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HomeMy WebLinkAboutResolution-1981-0741 RESOLUTION NO. 741 SERIES OF 1981 wHEREAS, the City of Wheat Ridge (the "City"), State of Colorado, is authorized by the County and Municipality Development iievenue Bond Act, Ii tIe 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 R & D Developers, a joint venture formed under the Uniform Partnership Law of the State of Colorado (the "User") have met with officials of the City and have advised the City of the User's interest in acquiring and developing land within the City and constructing and equipped two office buildings of approximately 53,910 square feet each thereon, which will be leased to others as office 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 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 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 $8,000,000. 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 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 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 $8,000,000, and for the sale and delivery thereof. Section 6. Issuance of any Industrial Development Revenue Bonds by the City is expressly conditioned upon the developer's dedication of at least 20% of the total square footage of both buildings to retail sales tax generating uses, which 20% may be in one one-story retail building, provided that the one-story retail building be constructed prior to or simultaneously with any office building, and that the area facing the pedestrian mall in the nonretail building be service retail. 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 the 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 8. This Resolution shall be effective for a period of one year from the date of its adoption. DONE AND RESOLVED this 12tn day of October, 1981, by a vote of 5 to 2 and one abstention. ;r \-. ,-',..;,<, ..(5 ~L(",- c.= FRANK STITES, MAYOR ATTESTED: ~. ,/ 7 / tit/ / - ../ --.I ' ,. ._ c;;;{'/:'~am;i;-titfl: <-' /.