HomeMy WebLinkAbout2001 Ordinance No. 031~ ~-JbO/
ORD!. !Al CE No.3L
SER1ES OF 2001
BY AUTHORITY
CO CIL BILL NO. 31
INTRODUCED BY CO Cll..
l\IE.'\IIDER WOLOSYN
A •. ORDIN,\.'-1CE EXTERJ:IIG A.'i 1:-ITERGO\'ER. ~lE ::-.i"TAL AGREE.I\IBNT ~ ITH
THE U.5 EN\ 1RO~1ENTAL PROTECTION .\GEN Y FOR A BROWNFIELDS
ASSESSMENT PILOT PROGRAM FOR E~lRON:\IBNTAL CLEA.'\1JP OF THE
CE, TENNlAL PARK E. ANSIO. SITE .
WHEREAS . in Mey, 2000. Englewood prev1ously entered mto an
1ntergo,•ernmental agreement establishing the Co lo:rado Brown.fields Cleanup
Revolving Loan Fund ; and
WHEREAS, m September. 1997, Englewood entered an intergover nmental
agreement with t he U.S. Environmental Protection Agency for a Brown.fields
Asses ment Pilot program wlucb IS an ongoing gran to pay for qualified
environmental assessments ; and
WHEREAS , the City of Englewood now desin-s to make use of this low cost
funding available through the Colorado Brownfield C'eanuo Revolving Loan Fund for
enV1.rOrunental cleanup of t he Centenruai Park expansion site.
NOW, THEREFORE , BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD , COLORADO , AS FOLLOWS :
~-City Counctl of the City of Englewood hereby approves entenng into
nn intergovernmental agreement with the Colorodo Broomfielda Cle:inup Revolvmg
Loan FWld for low cost funding for envuonmental cleanup of Centenrual Park
expansion site, 11 copy of wluch 1s attached hereto as Exlub1t A and 1.llcorpornted herein
by reference.
~-The :\fayer 1s uthonud to s ign and t he City Clerk attest said
agreement with Colo rado Brownfields Cleanup Re\·olnng-Loan Fund for and on b half
of the City of Emdewood .
Introduced . read i.n full, nd p:issed on firs t reading on t he 18th day of June, 2001.
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10 bi
Published as a Jl,U for n Ordinan on the 2:?nd d y Jun • 01
Read by ad passed on final readin C>n t he 2nd d f Jul>• 20
Publi hed by title a Ordinance , 0,3/.. Senes of 2001. on th lh day of Jul 2001.
I. Loucrishia A. Ellis. City Clerk of the Ci o Englewood, Colorado, hereby certify
that the above and foregoing is a true co~ ~f the Ordinan.ce pa d on final r ding
and published by title as Ordin.ance o~ Series of 20 1.
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COLORADO BROWNFIELDS REVOLVI NG LOA.N FUN D
LOAN AGREEMENT
CHFA A/01
Penn
THIS LOAN AGREEMENT ("Agreement") Is made and daled as of _____ , 2001 , by and
between the Colorado Brown fields Revolving Loan r und . acting here11, by and through th e Colorado
Housing and Finance Authonty ( he "lender"). and he Cfty cl Englewoo j , C-Olora1o (the "Borrower").
REC ITALS
W HE R EAS . the State of Colo~ado ( he "Staie") has received a gra n: (the "Gran 7 from the United
States Enwonmemal Protection Agency ("EPA") under and pursu an to the "Brownfields ln1llabve· under
the Comprehensive Environmental Response . Compensation and Respons 1b 1lilles Ac! of 1980. as
amerrded ("CERCLA "); and
WHE~EAS. the State. acting through the Colorado Oepanment of Public Health and En111ronment
tOPHE", acting as the "Lead Agency" under the Grant), the City ~"" Cor•~!'J ~, Denver and the cities of
cnglewood. Lakewood and Love land and the Colorado rlousI09 "rod Finance Authonty (the "Authont(l
have entered into a M emorandum of Agreement {the· OA7 c1ea ng th Colorado Brownfields Revolving
Loan Fund: and
WHEREAS. OP HE has contracted with the Authority to act as the Slate's fisca l agent 10 receive
and acmlmster the Grant on behalf of the Colorado Brownfields Revolving Loan Fund; and
WHEREAS , th e Borro wer s the owner of certain real property located in Englewood. Colorado
(the ·property'). which propeny Is more partIcuIar1y escribed ,n Exhibrt A. attac11ed hereto ; and
WHEREAS. the Borrower has undertaken and completed th e removal of envrronmental hazar ds
IOca ted on the Property (the "Project7 In accordance with the provisions or the MOA, the terms and
condlt1o ns of the Project Plans (hereinafter defined), and me apphcabl e provrs 1ons of federal nd s tate
law . including CERClA (42 USCA 9601 et. seq .) and regulations contained in 40 CFR Pi.rt 300 : and
WHEREAS . the Borrower's contractor and its subcontractor-, :.implied with apphcatle pro111s1ons
of Execu1lve Order 11246. Equal Em ployment Oµportunity. and imr,ementing regulations at 4 CFR 60-4
relabn g to federally-assisted cons1ruct1on contracts : and
WHEREAS. all laborers and mechanics em ployed by contractors and subcon ractors In the
perfo rmance of construe ,on . reoalr. or al erahcn woril 1nanced in whole or in part : roug h the Loan
(defined belo,.,, were palCI wages no t less tha n • ose orevailing proi ects of a s1m L1r c aracter as
determrneo oy e U .S . Department of aoor in accoroance with the Davis-Bacon Act, and
WHEREAS . the Borrower wishes to borrow and th e Colorado Brownfields Revolv1n ~ can "und
nas agreec o lend l unds to Mance the Pro1ect.
