HomeMy WebLinkAbout1981 Resolution No. 003..
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3 RESOLTUION NO.
SERIES OF 1981--
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A RESOLUTION OF INDUCEMENT FOR INDUSTRIAL REVENUE BONDING FOR
THE DEVELOPMENT OF A WAREHOUSE AND OFFICE FACILITY FOR THE HEMLOCK
COMPANY AND MYLON C. JACOBS SUPPLY COMPANY.
WHEREAS, the City of Englewood, County of Arapahoe, State
of Co lorado, ("City")· is authorized by the County and Municipality
De v e l opmen t Revenue Bond Act, C.R.S. '73, constituting Title 29,
Ar tic le 3, Part 1, C.R.S. '73, as amended, ("Act"), to finance
e o r more proj e cts, including any land, building or other
i mpr o veme nts and all necessary and appurtenant real or personal
o pe rtie s suitable for ma nufacturing, industrial, commercial,
us iness enterprises upon such conditions as the governing
of the City may deem advisable; and
WHEREAS, the City is further authorized by the Act to
iss ue i t s revenue bonds or other obligations for the purpose of
de fraying the cost of financing any such project; and
WHEREAS, The Hemlock Company, a general partnership,and
Mylon c. Jacobs Supply Company, an Oklahoma corporation (the
"User") has met with officials of the City and has advised the
City of the User's interest in developing land within the City
as a warehouse and office facility to be leased by the partner-
ship to the Company (the "Project"), subject to the willingness
of the City to finance the Project by the issuance of industrial
development revenue bonds or other obligations pursuant to the
Act; a~d
WHEREAS, the City has considered the User's proposal and
has concluded that the economic benefit to the City will be
substantial and it wishes to proceed with the financing of the
Pr oject; and
WHEREAS, the action herein contemplated is not prohibited
by the Charter or any ordinances of the City.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
C ITY OF ENGLEWOOD, COLORADO:
Section 1. In order to induce the User to complete the
Project within the City, the City shall take all steps necessary
or advisable to effect the issuance of industrial development
revenue bonds or other obli g ations in a maximum aggregate
principal amount no t e xce eding $350,000, or such lesser amount
as shall be mutually agreed upon to finance the Project. No
c o sts are to be bor n e by the City in connection with this
transact i on.
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Sect ion 2. Prior t o execution of the necessary fi nancing
a o c uments as shall be mutually a g reed upon in connection with
the Project and such bonds or other obligations, such documents
wil l be subject to authorization by Ordinance of the governing
body pursuant to law and any ordinances or r u les of the City.
Section 3. The User has agreed to provide for reimbursement
o l all expenses incu r red or to be incurred by the City related
o the Pro 1 e ct.
Sect ion 4. Nothing contained in this Resolution shall
constitute a debt or indebtedness of the City within the meaning
of the City Charter or the Constitution or Statutes of the State
of Colorado , nor give rise to a pecuniary liability of the City
or a charge again.st its general credit or taxing powers.
ADOPTED AND APPROVED this 19th day of January, 1981.
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Attest:
r -Mayor . -
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ex ofT1c~C1ty Cl~-Treasurer
I, Gary R. Higbee, ex officio City Clerk-Treasurer of the
City of Englewood, Colorado, hereby certify tha~ the above and
foregoing is a true, accurate and complete copy of Resolution
No. ~ , Series of 1981.
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