HomeMy WebLinkAbout1981 Resolution No. 042...
•
•
•
U80LUTiml 110. -"/ ~
SDID OP 1981~
A UIOLUTIC* OP IllDUCIDIDT POR INDUSTRIAL DBVBLOPMBR'l' REVENUE
BOm>DIO 'fO PDARCB A PROJECT POR TD 5050 80U'1'll BROADWAY COMPANY.
WBSJmAI, the City of Englewood, in the County of Arapahoe and
State of Colorado (the •city•), i• authorised by the County and
Municipality Devalop119nt Revenue Bond Act, Colorado Revised Statutes,
1973, conatitutin9 Title 29, Article 3, Part 1, C.R.S. 1973, as
a21n4ed, (the •Act•), for th• benefit of th• inhabitants of the
State and for the prcmotion of their health, aafety, welfare,
convenience, and proaperity, to finance on• or more projects,
includin9 any land, building or other improvement• and all neces-
Hry and appurtenant real or peraonal properti•• auitable for
11anufacturin9, induatrial, cmm.rcial, agricultural, or business
enterpriH•, upon auch condition• a• th• City Council of the City
•Y d-adviaabl•• and
WllBJtBAS, the City i• further authorised by the Act to issue
it• revenue bond• or other obligation• for the purpose of defray-
in9 th• coat of financing any auch project1 and
WBBRBAS, repreaentative• of The 5050 South Broadway Company,
a Colorado general partnerahip (the •uaer•) have met with officials
of the City and have adviaed the City of the User's interest in
acquiring and developing land withi~ the City and constructing and
equipping three office building• thereon of approximately 20,000
aquare feet each (the •Project•) aubject to the willinqness of the
City to finance the Project by the isauance of industrial develop-
ment revenue bonds or other obligations pursuant to the Act1 and
WJIBRBAS, the Uaer has repreaented to the City that the Project
ha• been deaigned to qualify as a •project" within the meaninq of
the Act1 and
WllBRBAS, the City has considered the User's proposal and has
concluded that the economic benefit to the City will be substantial
due to an increase in employment and the promotion of industry and
developaent of trade and other economic activity within the City1
and
WllBRBAS, the City wishes to proceed with the financinq of
the Projectr and
WllBRBAS, the proposed iasuance of the industrial development
revenue bond• and the execution of related f inancinq documents
are not prohibited by any ordinances or rules of the City •
.....
•
•
•
_,.,, TllBUPORB, BB IT RBSOLVBD BY TD CITY COUNCIL OF THE
CIT! rl SllGL8WOOD, COLORADO 1
lectioa 1. In order to induce the Uaer to complete the Project
wlEhlD the City, the City shall take all atepa necessary or
aclYiaable to effect the i••uance of induatrial development revenue
bond• or other obligation• in a maxi.mull aggregate principal amount
of •7,000,000 to finance the acquiaition, conatruction, improvement,
and equip119nt of the Project.
lectioa 2. 'lh• teru and condition• of the Bonda and of the
flnancln9 document• relating to the Project and to said Bonds or
other obli9ationa will be •utually agreed upon by the City and the u .. r, and prior to their execution, auch documents will be subject
to authorisation by Ordinance of the City Council pursuant to law
and any ordinance• or rule• of the City.
lection 3. The u .. r ha• agreed to provide for reimbursement
of all expen .. a incurred or to be incurred by the City related to
th• UMr'• Project. Ro coat• are to be borne by the City in
connection with th• iaauance of the Bonda.
Section 4. Beitber the Bonda, including interest and any premiums
thereon, nor anything contained in thi• Reaolution shall constitute
a debt or indebtec!n••• of the City within the meaning of the
COnatitution or atatute• of the State of Colorado, or the City's
~ Rule Charter, nor give riae to a pecuniary liability of the
City or a charge againat it• general credit or taxing powers. The
Bonda •hall be pAyable aolely from and secured by a pledqe of the
revenue• derived from and payable pursuant to the financinq docu-
.. nta referred to in Section 2 hereof.
lection 5. All COlllDitments by the City made herein are subject
Eo £Iii COndition that on or before one year from the date hereof,
tbe City and the u .. r ahall have agreed to mutually acceptable
teraa for th• Bonda or other obligations provided for hereunder,
in an a110unt not to exceed $7,000,000, and for the sale and delivery
thereof.
Section 6. The Mayor, City Clerk, City Attorney, City Manaqer,
and otbir off icera and aqents of the City are hereby authorized
to initiate and aaai•t in the preparation of such documents as
.. Y be appropriate to the Bonds.
ADOP'l'BD ARD APPROVED this 7th day of October, 1981.
Atteat1 .
~ ~~~12~·.J
ex offlclQ7C£ty Cl,.t-Treasurer
-2-
~ ;t:(f2t:-~s, Mayor
.. --
•
•
•
I, Gary R. Bigbee, ex officio City Clerk-Treasurer of the
City of Bn9levood, Colorado, hereby certify that the fore,~q
ia a true, accurate, and complete copy of Resolution No. ,
Seri•• of 1981.
~~~-~ rea;f:cne