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Home My WebLink About1986-05-15 (Special) Meeting AgendaCI TY COi , '(:TL SPFCIAI . rr.n . -s11s16 • • - • • • - COUNCIL CHA"BERS C1 y of [nglewood, Colorado May IS, 1986 SPECIAL MEETING: Th C1ty Council of th City of (ngl wood, Arapahoe Coun y. Colorado, m in sp cial session on May IS, 1986, at S:IS p .m Mayor Otis, pr siding. called them ting to order. Th 1nvo at1on was 91v n by Council M mb r Higday . Ma or O 1s l d plP of all gianc . Council Asnt : Co The Ha or d 17 roll call. Upon a c all of th roll, th follow1n w, ob Jd , ozace • 8110, Bra haw, Otis. an Dy • • • • • • • • • • an n wal Au rl • T • • Englewood City Council Hay 15, 1986 · 2 • • • COU NCIL MEMBER BRADSHAW MOVED, SECONDED BY COUNCIL MEMBER KOZ~CE FOR PASSAGE OF RESOLUTION NO . 17, SERIES OF 1986. Upon a call of the roll, th vote resulted as follows: Ayes: Council M mbers Higday, Vob jda, Kozacek, Bilo, Bradshaw, O is Nays: None Abs nt : Council M mber Van Dyke Th Mayor declared the 1110 Ion carried . • • • * • Ex cutive Director Feinstein, Housing Authority, addressed Council concerning the propos d r solution relative to the intention of the City of Engl wood to finan ce a Single Family Mortgage Loan Progra with the alloca ion of funds fr the State 1n th a unt of Sl,166 ,000. He c nt d that th sp cif1c progra• would b d velop d and approved by Coun 11 at a later da e . This action 1s n cessary at this t1 1n ord r to hive th 1llocated funds set aside for the City. RESOLUTIO NO . 18 SERIES OF 1986 A RESOLUTI I DlCATI TH I TCNTI OF THC CITY or E GU O lO fl A cc A SI GLC f ILY TGAGE LOA P 0G COU IL R[ OLUTI 1$ foll [R OZA( YEO, sec O 8¥ CCU: ll . 18, SC IES Or 1986 . U n I c11l o Ay s: Couno 1 0 1s rs HI day, Yo Jd1, oz1c , Btlo, r1dshaw, on r D • ••• HI Y It S:25 • T s ourn r • • • • - NOTICE OF CALL BY THE MAYOR FOR A SPECIAL SESSION OF THE CITY COUNCIL THURSDAY, HAY 15, 1986 5: 15 P.M. The City Council of th City of Engle.-ood, Ar1p1hoe County, Colorado, Is called to I special meeting 1t City Hall, 3400 South El1ti Street, for th purpose of taking action by ordinance, or other 1pproprl1te 111e1ns 1s foll sL f'..J',.. r Call to order, lnvoc1tion, pl dge of allegiance ind roll call. ~ C:: ;,.i. t • r. To consld r a Resolution of lnduceaent for Industrial Development , I 1 Revenue Bonds for the acquisition of land and construction and equip - ping of a building for a wholesale goods and services facility for Englewood Joint Venture . O' (Ji' To consider a Resolution lndlc1tlng the Intention of the City of En - glewood to finance I single family aortgage loan prog1m. 3. Adjourn nt. sb AC L£ ENT O RECEIPT OF TICE all Council rs of th City of Engl od, do her by acknowledg r cefp of no tee of the above sp ctal call 24 hours prior tng In 1ccord1nce to Section 1··5··2·2 of th I 85 En 1,. , IS d . / ,, • • - C O U N C I L C O M M U N I C A T I O N DATE AGENDA lTEM SUBJECT lnduc nt Resolution - May 14, 1986 Industrial Development Bonds ITIATED BY ·~---En_g_l_wo_od_u_r_b_a_n_R_new_a_l_A_u_t_ho_r_1_ty_a_n_d_H_o_u_s1_n_g_A_u_t_h_or_1_t_y~ AC Tl ON PRO PO SE::D _____ co_u_n_c _11_,_PP_r_o_v1_1_o_f _a_n_l_n_d_uc_111e_nt_R_e_so_1_u_t_1 o_n_fo_r_• __ Bu rs Club Proj ct and Single Fa 11y Mortgage Loan Progra nts of state 1 glslatlon, It Is n cess1ry for City Counc i l 16, 1986, o 1pprov 1nduc nt resolutions for Industrial Bonds 1ch ar 1n lcip1t d to be lssu d Int fort COIi ng fiscal 1 g1s11tlon provides for the City to 1lloc1ted IZ,166,000 . ~t b r ser d by ht May 16th deadl nds hat City co _ 11 • S6,000, 0 loin Progr • SJ,16 ,000 1c ser Ct · • • • • - RESOLUTION NO .~ SERIES Of 1986 RESOLUTION OF INDUCEMENT FOR INDUSTRIAL DEVEVELOPMENT REVENUE BONDS FOR THE ACQUISITION OF LAND AND CONSTRUCTION AND EQUIPPING OF A BUILDING FOR A WHOLESALE GOODS AND SERVICES FACILITY FOR ENGLEWOOD JOINT VENTURE WHEREAS, the City of Enqlewood, County of Arapahoe, Sate o! Colorado (the "City") ia authorized by the County and Mun1c1pality Development Revenue Bond Act, conatitutinq Title 29, Art cle 3, Part 1, C .R.S., aa a ended (the "Act"), to !1nance one or more proJecta, 1ncludinq any land, bu1ld1n9 , or other 1mprov menta and all neceaaary and appurtenant , real or peraonal propert1ea suitable !or manu!ac tur1n9 , 1nduatr1a , comm rcial, or buaineaa enterpr aea; and WHEREAS , the City 1a further author1zed by the Act to 