1986 .
Section 5 . Except as specifically amended by Sections 1-4
inclusive of this Resolution, all other terms and provisions of
the Inducement Resolution shall remain in full force and effect .
Passed and adopted at a regular meeting of the City Council
held this 18th day of November 1986.
Mayor
ATTEST:
City
Clerk
EXHIBIT "A"
Legal description of Opera House Project :
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OPERA HOUSE BLOCK BUILDING
Lots 5 , 6, 7 , & 8 , Block 21 , City of Fort Collins, County of
Larimer, State of Colorado
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BICKFORD BLOCK BUILDING
Lots 9 , 10, 11 and less the North 6 ' of Lot 11 , Block 21 , City of
Fort Collins , County of Larimer, State of Colorado
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BENNETT HOTEL BUILDING
The North 6 ' of Lot 11 , Lots 12 and 13 , and the South 6 ' of Lot
14 , Block 21 , City of Fort Collins , County of Larimer, State of
Colorado
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OPERA HOUSE PARKING LOT
Lot 37 , Block 21 , City of Fort Collins, County of Larimer, State
of Colorado
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