NO , THErtEFORE. In cons1derauon of · e utual covena nts and agreements hert 1n cont ained .
the Borrower and the Lender agree as ollows :
Ieg1tEngI....aoa oan AQ mt-P nc 1 aoc
1. Loan and Purpose. The Lender agrees to lend and the Borrower agrees lo borrow Seven
Hundred Five Thousand Fony-one and No/1 00 C ,liars ($705 ,041.00 ) (the "L-,an") for the Project The
Loan will be disbursed to the Borrower subject to all or .r.e terms . provisions. conditions, covenan ts and
agreements contained in th is Agreement The Le.an is avi d~ by a promissory note of even date
here~llth (the "NOie") This Agreement. e Note, and any other document evidencing. secunng or
executed In connacno n with 1he Loan ar9 hereinafter c ollectively referred to as the "Loan Documents."
2 . Condl)lons Precedent to Loan Prior to tne advance of any Loan proceeds to the
Borrower. all of IM foUowin g conditions shall have been satisfied, which sausfaction shaU be determined
by the Lander In its sole discretion:
3.
follows :
(al The conditions established by the Lender for t e closing of the Loan shall be
satisfied .
(b) DPHE . acting ,n the capaoties of Sile M anager and On-Scene Coordinator w1th
respect to the Project. shall have inspected the work in place and determined ll>at
Borrower or its contractor, as applicable. has completed the Project in strict compliance
with the Scope of Work. Project Budget. Work Sched le , Health and Safety Plan (OSHA
191 0-12C-126) and , if applicable . Quality Assu rance Proj ect Plan (collectively, the "ProJect
Plans"); the appn.:aole provisions of state an d fede ral law, in duding CERCLA and
regulation s cori•~.,,..,.. , 40 FR Pa rt 300 ("NCP1 . 40 C FR Part 31, 40 CFR Part 35.
Subpart O •·1 •' ~ca ble cross-cutting requirements generany described in the
BCRLF Adm1"" •• . :.inual (EPA Publi cation 500-8-98-001), Section IX; and. in a
good and wor, ·· ,ko mdnner.
(c ) DPHE sha ll have receiv and app ro ved the Ce ·ficate of Completion by the
Borrower's LEP and th e Construction Completion Report developed by Borrower's LEP in
accordance Wlth Section 300 .165 of the NCP and applicable EPA guida nce.
(d) Borrower shall have delivered lo th e Lender all necessary perm its iss ued by the
app ropriate governmental authority evi dencing or relaung to the completion of th e Project
and placement In service of the P•operty. Th e cost of obtaining and m aintaining same
s ha ll not be paid or re,mburaed from Loan prcceeds .
(e ) Borrow r shall furnish to the Lender assurance that any latent defects in the
Project can be remedied in the form of a bond or letter of credit in effect for a period of not
fess than one year after the como'etio n of the ProJect .
(f) Borrower shall be In complia nce with all appli cable provisions of state and federal
law perta in ing to e ProJ eCl, including CERCLA and the regulations contained in 40 CFR
Part 300 , 42 US CA 95 01 et. seq
he Borrower covenants a d agrees with the Lend er as
(a) Borrower sha~ ctJ mp1y •M th all applicable prov1S1ons or state and federal law.
Incl uding CERCLA . In Its op erauon or the Property.
(b) Th e BorraNer ti hall ma,ma,n the Property In good repa ir and condition and shall
not demolish an y pan al tile bu1l!l1 gs or structures located on the P ope or commit any
waste w11hou1 h e p or •vrtte ccnsenl or e Lender
legal\Engl .. H<>Od\loan Aqmt •Penn nc 1 doc
(c) rhe eorrower shall maintain financial reco rds pertaiiing to all matters relative to
lhis Agreement and the Project In accordance with generally accepted accountmg
principles and procedures and shall re ta in all of its records and supportlng documentation
applicable to the Protect for a period of ten ( 0) years following comp lion of the Project.
All such records and supporting documents shall be made available. upon request. for
Inspection or audit by th e Lender, OPHE or their respective r esentatives.
(d) The Borrower shall not di scriminate against any person on he basis of race.
color . re hg1on , sex. natJonal ongm. handicao . age, or vetera n status , sexual preference, or
any other basi~ prohibited by law in the lease. use and occupancy of the Propen, or in
connection wtth the employment or apphcatJon for employment of any person related to
the operation and management of the Property.