1aaue 1ta revenue bonda or other obl19ationa for the purpoae of defray1n9 the coat of financ1n9 any auch project; and WHEREAS , repreaen at1vea of Englewood Jo nt Venture , a Colorado Jo int venture comprised of Oaprey Develop ent Co rporation and Buyer'• Club Realty Corporat1on (the "User"), have et with o!f1c1ala of the C1ty and have adviaed the C ty of the 1nt rea of he Uaer 1n the acqu1a1t1on o! land and conatruc o n and equ1pp1nq of a build1n9 to be ua d aa a wh ol eaa 900 • and aerv1 c ea facility known aa Union Hall "Buy r• ", aa mo e f ul ly deacr b d 1n Exh1b1 A hereto ( "Po c •"). • Jc o h w1 1n9neaa of the C ty to !inane o b y ~he ance o! 1nduatr1a. o o na putau n t o th y y . • • • • • Section 2. Prior to execution of auch neceaaary financing document• aa •hall be mutually agreed upon in connection with the Project and such bonda or other obligations, auch document• will be aubject to authorization by Ordinance of the City Council pursuant to law and any ordinance• or rule• of the City. The determination of the City Council whether to approve the final iaauance of the bonda ahall be baaed upon the f nancial poaition of the Uaer and other factor• deemed aterial by the City Council . Section 3. The Uaer ahall agree to provide for the payment or reimbursement of all expenaea incurred or to be incurred by the City related to the Project. Section 4 . Thia Reaolu ion ia subject to the condition that the industrial develop ent revenue bond• for the Project ahall be iaau don or prior to a date 90 daya from the date of thia Reaolution. If auch bond• are not iaaued by auch date, thia Reaolution ahall terminate. Section 5. The Uaer'a development of the Project ahall be n a ccordance with current zoning ordinances, subdivision requl ationa and all other development requ1r ents . Section 6. Nothing conta ned n thia Reaolution ahall conatitu e the debt or ind btedneaa of the City within the mean1n9 o! the C1ty Char er or the Conatitut1on or atatutea of the State of Colorado, nor g1ve r1ae to a pecuniary 1ab1 ity of the C1ty or a charge aga1nat 1ta general credit or axing pow ra . D h1 15 V Of EAL. I ,. ea • - • • • - RCSOLUTIO O. SERIES or 1 86 ;! AR SOLUTIO I DI~ATI G THE I TENTION OF THE CITY OF ENGLE OOD TO FINA CE A SI GLE FAMILY RTGAGE LOA PROGRAM a Refon11 Act o 19 5 was passed by t U 1ted States House of er 17, 1 85 w 1ch, aMOng other things, 11 its the total a unt ti 1 function bonds" w 1ch y b 1 sued by any tate and its polltl- ubd visions 1 c y~ar by 1 os1ng certa1n vol caps that limit th tax-ex pt s of 1n rest on su h uonds for fed ral inc tax purposes; and ER[AS, t Allocation Act provides that t •1n1 t1al r llnquls nt date" or a fty of Its initial alloca fo of the vol cap Is e lat r of 91 days from t e d t o t 1nduc t resolution or June 1; and HEREAS, h City d sirs to finance I singl fa lly rtgage l<>1n program to provide mortg g loans or th acquisition, ac u1sltlon and r 1bfllt1tlon, or r 1bilft1tfon o r Id nt 11 housing f c111 I s or 1 -and lddle-1 c f 111es ad p rsons within th City; and for 11locatlo £0 BY E CITY COU IL OFT t Cl YO E tOL 11 ore • d t • d - • • • • • ATTEST: C: ty C r I, Patrfcfa H. Crow, Cfty Cler of the Cfty of Engl@wOod, Colorado, do r by cer ffy tat the above and foregoing Is a true, accurate and COITlplete copy of R solu 10 o. /i , Serf es of 19 6 . Patrfcfa R. Crow • • • - AGENDl\. ITEM -----PRESENTED BY ------- I IIOLI. CALL " d Seco,, d AH May • nt ll• n Rlnd•v """ n.A ., VntH<,~da '~t'1'A ('(lll. •Ila •r••hh- Otl\ • • • 157' AGEND1' lTEH .:2, / ) -~ .--- y d Seco,1ded ,. • tt.y • ,. • nt A.bite In . ...!!.!gae1 J ..!'.!.!! n.;1<,, 'l!Obf'ld '" 1~·~i,r,.1,. _.110 ..!.~d_!II~ Otl, (. e ( I . • • • - AGENDA ITEH ---- PRESENTED BY ------ tJ..c <-( r , -1, r,~~~'t-' l)'a'I~ «iti IIOLL CALL Moved Second d Aye, Nay Absent Abstain Hlaaay v ... , "'·"- Vr.t,,, , .... r.oin r"'" Ille, ., ...... .,_, Otl, • • • • AGENDA ITEM _(i)__ PRESENTED BY dt( :I X/t~ A/ C /A,C<2(I ( .s /J 10Y -16 C) (. 9 (6/CP ) 7 , ..... ,< , C ,,/1 ._I .... r:::. .,( /./ '--"' c7 IIOLL CALL V d Second d Av•• Nay Abtent Abataln Hladav VAn 'O-,~·- VnN>'lda ""' .. ,..,I\ If In lrad1hw Otl, I . . • • • - AGENDA ITEM ----PRESENTED BY ------ ( ooc..1 AOLL CALL ved Second d Ayes •Y Absent Kr aoev v ..... """" ,.,. ,.".,, ........ -.~"- a11 ... lr"'-;;.;h.., Otis I . . • ( (/ • • - -, . / ~.~ (),_, ,., , ,; 7 • • •