HomeMy WebLinkAbout1983-112-06/21/1983-AUTHORIZING THE EXECUTION BY THE CITY MANAGER OF AN AGREEMENT AMONG THE CITY, REYNOLDS OLDS, CADILLA r
RESOLUTION 83- 112
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE EXECUTION BY THE CITY MANAGER
OF AN AGREEMENT AMONG THE CITY, REYNOLDS OLDS,
CADILLAC, SUBARU, INC (REYNOLDS) AND RED LOBSTER
DIVISION OF GENERAL MILLS RESTAURANT GROUP, INC
(RED LOBSTER) OF A FRONTAGE ROAD IN THE
THIRTY-THREE HUNDRED BLOCK OF SOUTH COLLEGE AVENUE
WHEREAS, Red Lobster is desirous of developing Lot B of the Villa
P U D in the City of Fort Collins, which development shall include the
development of a Red Lobster Restaurant, and
WHEREAS, as a part of said development, it shall be required of Red
Lobster that the frontage road adjacent to said development must be
completed to acceptable City standards, and
WHEREAS, as a part of the development of said frontage road adjacent
to Red Lobster, it is also desirable that the frontage road be extended
southward across property owned by Reynolds to a point of connection with
the existing frontage road along the southern boundary of Reynolds' prop-
erty, and
WHEREAS, it is for the benefit of all parties that Red Lobster con-
tract for the completion of the frontage road both adjacent to the property
of Red Lobster and to the property of Reynolds, and
WHEREAS, Reynolds has no present obligation to construct any improve-
ments whatsoever to said frontage road adjacent to its property, and
WHEREAS, Reynolds has agreed to execute its promissory note and deed
of trust pledging, as collateral for its promissory note, certain property
owned by Reynolds in the Thirty-Three Hundred Block of South College Avenue
payable to the City in the amount sufficient to cover the total cost of the
completion of said frontage road adjacent to Reynolds' property, and
WHEREAS, the Council of the City of Fort Collins has, in consideration
of the foregoing, determined that it is in the best interests of the City
that the construction of said frontage road be accomplished as above set
forth and without the necessity of establishing a special improvement
district, which improvement district may cause delays and additional
expenses, and
WHEREAS, the Council of the City of Fort Collins has determined that
it is in the best interests of the City that the City defray the costs of
construction of said frontage road adjacent to the property owned by
Reynolds and accept the aforesaid promissory note and deed of trust of
Reynolds
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the City Manager be, and he hereby is, authorized to execute
an agreement among the City of Fort Collins, Reynolds Olds, Cadillac,
Subaru, Inc and Red Lobster Division of General Mills Restaurant Group,
Inc , for the construction of a certain frontage road along the west side
of the 3300 block of South College Avenue in the city of Fort Collins, all
in accordance with the recitals as herein above stated
Passed and adopted at a regular meeting of the City Council held this
21st day of June, A D 1983
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ATTEST
City Clerk
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