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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 -2- 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 -3-