(e) To the extent authonzed by law. the Borrower shall indemnify. save . and held
harmless the Lender against MY and all claims . damages , liabil ity and court awards
includi ng costs . expenses . and artomey fees incurred as a result of any act or omiss10n by
the Borrower, or ils employeei, agents . subcontractors. or ass ignees pursuant lo the
tarms of this contract.
(f) Borrow r shall maintain and eep in force general lii>t,ilitt insurance with a
minimum of Sl ,000 .000 coverage per acodent or clai m and casualty insurance With
respect to any improv&ments on the Property. The Lender shall be named as "Loss
Payee " and "Add itiona l Insured". and Borrower shall delive r to Lender from time to ume at
Lender's request certificates of insurance 01' policies evidencing all such insurance then in
effecl Policies shall be endorsed to provide that the Lender shall be provided with thirty
(3 0) days wntten notice of any cancellation . suspension or reduction in limits .
(g) The Borrower shall not ass ign or attempt to assign . directly or Indirectly, any of ils
nghts under this Agreement or under any Instrument referred to herein without the prior
wntten consent of the Lender The Borrower shall not ccnv ey , assign all or any portion of
the Property without the pnor wntten consent of the Lender.
4 . Representations and Warranties of Borrower . The Borrower represents and warrants to
the Lender as follows :
(a) All the necessary licenses. authonz.auons , conse nts . approvals and perm its
required In connection wtth the completion of the ProJect and the ope ration of the Property
have been obtained and are currently fully in effect.
~ewocdll.Dan A<;ffll-l'orm nc1 toe
(b) As of lhe date or commen~ment of the Project and as or the date here0r,
Born.,wer is not an owner or operator of the site pursuant to CERCLA; or, if the Borrower
is an owner or operator of the site purs uant to CERCLA. It acqu ired Iha Property after the
time ' j lsposa/ or placement of the haza rdo us substan ces and OPHE ha~ determined
tha t it did not cause, contnbute or exacerbate the rel ea se of such substances , or ii fa lls
under a CERCLA statutory exemplion from lia bility, or II has acknowledged and ag reed
that EPA 1s fully enutled to use its en forcement discretion unde r CERCLA as descnbed in
EPA Guidance Appendix F.
(c) There is no de fau lt on the part of the Borrower under any agre ement or document
perta in ing to the Pro1ect to whieh ,t 1s a party and no event has occurred that with notice or
the passage of ~me or bo h would con stitute a default unde r any such documenL
(d ) Borrower is not and has never been subject 10 any pe nalties resulting from
environmen ta l non-compliance at or on th e Property.
(e) The Property and the proposed use thereof comply with all applicable zoning.
environmental protection, use and build ing codes , laws . regul ati on s and ordinances.
Borrower has no knowledge of any violations of any laws , ordinances , codes,
requi rements. orders or covenants of any governmental en tity, agency, Instrumentality or
association having ju nsdlction over the Property.
(f) The 801Tower has f..ill power to enter into and perform its obl igations under this
Agreement. the Note and lhe Loan Documenls . The execution and delivery of this
Agreement. the Nole and the Loan Documents and the performance and observance of
the ir terms , condllions and obl ig -\,l ons have been duly authorized by all necessary action
on the part of the Borrower. This Agreement, the Note and the Loan Documents
constitule, and any other agreemeni requ ired hereby wi ll con sti tute, when executed and
delivered by the Borrower to the Lender, vali d and bind in g ob li gatio ns of the Borrower
enforceable in accordance with the ir terms.
5. EvenJs or Defau lt. The occurrence or any one or more of the fo ll owing events or
existence of one or more of the fonow1ng condi tions. 'Mth , aspect lo lhe Borrower. sh all co nstitute an
Event of Default under ihis Agreement:
(a) The B-:,rrn wer sha ll fa il to perform any term , covenant or condition to be
pe rformed hereunder a d such failure 1s not remedied within thirty (30) days , unless a
longer period of lime is reasonably required lo cure such fa ilure. from and after written
notice from the Lender o the Borrower, specifying sai d fai lure.
(b) There shall occur an even! of defaul t under the terms of the Note . the Loan
Documents or any other document executea in conn ec tion h erewith .
(c ) An y representation or warranty m ade in wn ting to th e Lender or DPHE h erein or
In connecuon 'Mth he making of th e Loan . or any certificate . statement or re port made
pursuant to thi s Agreement by th e Borrower shall prove at anv ~me to have been incorrect
in any material respec wh en made .
leglll\EnglllWOOdllcan Avm1-P,mn nc I ace
6.
(d ) This ,\greement or the Note or any Loan Ooc:ument sna I at any time ror any
reason cease I,, be in lull force and effect or shall be dedared to be null and void. or the
va lidity or enforceability thereof sha,1 be contested by the Borrower . or the Borrower shall
deny that it has any or funher liability or ob li gation hereunder or ereunder.
