HomeMy WebLinkAboutResolution-1981-0731
RESOLUTION NO. 731
Series of 1981
TITLE: A Resolution Agreeing to Issue Industrial Development Bonds
to Finance a Project for Marquette Properties, Ltd.
WHEREAS, the City of Wheat Ridge (the "City"), State of
Colorado, is authorized by the County and Municipality Development
Revenue Bond Act, Title 29, Article 3, Part 1, C.R.S. 1973, as amended
(the "Act"), for the benefit of the inhabitants of the State and for
the promotion of their health, safety, welfare, convenience, and
prosperity, to finance one or more projects, including any land,
building or other improvements and all necessary and appurtenant real
or personal properties suitable for manufacturing, industrial, commer-
cial, agricultural, or business enterprises, upon such conditions as
the City Council of the City may deem advisable; and
WHEREAS, the City is further authorized by the Act to issue
its revenue bonds or other obligations for the purpose of defraying
the cost of financing any such project; and
WHEREAS, representatives of Marquette Properties, Ltd., a
Colorado corporation, (the "User") met with officials of the City
and have advised the City of the User's interest in developing land
within the City as a site for constructing and equipping a shopping
center, which will be leased to King Soopers and others as retail
space and for other business and commercial purposes (the "Project")
subject ot the willingness of the City to finance the Project by the
issuance of industrial development revenue bonds or other obligations
pursuant to the Act; and
WHEREAS, the User has represented to the City that the Project
has been designed to qualify as a "project" within the meaning of the
Act; and
WHEREAS, 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
development of trade and other economic activity within the City; and
WHEREAS, the City has hereby determined that issuing its
industrial revenue bonds for the Project will benefit the health, welfare,
safety, convenience, and prosperity of the inhabitants of the City;
and
WHEREAS, the City wishes to proceed with the financing of the
Project, subject to the conditions herein contained; and
WHEREAS, the proposed issuance of the industrial development
revenue bonds and the execution of related financing docUflents are
not prohibited by any ordinances or rules of the City;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WHEAT RIDGE, 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
obligations (the "Bonds") in a maximum aggregate principal amount of
$4,700,000. This Resolution is and constitutes the taking of affirmative
official action by the City toward the issuance of the Bonds. The
Bonds and the financing documents relating to said Bonds shall be
subject to the terms and condi tions of a Memorandum of Agreement to be
entered into between the City and the User. No costs are to be borne
by the City in connection with the issuance of the Bonds.
Section 2. The terms and conditions of the Bonds and of the
financing documents relating to said Bonds or other obligations will
be mutually agreed upon by the City and the User, and prior to their
execution, such documents will be subject to authorization by Ordinance
of the City Council pursuant to law and any ordinance or rules of the
City and said financing documents shall provide that the Bonds shall
PAGE TWO
be secured by a first encumbrance on the Project. The issuance of the
Bonds is subject to final approval by an ordinance duly enacted by the
City Council of the City of Wheat Ridge approving the terms and condi-
tions thereof.
Section 3. The User has agreed to provide for reimbursement of
all expenses incurred or to be incurred by the City related to the
User's Project.
Section 4. Neither the Bonds, including interest and any
premiums thereon, nor anything contained in this Resolution shall con-
stitute a debt or indebtedness of the City within the meaning of the
Constitution or statutes of the State of Colorado, nor give rise to a
pecuniary liability of the City or a charge against its general credit
or taxing powers. The Bonds shall be payable solely from and secured
by a pledge of the revenues derived from and payable pursuant to the
financing documents referred to in Section 2 hereof.
Section 5. All commitments by the City made herein are subject
to the condition that on or before one year from the date hereof, the
City and the User shall have agreed to mutually acceptable terms for the
Bonds or other obligations provided for hereunder, in an amount not to
exceed $4,700,000, and for the sale and delivery thereof.
Section 6. The form of the Financing Agreement presented to the
City Council shall be approved by the City Attorney. The Mayor and the
City Clerk of the City are authorized to execute the Financing Agreement
on behalf of the City, with such changes as the City Attorney may approve.
The Mayor of the City, City Clerk, City Attorney, and other officers
and agents of the City are hereby authorized to initiate and assist in
the preparation of such documents as may be appropriate to the Bonds.
Section 7. This Resolution shall be effective for a period
of one year from the date of its adoption.
DONE AND RESOLVED this 23rd day of
March
, 1981.
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Frank Stites, Mayor
ATTEST:
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Carol F .vI1dmpf , 'VY Clerk