HomeMy WebLinkAbout1982-132-10/05/1982-SETTING FORTH THE INTENTION OF THE CITY OF FORT COLLINS, COLORADO TO ISSUE INDUSTRIAL DEVELOPMENT RE RESOLUTION 82- 132
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 ROUSH-MITCHELL
VENTURE, A COLORADO JOINT VENTURE
WHEREAS, representatives of Roush-Mitchell Venture, a Colorado Joint
Venture (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 hotel and
conference center in the City, subject to the willingness 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 a
hotel/conference center to be located within the Arena PUD on the lands
constituting Strachan Subdivision, Third Filing, in 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 §29-3-101, 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
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") pur-
suant to the Act in the maximum aggregate principal amount of $10,000,000
or such lesser amount as shall be determined and agreed upon by the De-
veloper and the City to finance the Project The Bonds dill not be general
obligations of the City Neither shall the Bonds, including interest
thereon , constitute the debt of indebtedness of the City within the
meaning of the 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 the 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 ' s 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 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 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 provision contained herein relating to
the requirements that the City shall not bear any cost or expense related
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to this Project and that the Bonds to be issued to finance said Project
shall not constitute a debt or indebtedness of the City shall be for any
reason be held to be invalid or unenforceable, the invalidity or unen-
forceability of such section, paragraph, clause or provision shall not
affect any of the remaining provisions 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 Council of the City of
Fort Collins held this 5th day of October, A 0 1982
ATTEST Mayor
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