HomeMy WebLinkAboutResolution-1981-0740
RESOLUTION NO. 740
SERIES OF 1981
WH~REAS, 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,
commercial, 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 the Eagle Land Company, a
Delaware corporation (the "User") have met with officials of the City
and have advised the City of the User's interest, or an entity to be
formed at a later date in which the User is a principal, in acquiring
and developing land within the City and constructing and equipping
three buildings thereon, which will be leased to others as office and
retail space and for other business and commercial purposes (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; 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 witl1in 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 documents 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 $10,000,000. 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 conditions of the
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 document~ 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 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 conditions 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
constitute 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 $10,000,000, and for the sale and delivery
thereof.
Section 6. Issuance of any Industrial Revenue Bonds by the
City is expressly conditioned upon the developer's dedication of the
entire first floor, except for walkways and lobby space, of any
building constructed using proceeds of such Industrial Development
Revenue Bonds to retail sales tax generating uses.
It is an additional condition of approval of this Inducement
Resolution by the City that the enactment of this Inducement
Resolution shall not obligate the City Council to approve any zoning
request of the developer; all of which zoning requests must be decided
following a quasi-judicial hearing.
Section 7. The form of the Financing Agreement presented to
tne City Council shall be approved by the City Attorney. The Mayor of
the City and the City Clerk are authorized to execute the Memorandum
of Agreement, with such changes as the City Attorney may approve, on
behalf of the City. 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 3. This Resolution shall be effective for a period
of one year from the date of its adoption.
DONE AND RESOLVED this 12th day of October, 1981, by a vote
of 5 to 2 and one abstention.
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FRANK STITES, MAYOR
ATTESTED:
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Carol F. Hampf, Cit,..y Clerk