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HomeMy WebLinkAbout7980\ RESOLUTION NO. 7920 A RESOLUTION APPROVING ADDENDUM NO. 3 TO THE AGREEMENT BETWEEN PUEBLO, A MUNICIPAL CORPORA- TION AND ESTRADA FOODS, INC. RELATING TO A JOB CREATING CAPITAL IWROVEMENT PROJECT BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1 Addendum No. 3 to the November 13, 1995 Agreement between Pueblo, a Municipal Corporation and Estrada Foods, Inc. relating to a job creating capital improvement project, a copy of which is attached hereto, having been approved as to form by the City Attorney, is hereby approved. SECTION 2 The President of the City Council is authorized to execute and deliver Addendum No. 3 in the name of the City and the City Clerk is directed to attest same. INTRODUCED: October 15, 1996 ATTEST: By Al Gtirule Councilperson APPROVED: City Cler Pres* ent of the City Council ADDENDUM NO. 3 THIS ADDENDUM NO. 3 entered into as of October 15, 1996 between Pueblo, a Municipal Corporation (the "City ") and Estrada Foods, Inc., a Colorado corporation (the "Company "), WITNES SETH: WHEREAS, City and Company entered into an Agreement dated November 13, 1995 with respect to a job creating capital improvement project (the "Agreement "), and WHEREAS, Company is desirous of amending the Agreement to extend the commencement date of the Repayment Period. NOW, THEREFORE, in consideration of the foregoing and mutual covenants, City and Company agree as follows: The first paragraph of paragraph 4(a) of the Agreement is amended to read as follows: (a) During the seven (7) year period starting on the earlier of (i) the first day of the fourth month after substantial completion of Improvements or (ii) March 1, 1997 and ending eighty -four (84) months thereafter (the "Repayment Period ") Company shall pay to City an amount each Quarter during the Repayment Period equal to the Quarterly Employees less than the number of Quarterly Employees specified in each Quarter during the Repayment Period as follows: 2. The Agreement as amended by this Addendum No. 3 and Addendum No. 1 and No. 2 shall remain in full force and effect and be binding upon and inure to the benefit of the parties hereto and their respective successors and approved assigns. Executed in Pueblo, Colorado as of the date first above written. ESTRADA FOODS, INC. By P esident ATTEST/ ' .- Secretary > PUEBLO, A MUNICIPAL CORPORATION By Presid t of the City Council ATTEST: City Cl CONSENT AND APPROVAL We, the undersigned Guarantors of Estrada Foods, Inc.'s obligations and indebtedness under the Agreement dated November 13, 1995 between the City and Estrada Foods, Inc. do hereby consent to the above Addendum No. 3 and agree to the modification to the Agreement as contained in Addendum No. 3 without in any manner affecting our liability under our Continuing Guaranty dated January 22, 1996. ' - -- � Anthony J. E , sdada Candelario J. Caroline A. Fresquez