HomeMy WebLinkAbout1982-176-12/07/1982-SETTING FORTH THE INTENTION OF THE CITY OF FORT COLLINS, COLORADO TO ISSUE INDUSTRIAL DEVELOPMENT RE a�
RESOLUTION 82-176
OF THE COUNCIL OF THE CITY OF FORT COLL/Industries,
SETTING FORTH THE INTENTION OF THE CITY
FORT COLLINS, COLORADO TO ISSUE INDUST
DEVELOPMENT REVENUE BONDS FOR JOHN Q HA
INDUSTRIES, INC , A MISSOURI CORPORATI
WHEREAS, representatives of the John Q Hammoa Missouri Corporation (the "Corporation") , have mete
City of Fort Collins, Colorado (the "City") , and ya advised the City of
the interest of the Corporation in acquiring, conutting and installing
a hotel and conference center in the City, subj to the willingness of
the City to finance the project (the "Project") as an industrial develop-
ment bond project, pursuant to the Colorado unty and Municipality De-
velopment Revenue Bond Act constituting Ar icle 3, Title 29, Colorado
Revised Statutes 1973, as amended (the "Act" , and
WHEREAS, the Corporation has represe ted to the City that the Project
will qualify as a project within the m7he
ing of the Act, and
WHEREAS, the Project consists of development by the Corporation of
a hotel/conference center to be lated on approximately 8 4 acres of
land situate upon Superblock #1 f the South College Properties Master
Plan in the southeast quadrant f the City at the northeast corner of
College Avenue and Harmony Road
WHEREAS, the City Counc 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 Corporation desires to finance the cost of the develop-
ment of the Project as a revenue bond project pursuant to §29-3-101, et
seq , C R S 1973, as amended, and
WHEREAS, the C ty Council desires to indicate its intent to proceed
with financing th Project through the issuance of such revenue bonds
/nce
THERE RE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLOR 0
o 1 I n order to induce the Corporation to locate the Project
up ove described location within the City, the City shall , subject
tovisions hereof, take all necessay or advisable steps to effect
thce of industrial development revenue bonds (the "Bonds") pursuant
toin the maximum aggregate principal amount of $10,000,000 or such
leunt as shall be determined and agreed upon by the Corporation and
tho finance the Project The Bonds will not be general obligations
W�thdrawK
of the City Neither shall the Bonds, including interest thereon, consti-
tute the debt or indebtedness of the City within the meaning of any limi-
tation 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 The Bonds
shall be payable solely from and secured by a pledge of revenues derived
from and payable by the Corporation pursuant to 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 the Corporation
Section 3 Prior to any execution of a financing agreement, mortgage
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 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 5 The following conditions shall be met by the Corporation
prior to further action by the City Council
1 An executed copy of a binding lease agreement between the Cor-
poration and the owner of the property upon which the Project
is to be located shall be submitted to the City
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 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
Section 7 All commitments of the City contained herein are subject
to the condition that within twelve (12) months of the date hereof, unless
otherwise extended by agreement between the City and the Corporation,
the bonds to be issued pursuant hereto shall be issued and sold In the
event that said bonds are not issued and sold within twelve (12) months,
the City of Fort Collins shall be under no obligation to perform any of the
terms and conditions contained herein
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Section 8 If any section, paragraph, clause or provision of this
resolution with the exception of any section, paragraph, clause or provi-
sion limiting the City' s financial obligation, 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 re-
maining provisions of this resolution
Section 9 This resolution shall take effect immediately upon its
introduction and passage
Passed and adopted at a regular meeting of the Council of the City of
Fort Collins this 7th day of December-, 1982
Mayor
ATTEST
City Clerk
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