HomeMy WebLinkAbout1981 Resolution No. 043~
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• RBSOLUTIOR RO. 4 3
8DD8 OP 1981
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A RBSOLUTIOR OP INDUCBMBNT FOR INDUSTRIAL DEVELOPMENT REVENUE
BCXfDIBG TO PIRARCE A PROJECT FOR BRADY EN'l'ERPRISES.
WBBaBAS, the City of Enqlewood, State of Colorado tthe "Issuer"),
a body politic, •unicipal corporation, and a political subdivision
of th• State of Colorado, is authorized and empowered by the pro-
viaion• of th• County and Municipality Development Revenue Bond Act,
Colorado Reviaed Statutes 1973, 529-3-101 et. seq., as amended,
(the •Act•), to finance a project, as that term is defined in the
Act, an4 to iaaue its industrial development revenue bonds for the
purpo .. of paying the coat of financing a project1 and
WllBRBAS, Brady Enterprises, or its designee (the "OWnership
Bntity•), ha• requeated the issuer to issue and sell to Boettcher &
CQllP&nY (the •Purchaaera•), subject to the unqualified approving
opinion of Kutak Rock• Buie ("Bond Counsel"), its industrial
development revenue bonds purauant to provisions of the Act for
the purpoae of financing a commercial business enterprise constitut-
ing a project, aa that term is defined in the Act, (the "Project"),
for the OWnerahip Entity: and
1111BRBAS, the Issuer wishes to declare its intention to authorize
the iaauance from time to time of its industrial development revenue
bond• for the purpose of paying the cost of financing the Project,
when ao requeated by the OWnership Entity upon such terms and con-
dition• a• may then be agreed upon the Issuer, the ownership Entity
and the Purcht1 aer.
ROW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OP BMGLBWOOD, COLORADO:
That it does hereby declare its intention to authorize the
iaauance and aale of industrial development revenue bonds of the
Iaauer to the Purchaser, subject to the unqualified approving
opinion of Bond Counsel, under and in accordance with the Act, from
time to time, and in such amounts as are necessary to pay the costs
of the Project as described in Attachment A, presently estimated to
total an aggregate amount of $220,488,000 and upon such terms and
condition• as may be mutually agreed upon by the Issuer, the OWner-
ahip Entity and the Purchaser, the issuance and sale of such bonds
to be authorized by resolutions of the Issuer at meetings to be held
for auch purpo11e1 provided, however, that no costs or expenses shall
be borne by the Issuer, nor shall the Issuer have any liability in
connection with said financing or the issuance and sale of the bonds.
The OWnership Entity has agreed to provide for the reimbursement
of all expenses incurred or to be incurred by the Issuer, related
to the OWnerahip Entity's property •
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Such bonds and the interest coupons, if any, appurtenant thereto
shall never constitute the debt or indebtedness of the Issuer within
the meaning of any provision or limitation of the Colorado consti-
tution or statutes, and shall not constitute nor give rise to a
pecuniary liability of the Issuer or a charqe aqainst its qeneral
credit or taxing power.
Prior to the issuance of the Bonds the OWnership Entity must
llAke a reasonable showinq that it is capable of fulfillinq its
financial obligations under the financing aqreement (as defined in
the Act) requiring the OWnership Entity to pay the principal of
pr .. tnw,if any, and interest on the Bonds.
Thi• Inducement Reaolutlon ia subject to the
ADOPTED AND APPROVED this 7th day of October, l
Eujlne L. Otn; Mayor
Attests
es'Kr1c~R.~rer
I, Gary R. Bigbee, ex officio City Clerk-Treasurer of the City
of Englewood, Colorado, hereby certify that the above and foreqoing
is a true, accurate and complete copy of Resolution No.· :f\.3 ,
series of 1981.
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""C_ 'ai."j R. ~ee
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A'ITACllllKNTA
• a. Retail Sp!• and Attondllnt Parkhw. l'urnituro, Fixtures• F.CJulpment
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A. · Total Cmt .
& NumberoCbondl•ua
C. Amount oC bondl
D. Ownership Enllti•
... ,114 ,000
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• • $8 ,000 ,000
I • $8 ,594 ,000
Ton lhnilod pertnenhipa with Brady
Euterpriles as a 20 percent general
partner.
U. OfOoe ID!oe and Attendant P•ki!W, Pumlture, Plxturoa & Bqulement
A. Total Cmt
B. Nwnber of bond l11U81
C. Amount or bondl
D. Ow....,.lp Entltla
$78~79,000
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9 • $8 ,000 ,000
I f $G ~71 ,000
Ten limited partnenhi1>9 with Brll(ly
Bnterprila a a 20 percent pneral
peartner ln eaeh.
ID. Hotel, R•taurant, eta. and Attendant Parking, Fumlture, Fixtures and
hUIOmmt.
A. Total CO.t
a.. Number of bond -.... c. AmCUlt of bondl
D. Ow ....... lp Bnllt•
• IV. Raldentlal Space
A. 1'otal CO.l a. Number or bond l.ua
C. Amowal or bonds
D. Own--"lp Entity
SUmmm of Bondi to be llsuod:
I $31,880,000
I 8,594,0UO
I 8,125,000
20 8,000,000
I 6,879,000 -
Total 24 -
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$24 ,125 ,000
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2 ' $8 ,000 ,000
I (I $8,125,UOO
11U"ee llmiled pertnerahips with
Brady Enlerpriles u a 20 percent
1eneral partner In each.
$36,810,000
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$31,890,000
One llmltod partnenhip with Brady ·
lintarpriaoa u a 20 percent general
partner.
$ 36~90,000
8,594,000
8,125,000
I GO ,000 ,000
G.1'{1!.QOO
$%20,488~
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