HomeMy WebLinkAbout1982-121-09/21/1982-AUTHORIZING THE CITY MANAGER T ENTER INTO AGREEMENTS WITH THE BUCAIN CORPORATION AND ITS NOMINEES FO RESOLUTION 82-121
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE CITY MANAGER TO ENTER INTO
AGREEMENTS WITH THE BUCAIN CORPORATION AND
ITS NOMINEES FOR THE CONSTRUCTION AND LEASE
OF THE GOLF COURSE
WHEREAS, the City of Fort Collins intends to construct a golf course
on the property now located in the Southridge P U D , and
WHEREAS, the City desires to enter into an agreement with the Bucain
Corporation for the construction of said golf course, and
WHEREAS, the City desires that Bucain Corporation or its nominee lease
the golf course from the City for a period of twenty-five (25) years,
and v
WHEPEAS, it is in the best interest of the City to contract with
Bucain Corporation and its nominee for the construction, operation and
maintenance of the golf course
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that
1 The City Manager is authorized and empowered to enter into agree-
ments with the Bucain Corporation or its nominee for the purposes of the
construction, operation and maintenance of a City-owned golf course to be
located in Southridge P U D
2 That the agreements between the City and Bucain Corporation shall
provide that the Bucain Corporation shall construct the golf course and
provide necessary amenities for an amount not to exceed two million eight
hundred twenty-five thousand seven hundred and sixty dollars ($2,825,760 00)
and that the Bucain Corporation or its nominee shall lease the operation of
the golf course from the City for a period of twenty-five (25) years
during which the lease payments to be paid by the Bucain Corporation or its
nominee are sufficient to satisfy any and all obligations of the City for
the payment of Sales Tax Bond Anticipation Notes issued by the City for the
construction of said golf course and during the remaining period of the
lease, the City shall receive lease payments from Bucain Corporation
or its nominee equal to a percentage of gross income from the operation of
the golf course and associated concessions
3 The City shall receive in conjunction with any and all agreements
entered into between the City and Bucain Corporation or its nominee, a
guaranty executed by the Bucain Corporation in its corporate capacity and
Bernard Cain and Clifford Buckley, individually, whereby those persons
shall guarantee the payment of any lease payments for the construction
or operation of the golf course
4 The City shall enter into an agreement with Bucain Corporation
whereby Bucain Corporation will agree to repurchase the property at the
City' s option any time following September 30, 1986 , for a sum equal to the
total principal amount of the Bond Anticipation Notes less any amounts paid
by the Bucain Corporation or its nominee pursuant to the lease of the golf
course, income realized by the City on loan proceeds, or on lease payments
from Bucain Corporation or its nominee not previously applied to payment of
the Sales Anticipation Notes and any portion of the note proceeds not
disbursed for the purposes intended
5 That the agreements to be executed by the City fIanager on behalf
of the City of Fort Collins shall contain any other provisions necessary to
protect the best interests of the City
Passed and adopted at a regular meeting of the Council of the City of
Fort Collins held this 21st day of September, 1982
Mayor
ATTEST
W �
City Clerk
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