HomeMy WebLinkAbout1983-216-12/20/1983-SETTING FORTH THE INTENTION OF THE CITY OF FORT COLLINS, COLORADO TO ISSUE INDUSTRIAL DEVELOPMENT RE RESOLUTION 83- 216
OF THE COUNCIL OF THE CITY OF FORT COLLINS
SETTING FORTH THE INTENTION
OF THE CITY OF FORT COLLINS, COLORADO
TO ISSUE INDUSTRIAL DEVELOPMENT REVEaUE BONDS
FOR SAMPSON PARTNERSHIP,
A COLORADO GENERAL PARTNERSHIP
WHEREAS, representatives of Sampson Partnership, a Colorado
general partnership ("Sampson") have met with officials of the
City of Fort Collins, Colorado (the "City") , and have advised the
City of the interest of Sampson in constructing an office and
light manufacturing building in the City, subject to the
willingness of the City to finance the project (the "Project") as
an industrial development revenue bond project, pursuant to the
Colorado County and Municipality Development Revenue Bond Act
constituting Article 3 , Title 29 , Colorado Revised Statutes 1973 ,
as amended (the "Act") , and
WHEREAS , Sampson 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 acquisition and
development of land and the construction and equipping of an
office and light manufacturing building designed to house
plastics manufacturing facilities and offices which will create
additional jobs and an increasea property tax base within the
City, and
WHEREAS , the City Council has considered the proposal ana
has concluded that the economic benefits to be derived therefrom
by the City will be substantial, and
WHEREAS, the City Council has determined the Project to be
consistent with the goals ane objectives of the City, 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 Sampson to locate and
construct the Project within the City, the City shall, subject to
the provisions hereof, take all necessary and advisable steps to
effect the issuance of irdustrial development revenue bords (the
"Bonds") pursuant to the Act in the maximum aggregate principal
amount of One Million rive Hundred Thousand Dollars
($1 ,500 ,000 00) or such lesser amount as shall be determined and
agreed upon by Sampson 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 eecured by a pledge of revenues derived from and payable by
Sampson pursuant to financing agreements with the Citj
Section 2 No costs or expenses, whether incurred by the
City or any other party in connection with the issuance of the
Bonds or the preparation of any documents 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 proceeas of the Bonds or otherwise borne by Sampson. In
addition to the costs and expenses to be borne by Sampson as
described in the preceding sentences, if the Project is approved
by the City and the Bonds are issued, Sampson shall pay to the
City a fee of 1116 of 1% of the unpaid pr_ncipal amount of the
Bonds at the ena of each bond year
Section 3 Prior to any execution of a financing agreement,
mortgage, indenture of trust, bond purchase agreement or any
other necessary documents dna 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 Prior to any further action by the City Council,
Sampson shall provide the City w.th the opinion of a recognized
Bond Counsel supporting the legality of the financing of the
Project and the utilization of bond proceeds for said Project
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 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 Sampson, the Bonds to be issued pursuant hereto shall be
issued and sold In the event that said Bonds to be issued
pursuant hereto are not issued within twelve (12) morths, the
City of Fort Collins shall be under no obligation to perform any
of the terms and conditions contained herein
Section 7 All ordinances, 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
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be construed to revive any order, ordinance, bylaw or resolution,
or part thereof, heretofore repealed
Section 8 if any section, paragraph, clause, or provision
of this resolution wits, the exception of any section, paragraph,
clause or provision 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 atfect any of the remaining provisions of
this resolution
Section 9 This resolution shall take effect immediatel}
upon its introduction and passage
Passed and adopted at a regular meeting of the City Council
held this 20th day of December, A D 1983
M r
ATTEST
C
City Clerk
VP1 2
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