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HomeMy WebLinkAboutResolution-1983-0875 CITY OF WHEAT RIDGE, COLORADO RESOLUTION NO. 875 A RESOLUTION APPROVING THE CONSTRUCTION OF A 120-UNIT MOTOR HOTEL FACILITY; MAKING FINDINGS AND AUTHORIZING THE ISSUANCE OF REVENUE BONDS IN CONNECTION THEREWITH; AUTHORI ZING AND DIRECTING A PUBLIC HEARING FOR PUBLIC APPROVAL WITH RESPECT THERETO; AUTHORI ZING PUBLICATION OF NOTICE OF PUBLIC HEARING; APPROVING AND AUTHORIZING ACCEPTANCE BY CITY OF LETTER PROPOSAL; AUTHORIZING REPRESENTATIVES OF THE CITY TO TAKE ACTION INCIDENTAL THERETO; AND PROVIDING THE EFFECTIVE DATE OF THIS RESOLUTION. WHEREAS, the City of Wheat Ridge, Colorado (the the County of Jefferson and State of Colorado, is organized and existing home rule city and a subdivision under the Constitution and laws of the Colorado; "City") in a legally political State of WHEREAS, the City is authorized pursuant to the Colorado County and Municipality Development Revenue Bond Act, part 1, article 3, title 29, Colorado Revised Statutes 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 issue revenue bonds for the purpose of defraying the cost of financing any land, buildings or other improvements and all necessary and appurtenant real or personal properties, and any undivided or other interest in any of the foregoing, suitable for manufacturing, industrial, commercial, agricultural or business enterprises, upon such conditions as the City Council of the City may deem advisable; WHEREAS, Robert E. Harrington ("Harrington") of 5404 S.W. Scholls Ferry Rd., Portland, Oregon, has requested the City's assistance in financing the acquisition of land and the construction of a new building to be owned by Harrington, which facility will be a 120-unit motor hotel to be located within the corporate limits of the City (the "Project") as more fully described in a letter proposal of the Company dated December 2, 1983 (the "Letter Proposal"), and submitted to this meeting (a copy of which shall be filed with the records of the City); and WHEREAS, the City desires to encourage Harrington to proceed with the Project in order to further the purposes of the Act; and will with any WHEREAS, no public official exercise any discretionary respect to the financing of mater ial or significant of the City has exercised or function on behalf of the City the Project, nor shall he have financial interest direct or -2- indirect in the financing of the Project or has other conflicts of interest relating to the financing of the Project; and WHEREAS, pursuant to Section 103 (k) of the Internal Revenue Code of 1954, as amended (the "Code"), interest on industrial development bonds is not exempt from federal income tax unless such bonds rece1ve public approval "by the applicable elected representative of such governmental unit after a public hearing following reasonable public notice." NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WHEAT RIDGE, COLORADO, AS FOLLOWS: Sect ion 1. Approval of the Project; Findinqs. Based upon representations made and information supplied by Harrington in the Letter Proposal, the City hereby approves the Project and makes the following findings in connection therewith: A. The Project constitutes a "project" for purposes of the Act in that it consists of land, buildings and necessary real and personal properties, other than inventor ies, raw mater ials and other work ing capital, su i table or to be used for, or in connection with, a motel facility to be owned and operated by a commercial or business enterprise. B. The Project will promote the public purposes of the Act and the safety, welfare, convenience and prosperity of the inhabitants of Colorado by developing trade and other economic activity through the inducement of Harrington to locate his operations in the City, mitigating the threat of unemployment and secur ing and maintaining a balanced and stable economy 1n the City and in Colorado. Section 2. Authorization of Bond Financing; Acceptance of Letter Proposal. The Letter Proposal is hereby approved, and the Mayor of the City is hereby author ized to execute such Letter Proposal on behalf of the City. The City will issue its Industrial Development Revenue Bonds up to a maximum aggregate principal amount of $3,900,000 to finance the Project (the "Bonds"), such Bonds (a) to be issued in compliance with the Act, (b) to be subject to such terms and conditions as Harrington and the City, by ordinance, shall approve, and (c) shall not pledge the faith and credit or taxing powers of the City, but shall be payable solely from the revenues of the Project derived from payments to be made by Harrington in respect of the financing of the Project. Section 3. Public Hearinq. A public hearing shall be and the same hereby is ordered to be held by the City Council, at such time and place as the City - 3- Council shall indicate 1n the notice hereinafter descr ibed for the purpose of considering the proposed issuance by the City of its Bonds to finance the Project. The hearing shall be conducted in a manner that provides a reasonable opportunity for persons with differing views to be heard on both the issuance of the City's Bonds for the Project and the location and nature of the proposed facil i ty. Such hear ing shall be held in conjunction with the City's consideration of an ordinance authorizing and giving final approval to the issuance of such Bonds. Section 4. Advertisement. The City Clerk of the City be, and she hereby is, authorized and directed to publish