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Home My WebLink About1994 Ordinance No. 067.. • • ORDINANCE NO. f.i:/._ SERIFS OF 1994 BY AUTHORITY COUNCIL BILL NO. 69 INTRODUCED BY OOUNCIL MEMBER HABENICIIT AN ORDINANCE AUTHORIZING AN INTERGOVERNMENTAL ECONOMIC DEVEWPMENT COMMISSION CONTRACT BETWEEN THE STATE OF COLORADO, DEPARTMENT OF WCAL AFFAIRS AND THE CITY OF ENGLEWOOD, COLORADO FOR THE 1994 • 1995 ENTERPRISE ZONE MARKETING GRANT. WHEREAS, tho Stata desires to promote econom,c development in Colorado by aasisting local communitiea in expanding their economic baae; and WHEREAS, pursuant to C.RS. 24-46-101 to 105, the Colorado Economic Development Fund was created to be administered by the Department of Local All'airs; and WHEREAS, the zone does not always spend the entire amount, but it ia available if the City incurs up to $14,000 promoting the aone, half of which is reimbunable; and WHEREAS, the Zone Administrator applied for funda to advertiae the &00e, print new ume brochures and mail to aone husineaaes, and to participate in one state trade show; and WHEREAS, the Zone's participation with the Englewood Chamber of Commer<e in the Always Buy Colorado Expo waa part of the grant marketing and aeveral of the Zone's manufacturers participated in the Always Buy Colorado Expo; and WHEREAS, the grant makes it more feuible to participate in the Always Buy Colorado Expo and the specialized marketing for specific properties in the zone; and WHEREAS, the City of Engle,.•ood u the Zone Administrator made application for distributions from the Colorado Economic Development Fund and approval was given by the Economic Development Commission for the enterprise zone marketing grant projects ; NOW, THEREFO RE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO, AS FOLLOWS: Swilm...l . The City Council of the City of Englewood, Colorado hereby authorizes the Intergovernmental Economic Development Commission Contract between the State of Colorado , Department of Local Affairs and the City of Englewood for the 1994-1995 Enterprise Zone Marketing GranL The Contract is attached hereto u "Exhibit A." &s:!.im..2. The Mayor and City Clerk are hereby authorized to 1ign and attest, respectively, the said Contract for and on behalf of the City Cou'.lcil and the City of Englewood, Colorado. Introduced, read in full , and pasaed on first reading on the 5th day of December, 1994 . -1- Poblilhed u a Bill for an Ordinance on the 8th day of December, 1994. Read by title and pueed on final reading on the 19th day of December, 1994 . Published by title as Ordinance No . /i2. Seri•• of 1994 , on the 22nd day of December, 1994. ~· ~d-~- Loucrishia A. Ellis, City Clerk I, Loucrishia A. Ellis, City Clerk of the City of Ene)ewood , Colorado, hereby certify that the abo and foregoing is a true copy of the Ordinance passed on final reading and -"'" "'°'' "°"'"~• N,."J. s.,;,. ~•n• ~/4 t/_(4, Loucrillhia A. Ellis -2- • • • • • • EXHIBIT A COIITRACT THIS Contract. made this __ day of 19~ by and between the State of Colorado for the use and benefit of the Departmen1 of Local Allairs, Economic Development Commission rE.D.C."), 1313 Sherman Sll'l!et Denver, Colorado 80203. hereinafter refened to as the Stale, and Cjty of Eno/ewpotl 34CO Ulali...S.t. Englewood CO 80] • O hereinafter referred to as th.. Contractor. WHEREAS. authority exists in the Law and Funds have been budgeted. appropriated and otherwise made ava ilable and a sufficient unencumbered balance thereof remains available for payment in Fund No . ~. Approp . Code ~ Org . Unit ..B.EOlL GBL ~ Contract Encumb. No. · and WHEREAS, required approval , clearance and coordination has been accomplished from and with appropriah,\ age ~1cies : and WHEREAS. the Slate desires to promote economic development in Colorado by assisting loc,I commun ities m expand ing the ir economic base ; and WHEREAS. pursuantto 24-46-101 to 105, C.R.S . 1987, the Colorado Economic Development Fund is created , and is to be admin istered by the Department of Local Affairs; and WHEREAS. applications for distributions from the Colorado Economic Development Fund t. ,,ve bee ., received by th e Economic Deve lopment Commission ; and WHEREAS. the Economic Development Commission has reviewed and recommended to tt1e Governor that th e project descnbed in th is contract be financed with a grant and WHEREAS. the Governor has authorized expendilure of money from the Econorr.ic Do,~1opment Fund to finance the proj ect descri bed in this contract and WHEREAS, th e Contractor is an eligible recipient of Colorado Economic DevP.lopment funds ; NOW THEREFORE 1t is hereby agreed that 1. Area Covered . The Contractor shall perform and accomplish all the necessary won-and services prov ided under this Contract as described in the attached Exhib~ A. which is incorporated hereir· and made pa rt of th is Contract by reference, in connection with and respecting the following area or areas: Araoahoe Coun rv 2. Score of Se rvi ces . In consideration for the monies to be received from the Slate, the Contractor shall do, perform. and carry out in a satisfactory and proper manner, as determined by the State, all work elements as indicated in the "Scope of Services", set forth in the Attached Exhibit A, hereinafter referred to a.; th e "Pro jecr. Wor1< performed prior to the execution of this Contract shall not be considered part of th is Project 3 . Resoonsible Adm inistrator. The performance of the services required hereunder shall be unde r the direct supervision of Lee Merl<e l a, employee or agent of Contractor, who is hereby designated as th e administrator-in -charge of this Project. A, any time the administrator-in-<:harge is not assigned to this Project, all wor1< shall be suspended until the Contractor assigns a mulually acceptable replacement adm1nistra tor-m -charge and the Slate rece ives notification of such replacement assignment Page 1 of 7 Pages COUNCIL COMMUNICATION Date Agenda !!em Subject December 5, 1994 Ordinance Authorizing Amendments To The Financing Documents In Connection With 14 h The City Of Englewood Multifamily Housing Revenue Bonds (The Mar11s Apartments) Series Of 1985 Initiated By I Staff Source Deoartment Of Financial Services Frank Grvalewicz, Director Of Financial Services COUNCIL GOAL AND PREVIOUS COUNCIL ACTION The City Council previously issued and sold Variable Rate Demand Multifamily Housing Revenue Bonds (The Marks Apartments) Series 1985 in the amount of $18 ,100,000 to provide financing to HG Venture II, for the acquisition, construction, and installation of a multifamily rental housing project located in the City of Englewood . The City Counc il approved the sale of the project to the Wellsford Group , Inc. Council also approved an amendment to the Indenture of Trust (First Supplementel lnifanture of Trust, dated October 1, 1993), 1nd an amendment to the Loan Agreement dated October 1, 1993. RECOMMENDED ACTION Staff recommends Coun•;il approve a bill for ordinance amending the Indenture and the Loan Agreement as requesti:,d by the Developer. These amendments will satisfy requirements to maintain the bond rating assigned by Standard & Peer's Rating Group . These amendments are presented as the Second Supplemental Indenture of Trust dated November 1. 1994. BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFlED As discussed above, the Council has previously approved the sale of the project and amendments to the original Indenture of Trust. The amendments are required to maintain Standard & Peer's rating of the bonds . No alternatives have been identified b1• staff . FINANCIAL IMPACT None UST OF ATTACHMENTS Co uncil Bill Number 7 4