HomeMy WebLinkAbout7995RESOLUTION NO. 7995
A RESOLUTION APPROVING ADDENDUM NO. 1 TO THE
AGREEMENT BETWEEN PUEBLO, A MUNICIPAL CORPORA-
TION AND HYD -MECH PUEBLO, INC. AND JRC, LIMITED
LIABILITY COMPANY RELATING TO A JOB CREATING
CAPITAL IMPROVEMENT PROJECT
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1
Addendum No. 1 to the December 12, 1994 Agreement between Pueblo, a Municipal
Corporation and Hyd -Mech Pueblo, Inc. and JRC, Limited Liability Company 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. 1 in
the name of the City and the City Clerk is directed to attest same.
ATTEST:
City Clerk
INTRODUCED: November 25, 1996
By Char_ l c-s ,Tc)npg
Councilperson
Pres' ent of the City Council
ADDENDUM NO. 1
THIS ADDENDUM NO. I entered into as of November 25, 1996 between Pueblo, a
Municipal Corporation (the "City ") and Hyd -Mech Pueblo, Inc. and JRC, Limited Liability
Company (together the "Company "), WITNESSETH:
WHEREAS, City and Company entered into an Agreement dated December 12, 1994 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:
Paragraph 5(a) of the Agreement is amended to read as follows:
(a) During the seven (7) year period starting November 1, 1997 and ending
October 31, 2004 (the "Repayment Period ") Company shall pay to City an amount each
Quarter equal to the Quarterly Employees less than (1) during each Quarter of the first 12
months of the Repayment Period, forty (40) and (ii) during each quarter of the Repayment
Period thereafter, eighty (80) employed at the Property by Company multiplied by $285.72
(the "Company's Quarterly Payments "). For example, if for the Quarter ending June 30,
1999 the Quarterly Employees is 70, the amount payable by Company to City on or before
July 15, 1999 would be (80 - 70) x $285.72 = $2857.20.
2. The Agreement as amended by this Addendum No. 1 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.
HYD- ML -CII PUEBLO, INC.',' PUEBLO, A MUNICIPAL CORPORATION
a Colorado Corporation
By _ By
President Presi nt of the City Council
JRC, LIMITED LIABILITY COMPANY ATTEST:
a CoI Limited Lia,"ity Company City Cl k
Y
Manager
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