~-
(a ) Upon the occurrence of any Event or Default ~nd at at1 ome thereafter . the
Loan . with all accrued int-ires! and other am01Jnts payab le herStJnc:er. shaU . at the option
of the l ender. become immediately due and payable without presentment, demand,
protest or other notice of any kind all of which are express ly warved by the Borrower. The
ender may proceed with every remedy available at law or equ1 or provided for herein or
in any dccumem executed in connectJon herewith. and an ex oenses incurred by the
l ender and any assignee of the Lender in connecti on with any &medy shall be deemed
indebtedness ol th e Borrower to the lender or such assignee e Lender may apply the
proceeds from any collateral for the Loan or rrom any other source as a nd m any order It
sees fi t.
(b l o d'!lay or faiure of the Lender 1n the exercise of an !. t or remedy provided
for he .,nder sna il be deemed a waiver of the nght by the Lender and no e•ercise or
partial exercise or waiver of any right or remedy shall be deemed a va 1ver of any runher
exercise or such ri ght or remedy or or any other nght or remedy that the Lender may
have. The enforcement of any nsrts or the lender as to any secunty for the Loan shalt
not affect the rtghts of the Lender to enforce payment of the Loan and to recover
judgment fo r any ponlon thereof rema 1nmg unpa id . The rig ts and remedies herein
expres sed are cumulative and not exclusive of any nght or reme:! that the Lender sh.ill
otherwise have .
7 . Rights of the lender. The Lender may assign. negobate , pledge or otherwise
hypolhecate this Agreement. the Note and the Loan Doc:uments or any of · s rights a .id secunty hereunder
or thereunder. ,n whole or 1n pan. In case of such assignment, the Borrower w,,I accord full recognition
thereto and e reby agrees that all rights and remedies of the lender in connecnon with the interests so
assigned shall be enforceable against the Borrower by the ass ignee thereof.
8. iscetlaneous Prov,s1ons .
(a ) Ne ither th is Agreemem nor any prov,s1c n hereof may be changed . waived.
discharged . or term inated orally and ay only be modified or amended by an instrument
,n wnting . signed by the pan1es hereto.
fbl Inspections and acproval of e Proj ect and he workmans 10 and matenals used
th ere in i pose no respons1b1 hty or li ab 1iity of any atu re or kind wr atso e ver on the Lender
er OPHE to Borrower an d/or an y th1ro pa rn es . Th e panies herec1 expressly agree and
acknowled!,e th at therr rela11o nsh10 1s that of lender and borrc·,,er and that no other
rela11onsh1p . 1nclu dmg that of Join venrure . partnership or other common et1terpnse i s
created by this Agreement or he other Loan Documents .
~•I E"II'-:,an Agm 1,?e nc l aoc
(c) All nghts, powers, and remed ies herein given 10 the Lender are cumulaUve and
not a!tematille, and are In addition o all other statutes or rules of law. Any forbearance or
delay by the Lender In exercis rng the same shall not be deemed 10 be a wa1Ver thereof
arid the exercise or any right or partial exercise thereof shaft not preclude the further
exercise thereof and the same shall con~nue in full force and effect until spec1flcally
warved by an instrument rn writing executed by the Lender Alf representations ,
warranries and covenants by Borrower sha ll sul"lllve the makmg of the advances of the
Loan and the prollisions hereof shall be b1nd1ng upon Borrower, rts successors and
assigns and Inure to the benefit or the Lender, ,ts successors and assigns .
(d) Ounng !he term of the Loan, Borrower shall not. w,thoul !he prior wntten ccnsent
of the Lender, create or incur or suffer 10 be created or incurred any encumbrance.
mortgage, pledge , hen or Charge of any kin d upon the Property other than encumbrances
penm,tted hereby.
(e) Borrower agrees hat. in the event there s any conflict between the tenms and
conditions of this Agreement and the Note, the No·e shall prevail , unless compliance w,th
CERCLA requ,res this Agreement to control.
(f) Alf notices sha ll be in wntlng and shall be c. ~emed to have been suffictentfy given
or served when presented personally or when deccsited in the Unrted States mall, by
registered or certified mall . addressed to the parties at the addresses set forth below.
Such addresses may be changed by notice to the ether p ... 1y given in lhe same manner.
(g) This Agre9ment and an covenants, agreements. rt!presentations and warranties
made herein shall surllive the execution of this Agre9ment and shall continue 1n full fo rce
and effect so long as the Loan is outstanding and unpaid.
(h) If any provision of this Agreement is held inva lid. such lnvairert~ shall not affect
other prov1s1ons of this Agreement which can be g1Ver. effect without the invalid provisions
and . to this end, the provisions of th is Agreement ar hereby declared severable .
(i) This Agreemen! and an matters of performance relating thereto shall be governed
by and construed and interpreted i n accordance with the laws of the State cf Colorado or.
to e extent applicable, CERCLA and EPA regulat10ns .
U) Tor s Agreement may be executed in several counterparts .
..
IN WITNESS WHEREOF, e parties hereto have executed this Agreement as of lhe date first above written .
COLORADO BROWNFIELDS REVOLVING LOAN
FUND
By: COLORADO HOUSING ANO FINANCE
AUTHOR ITY
198 1 Blake Street
Denver. Colorado 80202
By:
MRroy A. Alexander, Executive Director
BORROWER:
CITY OF ENGLEWOOD,
1000 E.nglewood Parkway
Englewood , Colorado 80110
By: _____________ _
Its :. _____________ _
EXHIBI T A
(Attached to and fom11ng part of a Loan Agr~ment dated as of ____ , 2001 , by
and betw~n the Colorado Brownfields Revotving Loan Fund and the City of Englewood .
