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HomeMy WebLinkAbout1981-180-12/15/1981-SETTING FORTH THE INTENTION OF THE CITY OF FORT COLLINS TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BOND 1 -STATE OF COLORADO ) COUNTY OF LARIMER ) ss CITY OF FORT COLLINS ) The City Council of the City of Fort Collins, in the County of Lari- mer, and the State of Colorado, met in regular session in full conformity with law and with the Charter and rules of such City at the new City Hall Building, 300 West LaPorte, Fort Collins, Colorado, being the regular meeting place of the Council , on Tuesday December 15 1981 , at the hour of 5 30 p m , at which meeting there were present and answering the roll call the following, constituting a quorum Present Mayor Elery Wilmarth Assistant Mayor Gary Cassell Councilmembers William Elliott E John Clarke Gerry Horak John B Knezovich Margaret Reeves Absent None constituting all the members of the City Council There were also present City Clerk Molly Davis, Deputy City Manager John E Arnold City Attorney Gregory C Denton, Acting Thereupon the following proceedings , among others, were had and taken Councilmember Elliott introduced a resolution which was there- upon read by title, copies of the resolution being available to the City Council and to the persons in attendance at the meeting, and is as follows RESOLUTION 81-180 OF THE COUNCIL OF'THL CITY OF FORT COLLINS BEING A RESOLUTION SETTING FORTH THE INTENTION OF THE CITY OF FORT COLLINS TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR THE BUCAIN CORPORATION WHEREAS, representatives of the Bucain Corporation have met with officials of the City of Fort Collins, Colorado (the "City") , and have advised the City of the interest of the Corporation in developing, owning and operating an 18 hole golf course within the City which course shall be available for use by the general public upon payment of a fee, subject to the willingness of the City to finance the cost of development of said golf course, to be located on approximately 200 acres of land on the East side of Lemay Avenue, three-quarters of a mile South of Harmony Road in the City, as a REVENUE bond project pursuant to SECTION 20 3, ARTICLE V, OF THE CHARTER OF THE CITY OF FORT COLLINS AND LEGISLATION BY ORDINANCE OF THE CITY COUNCIL TO BE ADOPTED PURSUANT THERETO (THE "CHARTER") , 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 In order to induce Bucain Corporation to locate the project within the City, the City shall , subject to the provisions hereof, take all necessary or advisable steps to effect the issuance of industrial develop- ment revenue bonds (the "Bonds") pursuant to the CHARTER in the maximum aggregate principal amount of $7,500,000 or such lesser amount as shall be determined and agreed upon by Bucain Corporation 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 in- debtedness of the City within the meaning of any limitation of the Consti- tution 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 _Bucain Corporation pursuant to financing agreements within 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 Bucain 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 The following conditions shall be met by Bucain Corporation prior to further action by the City Council 1 The off-site development cost totaling $836,000 as identified in the application shall not be financed from the proceeds of the proposed bond issue 2 Evidence of additional financial security (such as letters of credit from responsible financial institutions) which will guarantee the payment of the principal amount of the bonds and interest due on the bonds shall be submitted to the City 3 A market analysis and/or a feasibility study which includes financial projections for each of the seven phases of the project shall be submitted to the City 4 A recognized bond counsel 's opinion supporting the legality of the financing of the project and the 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 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 This resolution shall take effect immediately upon its introduction and passage -2- 19£31 INTRODUCED , READ , -,PASSED AND 'ADOPTED this 15th day of December, ATTEST Mayor 2? City Clerk-J � v / It was thereupon moved by Councilmember Elliott and seconded by Councilmember Clarke that the foregoing resolution be passed and adopted by the Council The question being upon the passage and adoption of the resolution, the roll was called with the following results Those Voting AYE Cassell Clarke - Elliott Knezovich Horak Reeves Wilmarth Those Voting NAY None Those Absent None Seven members of the City Council having voted in favor thereof, the presiding officer thereupon declared said motion carried and the resolution duly passed and adopted -On motion duly adopted, it was ordered that, after signature of the Mayor and by the City Clerk , the resolution be recorded according to law -3- After consideration of other business unrelated to the industrial development revenue bonds, on motion duly made, seconded and adopted, the meetinq was adjourned e� Mayor ATTEST 2219Lah&2,J--(-�City Cle -4-