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HomeMy WebLinkAbout1983-188-11/01/1983-SETTING FORTH THE INTENTION OF THE CITY OF FORT COLLINS, COLORADO TO ISSUE INDUSTRIAL DEVELOPMENT RE RESOLUTION 83- 7RR OF TFE 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 LAKES BUILDING PARTNERSHIP, A COLORADO GENERAL PARTNERSHIP WHEREAS , representatives of Lakes Building Partnership, a Colorado general partnership ("Lakes" ) have met with officials of the City of Fort Collins, Colorado (the "City" ) , and have advised the City of the interest of Lakes in constructing an office and alcoholism treatment center building in the City, subject to the willingness of the City to finance the project (the "Project" ) as an industrial development revenue bond Droject, 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 , Lakes has represented to the City that the Project will qualify as a project within the meaning of the Act, and WHEREPS, the Project consists of the acquisition and development of land and the construction and equipping of an office and alcoholism treatment center building designed to house alcoholism treatment facilities and offices for health care professionals which will create additional jobs and an increased property tax base within the City, and WHEREAS, the City Council has considered the proposal and nas 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 and objectives of the City, ana 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 Lakes 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 industrial development revenue bonds (the "Bonds" ) pursuant to the Act in the maximum aggregate principal ariount of Four Hundred Fiftv Thousana Dollars ($450 ,000 00) or such lesser amount as shall be determined and agreed upon by Lakes and the City to finance the Project The Bonds will not be general obligations of the City �4either 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 ana secured by a pledge of revenues aerivea from and payable by Lakes pursuant to rinancing 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 or the preparation of any documents by any legal or rinancial 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 Lakes In addition to the costs and expenses to be borne by Lakes as described in the preceding sentences, if the Project is approved by the City and the Bonds are issued, Lakes shall pay to the City a fee of 1/16 of 1% of the unpaid principal amount of the Bonds at the end of each bond year Section 3 Prior to any execution of a financing agreement, mortgage, indenture of trust, bond purchase agreement or any otner necessary aocuments 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 e%ecution shall be authorized by ordinance of the City Council pursuant to law Section 4 Prior to any further action by the City Council, Lakes shall provide the City with 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 or the date hereof, unless otherwise extendea by agreement between the City and Lakes , the Bonds to be issuea pursuant hereto shall be issued ana sold Ir the event that Baia Bonds to be issued pursuant hereto are not issued within twelve (12) months, the Citv 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 - 2 - be construed to revive any oraer, ordinance, bylaw or resolution, or part thereof, heretofore repealed Section 8 If any section, oaragranh, clause, or orovisior of this resolution with the exception of any section, paragraph, clause or provision limiting the Citv' s financial obligation shall for an,, reason be held to oe invalid or unenforceable, the invalidity or unenforceability of such section, paragrapn, clause or provision shall not affect any of the remaining provisions of this resolution Section 9 This resolution shall tale Effect 1-inediately upon its introduction and passage Passed and adooted at a regLlar meeting of the City Council held this first day of November, A D 1983 lav ATTEST City Clerk LP1 4