HomeMy WebLinkAboutResolution-1983-0862
RESOLUTION NO.
862
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Series of 1983
TITLE: A Resolution Agreeing to Issue Industrial Development Bonds to Finance
a Project for 32150 Wadsworth Boulevard Joint Venture.
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 '~ct"), 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 includ-
ing any land, building or other improven~nts 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 3280 Wadsworth Boulevard Joint Venture, a
Colorado Partnership (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 an office building thereon, which will
be leased to Kennedy, Wilson & Downing and Argonaut Enterprises, Incorporated
as office space (the "Project"), subject to the willi.ngness 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 I_.:ity 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
Resolution No.
862
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"Bonds") in a maximum aggregate principal amount of $550,000. 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 relat-
ing to said Bonds shall be subject to the terms and conditions 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 U~ 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 pay-
able solely from Hnd 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 committments 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 $550,000, 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 uf its adoption.
DONE AND
October, 1983.
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ATTEST:
Frank Stites,