HomeMy WebLinkAbout1983-070-04/05/1983-SETTING FORTH THE INTENTION OF THE CITY OF FORT COLLINS, COLORADO TO ISSUE INDUSTRIAL DEVELOPMENT RE RESOLUTION 83-70
OF THE COUNCIL OF THE CITY OF FORT COLLINS
SETTING FORTH THE INTENTION
OF THE CITY OF FORT COLLINS, COLORADO
TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS
FOR OLD TOWN PARTNERS II, A TO-BE-FORMED
WISCONSIN LIMITED PARTNERSHIP
WHEREAS, representatives of Old Town Partners II, a to-be-formed
Wisconsin Limited Partnership (the "Developer") , have met with officials of
the City of Fort Collins, Colorado (the "City") , and have advised the City
of the interest of the Developer in acquiring, constructing and installing
a historic renovation and rehabilitation consisting of an office, retail ,
restaurant, and entertainment complex in the City, subject to the willing-
ness of the City to finance the project (the "Project") as an industrial
development bond project, pursuant to the Colorado County and Municipality
Development Revenue Bond Act as set forth in Article 3, Title 29, Colorado
Revised Statutes 1973, as amended (the "Act") , and
WHEREAS, the Developer has represented to the City that the Project
will qualify as a project within the meaning of the Act, and
WHEREAS, the Project consists of the development by the Developer of
an office, retail , restaurant, and entertainment complex to be located
along Linden Street between Walnut Street and Mountain Avenue, in the
historic Old Town district of the City of Fort Collins, Colorado, 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 Developer desires to finance the cost of the development
of the Project as a revenue bond project pursuant to 529-3-101, et seq ,
C R S 1973, as amended, 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 the Developer to locate the Project
upon the above described location within the City, the City shall , subject
to the provisions hereof, take all necessary or advisable steps to effect
the issuance of industrial development revenue bonds (the "Bonds") pursuant
to the Act in the maximum aggregate principal amount of Ten Million Dollars
($10,000,000 00) or such lesser amount as shall be determined and agreed
upon by the Developer 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 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 Developer pursuant
to financing agreements with the City
Section 2 No cost 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 Developer
Section 3 Prior to the 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 Prior to further action by the City Council , the applicant
shall furnish a recognized bond counsel opinion supporting the legality of
the financing of the Project and utilization of the bond proceeds
Section 6 All orders, by-laws 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, by-law
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 Developer, 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
Section 8 If any section, paragraph, clause or provision of this
resolution with the exception of any section, paragraph, clause or provi-
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Sion of this resolution 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 remaining provision 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 City Council held this
5th day of April , A D 1983
Mayor
ATTEST
city y Clerk
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