Colorado.)
LEGAL DESCRIPTI ON OF TliE REAL PROPERTY
SEE ATIACHE.D
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SURVEYOR 'S c tmnr1iD0'1
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AZ ~ '11$ ------
BORROWER:
COLORADO BROWNF1EL0S REVOL\/ING LOAN FUND
PROMISSOR Y NOTE
PAYEE:
CITY OF ENGLEWOOD
1000 ENGLEWOOD PARKWAY
ENGLEWOOD , COLORADO BCl110
COLORADO HOUSING ANO FINANCE AUTHORITY
1961 BLAKE STREET
DENVER. COLORADO 80~02
Borrowers Taxpa~IONo 9 -03 iO
e o"'"'-:-:----=---,-,---,-,,,..---=,,_.-__,,_ lnrt!al Pnnc:p,rl Amount s.,.,,., Honored Five Thousand Fony.one and No, 00 Oo41ars ($705 ,(M 1 00)
In erl>Sl Rate Two ;,erctnl (2 O"ol per annum
FOR 1/ALUE RECE IVED , 0<,,....., J01t1lly and sa,a,aly ~ more Chan one promises 10 pa,/ 10 the
clller d ?ayee ~nnc:i,al sum 01 S,N.., Hundrtd FNB Thousancl Fatt<>ne and No/100 Dollars
157050,ll 00), or so "'ucn !hereof as w1' hlMl been advanced by l'1l)'ft fTom llml 10 ~me (tne "IN!Jal
F'mapa, AmoLr4") n ac::onlonco w,tn e terms hereof and of inat cet131n loan ~eemtni bar,,oe,,
Borr.,.,.., and P3)11!<1 d even dale her..-ih (lhe i.oan Agreetr""' IO<;ell>er Wl1II Defened lnle,esl es
h<ffJJ'Aful< d 0G 1!he lnrt..i ?mci;)al Amounl ., ... IIWI !Ota! d !UC/1 Del-lntatest Is h<treonoftw
re/erred 10 .. e "l'nnapal Amoun1 1 . IO!l<!lhef Wl1h 1111.,es1 en Ille outstanaing U'l!IMI balance ol sucn
Pnnapa, Am al Ille rato sel fonh abovo , and :ogelhe< -omounts which may be due n
aa:Ndance WIIII I.he p,o,Mlons d tin Pftmtuo,y Ncle (the "Noto
he 9orn>wet wA mal<e pa)fflents or PMcil)al and ,.,,.,.., in aocordance with the lclowing
ochedule:
1n11,es1 at !he Interest Rate en so muc,, ol 111e lmlal Pnncpal Amount snau be
oul$Wld,ng from ome 10 e. computed on 1he bas,s ol a 11r ... -rundred·slJ1ty-fM1 (355) 11ay :,ear based
IJl>0f1 !he ~ numb<w ol d;,~ elapsed snal accrue, C0ffl"""""'I! on Ille dala ol the ,nkial advance of
!he lnmal Pnt'Cllal •.l'IIOUN hereunder nd con nuing rough _______ I, 2003, and !he
a!,!;fe;iata a,rcun1 -\"llal""9d In eresr) shall be added to, and oecome pan of , 1lle Principal
Amaum OUISlal"dl1g ••of _______ , 2003 . Commenony on__ _ __ 1, 2003, Ille
Pnnacal Amount and .,,...I lht<oon at the lnle,est R,ue shall t>e payaolo. 111 .._..., monlhly lflSiailmenlS.
n arrl!alS ., Ille am0lft su!fica1I IO fully amortta said Prinels:al Amount O'ltr a penod ol 11lghl (8\ :,eon.
Al uni,;,,d IJllllQpal, 0-,!wred ....-esL aa:nMld and unpaid Interest. and aJ Olher sums aue hereunder
shall be dl.>e and P•~ lul en ______ ,. 2011 (ltle "Ma1lJmy Dote1.
