HomeMy WebLinkAboutResolution-1986-0977
RESOLUTION NO. 977
SERIES OF 1986
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 improve-
ments and all necessary and appurtenant real or personal prop-
erties 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 Foothills Medical
Associates, Inc. (the "Company"), have met with officials of
the City of Wheat Ridge, Colorado (the "City"), and have
advised the City of the interest of the Company of acquiring
land, constructing and equipping a medical office building
within the City (the "Project"), which Project will be owned by
the Company and leased to various doctor/tenants, subject to
the willingness of the City to finance the project as an
industrial development bond project, pursuant to the Colorado
County and Municipality Development Revenue Bond Act consti-
tuting Article 3, Title 29, Colorado Revised Statutes 1973, as
amended (the "Act"); and
WHEREAS, the Company 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 Company's pro-
posal 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 eco-
nomic 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 fi-
nancing 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 Company to complete
the Project within the City, the City shall take all steps nec-
essary or advisable to effect the issuance of industrial devel-
opment revenue bonds or other obligations (the "Bonds") in a
maximum aggregate principal amount of $7,000,000. This Resolu-
tion 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 Agree-
ment to be entered into between the City and the Company. No
costs are to be borne by the City in connection with the issu-
ance 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
Company, and prior to their execution, such documents will be
subject to authorization by Ordinance of the City Council pur-
suant 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 approv-
ing the terms and conditions thereof.
Section 3. The Company has agreed to provide for
reimbursement of all expenses incurred or to be incurred by the
City related to the Company'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 Company shall have agreed to
mutually acceptable terms for the Bonds or other obligations
provided for hereunder, in an amount not to exceed $7,000,000
and for the sale and delivery thereof.
-2-
Section 6. It is a condition of approval of this Inducement
Resolution by the City that the enactment of this Inducement
Resolution shall not oblige the City Council to approve any zoning
request of the Company; 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 anJ the City Clerk are authorizeJ to execute the
~emorandum 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 two years from the date of its adoption.
DONE AND READOPTED this 19th day of t-1ay, 1936.
,,-_/> ~'? - ;; ><./ A.:::7J-:
fRANK STfTES'~ r'lA YOR
ATTEST:
~/(/r.1 d;,,-
Ci ty Clerk
,
/\ d/?~1
1/
-3-