HomeMy WebLinkAbout1983-153-09/20/1983-SETTING FORTH THE INTENTION OF THE CITY OF FORT COLLINS, COLORADO TO ISSUE INDUSTRIAL DEVELOPMENT RE RESOLUTION 83- 153
OF THE COUNCIL OF THE CITY OF FORT COLLINS
SETTING FORTH THE INTENTION
OF TFE CITY OF FORT COLLINS, COLORADO
TO ISSLE INDUSTRIAL DEVELOPLENT REVENUE BONDS
FOR BIC BUILDING PARTNERSHIP,
A COLORADO GENERAL PARTNERSHIP
WHEREAS, representatives of BIC Building Partnership, a
Colorado general partnership ("BIC") have met with officials of
the City of Fort Collins, Colorado (the "City" ) , and have advised
the City of the interest of BIC in constructing an office and
manufacturirg 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, BIC 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 or land and the construction and equipping of an
office and manufacturing building designed to house non-polluting
businesses and manufacturers which will create additional jobs
within the City, and
WHEREAS, the Citj Council has considered the proposal and
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 and 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 BIC 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
amount of Nine Hundred Ten Thousand Dollars ($910 ,000 00) or such
lesser amount as shall be determined and agreed upon by BIC 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 or 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 pecuniar
liability of the City or a charge agairst its general credit cr
taxing powers The Bards snall be payable solely from and
secured by a pleage of revenues derived from and payable by BIC
pursuant to financing agreements with the City
Section 2 No costs or expenses, whether incurrea by the
City or any other party in connection with the issuance of the
Bonds or tl^e preparation or any aocuments 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 BIC In addition
to the costs ana expenses to be borne by BIC as described in the
preceding sentences, if the Project is approved by the City and
the Bards are issued, BIC shall pay to the City a fee of 1%16 or
1% of tie urpaid principal amount of the Bonds at the end of each
bond year
Section 3 Prior to any execution of a financing agreemert,
mortgage, indentLre of trust, oord purchase agreement or any
other necessary cocuments ana agreements in connection with such
Bonds, such docu:-ents and/or agreements shall be suor^itted for
approval to t1,e City, and, if satisfactory to the City, their
aKecution shall to autrorized by ordnance or the City Council
pursuant to law
Section 4 Prior to any further action by the City Council ,
BIC shall proviae the City with the opinion of a recognizes Bora
Counsel supporting the legality of the financing or the Project
and the utilization of pond proceeds for said Project
Section 5 4othira contained in this resolution shall
constitute the cebt or indebtedness of the City within the
meaning of any limitation of the Constitution or statutes of the
State of Colorado or the Fame Rule Charter of the City, nor gi% e
rise to a pecuniary liability of the City or a charge against its
general credit or taxi^g powers
Section 6 Ill 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 BIC , t' e Bonds to be issuea pursuant 1,ereto shall be
issues and sold In the event that saia Bonds to be issued
pursuart hereto are not issued within twelve (12) months, the
City of Fort Collins shall be Lrder no obligation to perform any
of the terms and conditions contained herein
Section 7 All ordirances , orders, bvlaws and resolutions ,
or parts thereof, in conflict with this resolution are hereby
repealed to the extent of such conflict This repealer shall not
be construea to revive any order, ordinance , bylaw or resolution,
or part thereof, heretofore repealed
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Section 8 If any section, paragraph, clause, or provision
of this resolution with the exception of any section, paragraph,
clause or provision linit•1ng the City' s financial obligation
shall for any reason be held to be invalid or unenforceable, the
invalidity or Lnentorccability of sLch section, paragraph, clause
or provisior shall not affect any of the remaining provisions of
this resolution
Section 9 This resolution shall take effect i*amediately
Lpor its introduction ana massage
Passed and adopted at a regular meeting of the City Council
held this 20th day of September, A D 1983
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