Loading...
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- -2- 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 -3-