HomeMy WebLinkAbout1995 Ordinance No. 008•
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ORDINANCE NO . i_
SERIES OF 1995
BY AUTHORITY
COUNCIL BILL NO . 8
INTRODUCED BY COUNCIL
MEMBER HATHAWAY
AN ORDINANCE RELEASING THE FIRST DEED OF TRUST ON TROLLEY SQUARE
DUE TO THE RESTRUCTURING OF THE PROMISSORY NOTE WITH THE DILLON
COMPANIES, INC . AND THE PROPOSED REDEVELOPMENT OF THE SITE.
WHEREAS , Dillon Companie•, Inc. ("Dillon") has requested the City to restructure the
Promissory N ote and release the First Deed of Trust on the Trolley Square pr•Jperty fo r
redevelopment purposes; and
WHEREAS , the City of Englewood ),elieves tnat the propo sed rede ve lopment of the Trolley
Square site is in the best interest of the City; and
WHEREAS, the restructuring of the Note requires lhat the ti ming and the amounts of the
required installment payments be revised; and
WHEREAS, the City's belief is that it is in the best interest of the City and the ci tizens of
Englewood to have Dillon remain on the site and h ave the site redeveloped rather than losing
this anchor tenant; and
WHEREAS, the entire Note would be paid if grocery operations were to leave this site prior
to the year 2005 , or th e entire Note wou ld be due if the Dillon Companies, Inc. were in default
in any of the other terms of the Note ; and
\VHEREAS, to restructure financing for redevelopment of the site it is necessary tur the
City to release its first li en position and rely upon the ove rall as sets of the Dillon Companies,
Inc. to fulfill its obligation; and
WHEREAS, the City's due diligence h as shown that the Dillon Companies, Inc. does have
sufficient assets to fulfill this obligation;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE C ITY OF
ENGLEWOOD, COLORADO, AS FOLLOWS :
~-Subsequent to the restructuring of the Promissory Note and with proper
a s surance of redevelopment the City Manager is authorized to relea se the City of
Englewood's First Deed of Trus t on the Trolley Square property.
Introduced, read in full, and passed on first reading on the 27th day of February, 1995 .
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Published as a Bill for an Ordinance on the ~nd day of March , 1995.
Read by tiUe and passed on final reading on the 20th day of March, 1995.
Published by title as Oruinance No. g'._, Series of 1995, on the 23rd day of March, 1995 .
at '.I/J~,,~
Loucrish ia A. Ellis, City Cle rk
I , L.,ucrishia A. Elli s. City Clerk of the City of Englewood, Colorado, hereby co r ti fy that
the abo,·e and foregoing is a true co~ of th• Ordinance pass on final reading and
published by tiUe as Ordinance No . '.:h.., Series of 1995.
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