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
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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
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