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HomeMy WebLinkAbout1982-109-08/17/1982-SETTING FORTH THE INTENTION OF THE CITY OF FORT COLLINS, COLORADO TO ISSUE INDUSTRIAL DEVELOPMENT RE RESOLUTIOiJ 82-109 OF THE COUNCIL OF THE CITY OF FORT COLLINS SETTING FORTH THE INTENTION OF THE CITY OF FORT COLLINS, COLORADO TO ISSUE INDUSTRIAL DEVELOPi'IENT PEVENUE BONDS FOR JOHN Q HA11MONS Ii]DUSTRIES, INC , A MISSOURI COIPORATION WHEREAS, representatives of John Q Hammons I dustries, Inc , a Nissouri Corporation (the "Corporation") , have met th officials of the City of Fort Collins, Colorado (the "City" ) , and h e advised the City of the interest of the Corporation in acquiring, cons uctinq and installing a hotel and conference center in the City, subject o the willingness of the City to finance the project (the "Project" ) a an industrial development bond project, pursuant to the Colorado County and Municipality Development Revenue Bond Act constituting Article 3, Ti le 29, Colorado Revised Sta- tutes 1973, as amended ( the "Act") , and WHEREAS, the Corporation has repres nted to the City that the Project will qualify as a project within the me ning of the Act, and WHEREAS, the Project consists o the development by the Corporation of a hotel/conference center to be to ated on approximately 8 4 acres of land situate upon Superblock #1 of th South College Properties Master Plan in the southeast quadrant of the City at the northeast corner of College Avenue and Harmony Road WHEREAS, the City Cou cil has considered the proposal and has con- cluded that the economic b nefits to be derived therefrom by the City will be substantial , and WHEREAS, the Corp ration desires to finance the cost of the develop- ment of the Project s a revenue bond project pursuant to §29-3-101 , et seq , C R S 1973, a amended, and 11HEREAS, the City Council desires to indicate its intent to proceed with financing e Project through the issuance of such revenue bonds NOW, THE FORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS, COL ADO Secti n 1 In order to induce the Corporation to locate the Project upon the bove described location within the City, the City shall , subject to the rovisions hereof, take all necessary or advisable steps to effect the is uance of industrial development revenue bonds (the "Bonds" ) pursuant to t Act in the maximum aggregate principal amount of $10,000,000 or such les r amount as shall be determined and agreed upon by the Corporation and th City to finance the Project The Bonds will not be qeneral obligations Den, e J !9'/I`7 /Sa- of the City Neither shall the Bonds, including interest thereon, con- stitute 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 secured by a oledge of revenues derived from and payable by the Corporation pursuant to financirg agree- ments 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, the preparation of any documents relating thereto, or in connection with services provided by any legal or financial consultants regained 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 Corporation Section 3 Prior to any execution of a financing agreement, mortqage 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 The following conditions shall be met by the Corporation prior to further action by the City Council 1 An executed copy of a binding lease agreement between the Cor- poration and the owner of the property upon which the Project is to be located shall be submitted to the City 2 A recognized Bond Counsel ' s opinion supporting the legality of the financing of the project and utilization of the bond proceeds shall be submitted to the City Section b All 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 be construed to revive any order, bylaw or resolution, or part thereof, heretofore repealed Section 7 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 the Corporation, the bonds to be issued pursuant hereto shall be issued and sold In the event that said bonds are not issued and sold within twelve (12) months, the City of Fort Collins shall be under no obligation to perform any of the terms and conditions contained herein -2- Section 8 If any section, paragraph, clause or provision of this resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section , paragraph, clause or provision shall not affect any of the remaining provisions of this reso- lution 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 this 17th day of August , 1982 Mayor ATTEST City Clerk -3-