~ents at c,inapal ana mterBSt shall be mads al Payee's s at the addreu shc.'MI
at,o.., c:,; a1 such o er -ace as P yee slu!II -9'••• to 9orrcwer n •NntJng. Fe:,; 10 long as -does
""' e,1151 an Event cl 0.fau t hereunaer, as he,e,nafter dellned, all pa)ment, recetved he<eunder ,
rncruc p,1!Daymenl5 511d be •~fed ., th lollc,oing order of prionty. (l) IO any cunt roqulrm to be
paid Into a LP ¥Id Y'l$Ulllnce mpound ac:oount In ac::cnlance tl1 any a( !ti e Le an Do<uments. as
her91nu er defined . fi) :o rttmbur$e Payee for advaoces made ano e:icgenses snaned, including mte re.sl
•Much has acc:rued on such advances or exoie:nses pursuan to e Loan Documents. as he rean.a _fter
defln80; (iii) 10 acetlJ80 and unpaid interest and (IV ) to tne outstan0r,g pmocat oalanca o1 tills Noto
Al\ei an E>llftt rJ Defaull he,eun<lw which hi• nol been cu-ed w,!h,n any applicable c1.n penod,
au .,_i, rec-by~ on ·• Nole snatl be applied 1>y P¥t 10 the mpound aoccun1 . advances ,
.>CCM!d !alt =~ pnnaoal, intere11 and other char;es dU4I reunder o, under the other Lean
Oocumems, H aeflneo. n sutn orcer as Payee lliall aet1m111111 In Its sole sutljecl!Vo
di.scret,:in
"' the ~ t -W@f shail ta• to make any mon ,y ,aymef'\'t eve he,etJncer v.1thl'\ ei9ht {8}
aa~ of llle cue aa111 lnfi901 aorrowe, "'" oav to Payee a i..11 cnarii• m 1111 ama.n1 of fi a ;,erc1n1 (5%1
o1 saiG mocunty ;:,a~eti
~ Neta rr.ay ~e oracait1 1n "-MC 'f! o,. 1n pan at any ""' Without prtffllUffl er pen
(301 daVS ,>nor"""""' nwca to 1M Aull'lOnt)I
uoon thny
Tl•• ote and lhe Loan Agrumenl, IOgether W1U1 d oin.r onstn.rnonts ,_ or hereaftef oxocutad
by a-or ony related bus.,.., anr.<pnoe "' favor cl Payee. wNcn ,n any manner !Mdence lhe
ll'ld•bl><lneu rapresenlad by 1IU Nola ex Wl1lch ccns1ltW! addlia\al securitt for ll"is Hole, ano t,,nln
collectJVely :etl!ffed 10 • lho i.oan 0ocl.,mem.,• fl<farenco •• mam 10 lhe Lotll Oocumonta for 1
desCltl)llcn cl IN! property covered lh<lroby and lhe n!ll1ts , 1omadie1 nd obig tion• at~ lleldet henool ,n
respect tlworc .
The occurrence •.1t ~ oine 0t more of the fotlowing 4'Vetlts 1haft constitute , default under ttut
Ole (an --Cvent of Oef1u:!1 :
(al Bo:-rcwer sna 11 fail to :iay a, or before t e '-laruory O ut al llllf ·· .lflts due and
oayao1e ini1r "'" 01e : 01
(bl eon--~ fad IO m.1ka any moolhly 111tailmoo1 pa,m~,u m 'Ile dal8 .uch
p.1)1!110nt ~ ..... "' ICCCn:lanCAI """ :hi C«MSiOlll af lhlS ote lwhelher duo 011 t!l!t dal prOW!ded hor91n "'
by accatnoon or OlhenMSl j; or
(c l There sh ixrur a non-monec.a,y detaul under the w . ,.,, · ;s "10'.e· or
(tn There shall occur a defaLtt I.alder tna terms cf any Loa." ['\'~:.1.. 1 ,.__,t.
Upon tne oa:inenco of an E""'11 ol Oelaull Ille 11111110 pnndj)al lla!anel. Otff!ffad Inter."' and
.10::1..red 1ntere.sL rresoectl\le a,e tatumy Oa: SOt'Crfied :iere1n . snau become .,,mecu.a1ely due and
pavab1e al " 1JpMn c{ ?-ayee , sutJiei;1 only to U'\f!I g:iving of pnot nottee and lhc rights of aue as set forth
below , IO tne •.ient appllcat>lt, and ,~ .. d tnerealiat be r iniores, unbl pold., lull al tho ,au, ol fcur ~••
(4%) 1000V<1 lho "IJllliCllllle lffl-t l'lto
Upon the ocamo<lCO ol an E•""'1 of OefaUII (except a, otl'_,.., sta!ad below). P..,.,. -nol
accelerate this debt or make any paymon11 for wlllch ~ IS pnmauly a unless II tir'll mail tO
Bormwer a, BclTowe(s -.,_,, IOOYe, .. ntten notJCa of sucn dafNI ano .,.,, default kl not fu
Cl,1"10 ..,u,,n 11\1 fOloww>g penods.
(1) ,en (IO)days aftor OUdl notlca 15 10 deposllad in Ille US m .. In tna..,.. of any
laillJre IO make a rr.onetary _..,., 10 any pe1S011:
,b) lllln'/ (JO) days a e, S<JCh nol>Ce ,. 10 ~tad ,n tho US mail In lho ...,, of
nonmoncta,y dtlautls nol llJO,.C, ID Olher prtMSlcns ol lhlS paragral]h, prtMtlad (i) Wllhll len (10) tla)1I
after the mdng of Iha rolial ol default ilomlwer ccmmences ,is cu:e and 1Ubm1 lO Paiee on wntinv il$
plan IO cin: and (ii said CUld is contnJouoly pu'""«I by B"""""" wllli due dllgence. • said u.:Mil! It
not n, son bl)' capable ol being curld Wlllw\ 1hlr1y 130 ) days. Bc<Towtr &haft ho'ltl <u c.~ .addi11onal bma u
Is reascnalliy ~ lo complete 1h11 cure. bu In no event lo, more lllan nlnt ,1 (90) days -lho
ma:t,ng ol tna notJCa ol ae!aul!. al PftMCIIII (•l said delauil is In Pa)ff's reasonable juOgment curable
W1t/11n said period, (y) Boncwer prov,do1 Pa)ff wntter, dela,led progress rec,o,,s lea$! 9"efY thirty
(30) dai,, unliJ the oure IS comple<e , and (:1 aom,,.,.,, contnuoosly and dilgontly pul'SUIIS taJd an,. o,
(cl slxty (601 days ■lier lho fiing of any moluntary peotion In ~ aga.nst .,
for • e appc,ntmont of ■ n,ce-or 8orrower (e>cepl for pelltiOns fer roceill9fSho filed by Pa)ff). Wllh
the c,sm 1usl of sucn pe:won, by the coun ,,,,. n such penoa b11U"19 deemed to cure such defiUt.
