Loading...
HomeMy WebLinkAbout1982-064-05/18/1982-SETTING FORTH THE INTENTION OF THE CITY OF FORT COLLINS TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BOND j� RESOLUTION 82- 64 OF THE COUNCIL OF THE CITY OF FORT COLLINS BEING A RESOLUTION SETTING FORTH THE INTENTION OF THE CITY OF FORT COLLINS TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR TULAKES ASSOCIATES WHEREAS, representatives of Tulakes Associates, a general partnership whose general partners are Paul D Reader and Gerald C Issacson, President and Vice President of Ion Tech, Inc respectively, met with officials of the City of Fort Collins and have advised the City of Fort Collins of the interest of the partnership in building and owning a manufacturing facility (hereinafter referred to as the "Project") to house Ion Tech, Inc , a manufacturer of capital equipment used for a high technology micro-fabrication of semi-conductors and optical films, and WHEREAS, the Project consists of the acquisition of land and the construction of a 15,500 square foot manufacturing facility, including fixtures and equipment, to be located in Seven Lakes Business Park in the City of Fort Collins, Colorado, and WHEREAS, the manufacturing facility is necessary for the expansion of Ion Tech, Inc and that such expansion will insure that Ion Tech, Inc will remain in the City of Fort Collins, and WHEREAS, Tulakes Associates desires to finance the cost of the devel- opment of the Project to house Ion Tech, Inc as a revenue bond project pursuant to §29-3-101, et seq C R S , 1973, as amended, and WHEREAS, the City Council has considered the proposal and has con- cluded that the economic benefits to be derived therefrom by the City will be substantial , and WHEREAS, the City Council desires to indicate its intent to proceed with financing the project through the issuance of such revenue bonds NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS, COLORADO Section 1 That in order to induce Tulakes Associates to construct a manufacturing facility within the City to house Ion Tech, Inc , the City shall , subject to the provisions hereof, take all necessary or advisable steps to effect the issuance of industrial development revenue bonds (the "Bonds" ) pursuant to the statutes of the State of Colorado in the maximum aggregate principal amount of $800,000 or such lesser amount as shall be determined and agreed upon by Tulakes Associates and the City to finance the Project The bonds will not be general obligations of the City Neither shall the bonds, including interest thereon, constitute the debt or r indebtedness of the City within the meaning of any limitation of the Constitution or statutes of the State of Colorado or the home rule charter of the City, nor give rise to pecuniary liability of the City or a charge against its general credit or taxing powers The bonds shall be payable solely from and secured by the pledge of revenues derived from and payable by Tulakes Associates pursuant to the financing agreements with the City Section 2 No costs or expenses, whether incurred by the City or any other party in connection with the issuance of the Bonds, the preparation of any documents relating thereto, or in connection with services provided by any legal or financial consultants retained in connection therewith, shall be borne by the City All such costs or expenses shall be paid from the proceeds of the Bonds or otherwise borne by Tulakes Associates Section 3 Prior to any execution of a financing agreement, mortqage and indenture of trust, bond purchase agreement or any other necessary documents and agreements in connection with such Bonds, such documents and/or agreements shall be submitted for approval to the City and, if satisfactory to the City, their execution shall be authorized by ordinance of the City Council pursuant to law Section 4 The following conditions shall be met by Tulakes Asso- ciates prior to further action by the City Council 1 An executed copy of a binding lease agreement between Tulakes Associates and Ion Tech, Inc shall be submitted to the City Said lease agreement shall evidence the ability of Tulakes Associates to guarantee the payment of the principal amount of the bonds and interest due on the bonds from the revenues collected from the rental of the property to Ion Tech, Inc 2 A recognized Bond Counsel ' s opinion supporting the legality of the financing of the project and utilization of the bond proceeds shall be submitted to the City Section 5 Nothing contained in this resolution shall constitute the debt or indebtedness of the City within the meaning of any limitation of the Constitution or statutes of the State of Colorado or the home rule charter of the City, nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers Section 6 All orders, bylaws and resolutions, or parts thereof, in conflict with this resolution are hereby repealed to the extent of such conflict This repealer shall not be construed to revive any order, bylaw or resolution, or part thereof, heretofore repealed -2- r Section 7 If any section, paragraph, clause or provision of this resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section , paragraph, clause or provision shall not affect any of the remaining provisions of this resolu- tion Section 8 All commitments of the City contained herein are subject to the condition that within twenty-four months of the date hereof, unless otherwise extended by agreement between the City and Tulakes Associates, the bonds to be issued pursuant hereto shall be issued and sold In the event that said bonds are not issued and sold within twenty-four months, the City of Fort Collins shall be under no obligation to perform any of the terms and conditions contained herein Section 9 This resolution shall take effect immediately upon its introduction and passage INTRODUCED, READ, PASSED AND ADOPTED THIS 18th day of May, 1982 Mayor ATTEST City Clerk -3-