HomeMy WebLinkAbout1981-05-06 EDDA MINUTES. ,
CERTIFIED RECORD
OF
PROCEEDINGS
OF
THE BOARD OF DIRECTORS
OF
ENGLEWOOD DOWNTOWN DEVELOPMENT AUTHORITY
RELATING TO A RESOLUTION
AUTHORIZING A CORPORATE BORROWING
IN THE AGGREGATE PRINCIPAL AMOUNT OF $150,000
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STATE OF COLORADO -)
) ss.
COUNTY OF ARAPAHOE )
The Board of Directors of Englewood ·Downtown Development Authority
held a special meeting open to the public at 3535 South Sherman
Street, Englewood, Colorado, the regular meeting place thereof, on
_ .... M ... n ... u ... d-il...,.y--' the 4t~ day of --M-il...,.Y----~' 1981, at the hour of ...a_=.a.a..
... rn.
The following members of the Board of Directors, constituting a
quorum thereof, were present:
Barbara Holthaus, Chairman
Barry Coleman, Secretary
James Artzberger
Cletus Gasson
Fred Kaufman
Kenneth Mausolf
John Maxwell
Leonard Robohm
John Neal
The following members of the Board of Directors were absent:
Jeanette Bush
Dewayne Glenn
The Chairman declared that she had called this special meeting.
Thereupon Director
following Resolution:
John Maxwell
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introduced and read the
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RESOLUTION NO. l Series 1981 -~---
WHEREAS, the Board of Directors (the Board) of Englewood Downtown
Development Authority (the Authority) has all powers customarily
vested in the board of directors of a corporation, including, without
limitation, the power to acquire by purchase, lease, license, option,
gift, grant, devise, or otherwise any property or any interest therein
..
and to borrow money on such terms and conditions as the Board may
approve and to issue bills, notes, ~r other evidence of
indebtedness therefor and to pledge~pothecate any property or
revenue in support of any such debt; and
WHEREAS, in pursuance of its statutory duties to plan and propose,
within the downtown development area, public facilities and
improvements of all kinds and to implement plans of development, the
Authority has heretofore executed a Receipt and Option Contract
(Commercial), dated August 5, 1980, pursuant to which it has
undertaken to purchase the pro~erty described therein, known as 3470
South Broadway and unimproved land to the east, in the City of
Englewood, Colorado (the City), from Public Service Company of
Colorado, upon the terms and conditions specified therein; and
WHEREAS, the Authority has hereto~f)l~cuted a partial
Ma y -¥."/ -· Assignment, dated :. :.J.1, 981, ursuant to which it has
assigned to the City its rights under said Receipt and Option Contract
(Commercial) relating to a portion of said property; and
WHEREAS, the Authority has insufficient funds in its treasury to
consummate the purchase of the remaining portion of said property and
desires to do so; and
WHEREAS, the Authority has received a proposal from Continental
National Bank, First National Bank of Englewood, and Republic National
Bank of Englewood (the Banks), a copy of which is attached hereto as
Exhibit A, offering to make available to the Authority a loan in the
principal amount of $150,000 to provide funds to consummate such
purchase.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
ENGLEWOOD DOWNTOWN DEVELOPMENT AUTHORITY THAT:
1. The proposal of the Banks (Plan A) is hereby accepted, and
the Chairman of the Board is hereby authorized and directed to signify
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the acceptance of -the Board of said proposal ( Plan A) by executing and
redelivering a copy of the same to the Banks.
i. · The Chairman of the Board and Secretary are hereby authorized
and directed to take all action necessary or desirable in order to
obtain the offered loan for the aforesaid purpose, including without
limitation ·to execute a promissory note in the principal amount of
$150,000 and a deed of trust covering the property, including an
assignment of rents in the event of default, all upon the terms and
conditions set forth in the proposal of the Banks.
3. This Resolution shall take effect immediately upon its
adoption.
RESOLUTION ADOPTED this 4th
(SEAL)
ATTEST:
t!£7J;rflL
day of ~~~-Ma_y.__~~~' 1981.
ENGLEWOOD DOWNTOWN DEVELOPMENT
AUTHORITY
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