ohYltl\Stan<!JnO Ille atx>ve l)l0YISl(lM none ol llw! oure pencd1 p<oVldod or In this paragraph ohall >;>ply
m the fO!k>wlng Ql"CUmstance.s~
(i) kn any cucu s:tance wnef'I a aeiay n effeco.ng a ture 13, 1n the reasonable
joogmant of Payee . likely 10 res ,n any secutrty being damaged l>o<ornlng uninsured or rendered
unavailallle IO Payee e< ire value hereof be,ng matenally ano •"" rsety alfeded: or
(il any dolau.t of ~ sa-ne !'/DO er nan.ire Which ~"'"' more tl\an twica In
any one { 1} calet.aar ye ar: or
o,) any fowre co procMC Mth ¥>y •NOi'< roquwod b/ Ille Loan A;reemont wllh
resooc:t IO ine orcoerty desa1lMKI 111ere,n (Ille "?n,l)tn'/), or
(!YI anv i•n<J of a Y<lluntary pe""°""' Dankruptcy by Som,wer o, any genoral
partner of Borrow-er or anv gu arantor ot loan: 0t
M I • ognmen1 fer 1111 OOt\e',t O' c rwa,tors, lraudulen1 cam,._, or
c111or Plan or actJcn Uled by 80ffcwe, c, any_., , _,_ of BorTv-. In any lfflpt ro tvoid lho
.. 1isfld!on of any lawful oncletnecnus: or
(v,1 any.,..,. comrrmeo 10 the Prt.oerty, cr any d•mchlion or rem.,.. cf ""I
irr,p,.,.,.ments on e Property -..111cu1 Payee's ccnseri (Olhe, 111an ex11dse by My -•U111crity of ll!e nght ol eminent dcmu,), o,
(wl any non -monetary defa .,..en Payee reasonably d, .,.,_ Is noc
C3ll8l,le cl being axed ..,u,., thl req ... rte pencd.
Th• p,o,.,SICt\S of IIH ;,aragrap/1 sn.a apely IO de!3t.i!s unc1< all lfle oan Doc,, .na, ano 1<nless
exptenly stat9d lo dw contrary in suc;h docurneni:s any cure cenod refen-ed 10 mer., .. ••1-al be detil" ~ to =-..., i-'llMSG'II. H any"' Yid documents '" '"""151Stent w,111 lh,s ""',,,r.,Oh the lad•
be ccolrofl,ng, unless said o<her aoainent exp<usJy CtOll1des o!he<wlse Where -.,.,,.I nouce o, an
peoo(IS are ptev,aed tn lfllS or any o-SUCh cfocumenis a ate requ,red by 1ny cUler •-,~,no, t , law,
saic penodt ane1 !hose contained., • pa, .. INI n.,n concurronuy
Upon !he occurrenc;a ol an Event of Oefaul1. Bo""""' agrees to pay on demanu ~• o· r •yee s
c:osi, ana expenses mcurre<1 for 11,e recovery at al cr any pan of or for pn>rect,on of Ille 1ndet.,fdne .. or
10 enforce P1)'H'1 n9nts unoe, the Loan Dccumcn ts 1rQ.o011g. 0IJI tanon. rHsonable norneyo• fees
~ waives P,esentm-OOIICW of <llshcnar. cl KCNQaor, Ind l)fOlesl, and UMnlJ
IC any e11en1110nS ol ""'• WUh rupee1 10 any payment CIUe unoer s NOca. IO any sunstrtution cr -•
at co teral and IO 1h11 aaa.tion or IN>Je ol any s,ar<y No r of any payment or oeller ngm im1< 1hi1
Ncte --• H • MNer of any oeher 1>1,n,,ru or n;11t.
ThtS Note ,s maae and da!ad II of Ille dale above wnr.on and 11 10 be governed by and construad
accordinc, lo lf1e laws of S11111 of~-
Nobces -are g,,,an pursuar,i IC ,,.. Nol snaN be.,.., as et lcrlfl n Ille Lo:., Agreement
I CONSIOERA O OF PAYEE ',IAKJNG n;e LO.AN EVIOENCEO BY THIS NOTE ANO AS A
.:CIFIC CONOITION OF E MAKING OF SAID LOAN BY PAYEE. P.t.YEE ANO BORROW~R 00
L CH HERESY IRREVOCABLY WAIVE N-IY ANO All RIGHT TO TRIAL BY JURY IN ANY ACTION .
