HomeMy WebLinkAbout1982-063-05/18/1982-SETTING FORTH THE INTENTION OF THE CITY TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR NEENAN BUI RESOLUTION 82- 63
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 NEENAN BUILDING PARTNERSHIP
WHEREAS, representatives of Neenan Building Partnership, a business
enterprise whose partners are employees or officers of The Neenan Company,
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
multi-use facility ( hereinafter referred to as the "Project") to house The
Neenan Company, a corporation involved in the construction industry,
and
WHEREAS, the Project consists of the acquisition of land and the
construction of a 17,500 square foot single level facility with the cap-
ability of providing office space, warehouse space and light assembly
areas, 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
The Neenan Company and that such expansion will insure that The Neenan
Company will remain in the City of Fort Collins, and
WHEREAS, Neenan Building Partnership desires to finance the cost
of the development of the Project to house The Neenan Company 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 Neenan Building Partnership to
construct a manufacturing facility within the City to house The Neenan
Company, the City shall , subject to the provisions hereof, take all neces-
sary 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 $750,000 or such
lesser amount as shall be determined and agreed upon by Neenan Building
Partnership 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 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 pecun-
iary 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 Neenan Building Partnership pur-
suant 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 Neenan Building Partner-
ship
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 The following conditions shall be met by Neenan Building
Partnership prior to further action by the City Council
1 An executed copy of a binding lease agreement between
The Neenan Company and Neenan Building Partnership shall
be submitted to the City Said lease agreement shall
evidence the ability of Neenan Building Partnership 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 The Neenan
Company
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
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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 Neenan Building
Partnership 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
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City%J_Clerk
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