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HomeMy WebLinkAboutResolution-1984-0906 CITY OF WHEAT RIDGE, COLORADO RESOLUTION NO. ~ SERIES OF 1984 A RESOLUTION OF THE CITY OF WHEAT RIDGE, COLORADO, SETTING FORTH THE INTENT OF THE CITY TO ISSUE INDUSTRIAL DEVELOP- MENT REVENUE BONDS FOR PEARSE ELECTRONICS, INC. WHEREAS, the City of Wheat Ridge, Colorado (the "City"), is authorized by the County and Municipality Develo];lnent Revenue Bonds Act, constituting Article 3, Title 29 of Colorado Revised Statutes (the "Act"), to finance one or more projects for profit or nonprofit corporations, including any land, building or other improvement and all real or personal properties suitable or used for or in connection with any manufacturing, industrial, comercial, agricultural or busi- ness enterprise, upon such conditions as the City Council may deem advisable; and WHEREAS, the City is further authorized by the Act to issue its revenue bonds for the purpose of defraying the cost of financing any such project; and WHEREAS, William Pearse, an individual (the "Owner"), has met with officials of the City and has advised the City of his inter- est in acquiring a parcel of land within the City and constructing a commercial facility thereon (the "Project"), subject to the willing- ness of the City to issue industrial development revenue bonds pursu- ant to the Act for financing a portion of the cost of the Project; and WHEREAS, Electronics, Inc. the Owner will lease the Project to Pearse (the "Company"); and WHEREAS, the City Council of the City of Wheat Ridge has considered the request of the Company and has concluded that the Project will be economically beneficial to the City and desires to indicate its intent to proceed with the financing of the Project; and WHEREAS, the action herein contemplated is not prohibited by the City's Charter. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WHEAT RIDGE, COLORADO: SECTION 1. In order to assist and to induce the Owner to locate the project within the corporate boundaries of the City, it is the Ci ty Council's intent to take all necessary or adv isable steps to effect the issuance of industrial development revenue bonds in the maximum aggregate principal amount of $2,100,000 or such lesser amount as shall be determined and agreed upon by the Owner and the City to finance the Project. SECTION 2. No costs or expenses shall be borne by the Ci ty in connection with the issuance of the industrial develoj:l;lent revenue bonds, the preparation of any documents relating thereto or any legal or financial consultants retained in connection therewith. SECTION 3. Prior to the execution of the financing docu- ments in connection with the Project and the industrial development revenue bonds, such documents shall be subject to authorization ~. ordinance of the City pursuant to law. SECTION 4. The agreements of the City set forth above are expressly conditioned upon the securing by the Company or the city from the Colorado Department of Local Affairs of a sufficient amount of the volume ceiling imposed by the federal income tax laws (vested in the Department of Local hffairs by the Governor of Colorado) so that the industrial development revenue bonds may be issued as tax-exempt obl igations under the federal income tax laws existing Oil the date of the issuance of such bonds. SECTION 5. All orders, bylaws and resolutions, or parts thereof, in conflict with this resolution are hereby repealed. This repealer shall not be construed to revive any order, bylaw or resolu- tion, or part thereof, heretofore repealed. SECTION 6. If any section, paragraph, clause or prOVIsIon of this resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remainins provisions of this resolution. SECTION 7. This resol ution shall take effect immediately upon its introduction and passage. -2- INTRODUCED, READ AND ADOPTED by a vote of 6 for and 1 against at a regularly scheduled meeting of the City Council of the City of Wheat Ridge on the 8th day of October, 1984, at 7:30 p.m. at Council Chambers, 7500 ~vest 29th Avenue, Wheat Ridge, Colorado. '0/J: .J~.L~<-- ' Frank Stites, Mayor ATTEST L~ Ci ty erk L '-' ~'.l \ i J/Lf1-.~ Wanda Sang, -3-