PROC EEDING OR CO\JNTERClAIM AR IS ING OUT OF OR RElA TING TO THIS NOTE. ANY OTHER
LOAN OOCU"1ENT, THE LETTER OF C MENT WHEREBY PAYEE AGREED TO MAKE THE
LOAN ANO ANY MO □IFICATICN OR AMEND\1ENT TO /\NY ONE OR All OF THEM . OR ARISI G
OUT OF OR REV, G TO THE ACTIO S OF 0 AYEE I HE ENFORCEMENT THEREOF
BORROWER DOES HERESY ACKNOWLEDGE THAT H/'.S DISCUSSED AND REVIEWED THE
LOAN OOCUM::NTS WrTH ITS U: L COUNSEL ANO UIIOERSTANOS THE PRO'IISIONS
THEREOF, INCLUDING SPEC!FICAlLY. BUT rTHOUT LI \ TATION. IBIS WAIVER OF JUI<' TRIAL
BORROWER ACKNOWLEDGES TH.t.T IT HAS El<ERCISEO ITS INO EPENOENT JUDGMENT TO ACT
IN EXECUTING THIS NOTE AUD T1iE OTHER LOAN OOCU\!ENTS ANO IS ACTING UPON SOWN
FREE WILL W'™<JUT DI/RESS, COERCION OR C PULSION OF ANY ATURE WHATS OEVER
Cl, OF EN E'IVOOLi . COLORADO
By
3.
e
COUNCIL COMMUNICATION
-
D/ .... AGENDA ITEM SUBJECT : Centennial Park
Environmental Cleanup : Loan
Jun e 18, 2001 11 a i Acceptance
I 11 IA TED [, ., Robert Simpson, STAFF SO RCE : Darren Hollingsworth,
Communi Development irector Bus iness Development Spe cia list
PREVIOUS COUNCIL ACTION:
Previous Council Action (May, 200 0) Englewood entered into an intergovernmental
agre emen t estab lishing the Colorado Brownfields Cleanup Revolving Loan Fund . This
program provides low cost financing to facilitate environmental deanup activities.
Previous Council Action (September, 1997): hglewood is cu rr ently under an
intergovernmental agreement with the U.S . F.nvi ronmental Prot ection Agency for a
Brownfields Assessment Pilo t program. This is an ongoing grant to pay for qualified
environmental assessments .
REC OMMENDED ACTION :
Staff rt:>qu ests that City Council approve the attached Bill for Ordinance ntering into an
in tergovernmental agreeme nt to borrow funds through the Colorado Brownfields Cleanup
Revolving Loan Fund . The loan provides a low cos t financing mechanism for the
environm en t;! cleanup of the Centennial Park expansion site. w hich enables the City to
complete thE. project o n an expedited schC!dule . Without the loan the park expansion may
have ta ken yea rs to develop and wou ld ha ve j eopardized the participation of other funding
partners.
BACKGROUND AND AN l YSIS:
On December 6. 200(', Commun ity Development along vith Parks and Recreation
Department provi ded an appl ication to the Colorado Browntields Cleanup Revolving Loan
Fund (BCRLF ) requesting funding assis tance for the environmental cleanup associated with
the Centennial Park expan sion site . Englewood 's Brownfield pilot grant through the US
EPA p rovided a 520,000 gr ant to conduct environmenl~I assessments on the site . The
Brownfields loan was approve d w i th a two year deferral period and is a low cost fundi r
mechanism enabling the Ci ty to address environmental conditions on the site prior to the
expansio n of e park .
The loan terms are as follows:
Loan Request:
Interest Rat e :
Loan Term :
$705,041
2 percent
10 year loan; 2 year d eferral; 8 yea r amo n iza tion
2001 -Project draw period. Pa rn nt deferrJI p eriod with interest
accruin
2002 -Payment deferral period with interest ac cruing
2003 -2010 -Repaym ent period. Eight-year amortization, at 2
percen t with esti mat ed annual payments of $1 00,000
The Colorado BCRLF p res nts an opportunity for our commu nity by prov iding fin incing for
qualified en ironmental cleanup activities from the Centenn ial Park expansion. The fund is
a mechan is m to le erage City resources th rough a funding so urc e that provides favorable
lending t erm s through long-term loans and below market i nterest rates .
FINANCIAL IMPACT:
The proposed loan creates a better cash flow position by enabling th e Ci ty to spread
project costs out over eigh t years . Further, th e Co lorado BCRL r allows for a two-year
deferment period, which postpones the required payment for a period of two yea rs ,
The loan i s structured to co nform to Colorado statutory (TA BOR ) standards, which requires
annual budgetary appropriation of debt service obligations. The es timated annual debt
service fo r the proposed loan is $100,000 beginning i n FY 2003 .
LIST OF ATTACHME TS:
Bill for Ordinance
Loan Agreement
ote
.·
•
I •
..
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