a notice of such public hearing one time in a newspaper having general circulation in the City, which shall be The Wheat Ridge Sentinel, on a date which is not less than fourteen (14) days prior to the date of the public hearing, in order to apprise residents of the City of the proposed issuance of the City's Bonds. The official notice of public hearing shall be in substantially the following form: [Form of Official Notice of Public Hearing] STATE OF COLORADO COUNTY OF JEFFERSON ss. CITY OF WHEAT RIDGE NOTICE OF PUBLIC HEARING ISSUANCE OF CITY INDUSTRIAL REVENUE BONDS. REGARDING DEVELOPMENT PUBLIC NOTICE IS HEREBY GIVEN tha t the City Counc il of the City of Wheat Ridge, Colorado, will hold a public hearing at the City Council Chambers, Municipal Building, 7500 West 29th Avenue, Wheat Ridge, Colorado, on December ,1983, at the hour of : .m., or as soon thereafter as possible, on the proposeo- lSsuance by the City of its industrial development revenue bonds in an aggregate principal amount not to exceed $3,900,000, for the purpose of financing the costs of the acquisition of land and construction of a new building to be used as a 120-unit motel facility. The facility will be owned by Robert E. Harrington of 5404 S.W. Scholls Ferry Rd., Portland, Oregon. The facility will be located within the corporate limits of the City at 44th Avenue and Ward Road, Wheat Ridge, Colorado. Following the hearing the City Council will consider and act upon an ordinance authorizing the financing of the project and the issuance of the bonds. All interested persons are invited to attend the public hearing, which will be -4 - the only public hearing held prior to the consideration of the ordinance and the issuance of the bonds. Copies of the proposed ordinance inspection from the City Clerk, City Avenue, Wheat Ridge, Colorado. are Hall , available 7500 West for 29th THIS NOTICE GIVEN BY ORDER of the City Council of the City of Wheat Ridge, Colorado, as of the 19th day of December, 1983. IslWanda Sanq City Clerk Publish in: Wheat Ridge Sentinel Publish on: [at least 14 days' prior to hearing] , 1983. [End of Form of Official Notice of Public Hearing] Section 5. Authorization of Citv Representatives to Take Action in Connection Herewith. The appropriate officers and representatives of the City are hereby author ized and directed to take all astion necessary to accomplish the purposes of this resolution, including the acceptance and delivery of the Letter Proposal and the negotiation of agreements in connection with the financing of the Project. Section 6. Effective Date. This resolution shall take effect immediately upon its adoption. INTRODUCED, December, 1983. RE~D~ ,~pPROVED AND ADOPTED this , , day of (SEAL) CITY OF WHEAT RIDGE, COLORADO ATTEST: By: _/, ,.',/ /./ ./ -/ L,~ Frank Stites, Mayor /- / . ~ ~ , <-);4//1/,"//'# Wanda Sang, C1ty lerk I. -5- The seconded vote and motion to pass the foregoing by Counc il Member carried upon the follow1ng vote: Resolution was put duly to a Council Members voting YES: Council Members voting NO: Thereupon, favor of said the Resolution Council Members motion, the Mayor declared the duly passed. having voted 1n motion carried and After consideration of other business to come before the City Council, the meeting was adjourned. Wanda Sang, City Clerk Wheat Ridge, Colorado (SEAL) -6- STATE OF COLORADO COUNTY OF JEFFERSON ss. CITY OF WHEAT RIDGE I, Wanda Sang, the duly elected, qualified and acting City Clerk of Wheat Ridge, Colorado, do hereby certify that the attached copy of a resolution regarding the issuance of City Industrial Development Revenue Bonds is a true and correct copy thereof as passed by the City Council at a regular meeting thereof held in the City Council Chambers, Municipal Building, 7500 West 29th Avenue, Wheat Ridge, Colorado, the regular meeting place thereof, on the day of December, 1983; that a true copy of said resolution has been duly entered into the minutes and signed by the Mayor of the City Council and myself, as City Clerk, and sealed with the seal of the City; that the foregoing pages, numbered 1 to 6, inclusive, constitute a true and correct copy of the record of proceedings of the City Council at said meeting insofar as the proceedings relate to said resolution; that the proceedings were duly had and taken; that the meeting was duly held; and that the persons were present at the meeting as therein shown. IN WITNESS WHEREOF, I have hereunto set my hand and the seal of the City this 19thday of December 1983. Wanda Sang, City Clerk Wheat Ridge, Colorado (SEAL) -7- 3244A 12/01/83 CERTIFIED RECORD OF PROCEEDINGS OF THE CITY COUNCIL OF THE CITY OF WHEAT RIDGE, COLORADO WITH RESPECT TO A RESOLUTION REGARDING THE ISSUANCE OF CITY INDUSTRIAL DEVELOPMENT REVENUE BONDS (ROBERT E. HARRINGTON PROJECT) AND AUTHORIZING A PUBLIC HEARING WITH RESPECT THERETO STATE OF COLORADO ) ) COUNTY OF JEFFERSON )ss. ) CITY OF WHEAT RIDGE ) The City Council ot the City of Wheat Ridge, Colorado, held a regular meeting open to the public 1n the City Council Chambers, Municipal Building, 7500 West 29th Avenue, Wheat Ridge, Colorado, on the day of December, 1983, at the hour of __ __ P.M. The following members of the City Council were present: Dan Wilde Randy West Clyde E. Hobbs Larry Merkl Nancy R. Snow Anthony Flasco Moe Keller The fOllowing members of the City Council were absent: The following persons were also present: Wanda Sang, City Clerk John Hayes, City Attorney introduced following Resolution be passed: and moved that the -1-