HomeMy WebLinkAbout8020RESOLUTION NO. 8020
A RESOLUTION CONSENTING TO THE URBAN RENEWAL
AUTHORITY OF PUEBLO, COLORADO ENTERING INTO
CONTRACTS, AGREEMENTS AND DOCUMENTS WITH
MORTENSON DEVELOPMENT COMPANY FOR THE
DEVELOPMENT AND CONSTRUCTION OF THE HOTEL
PORTION OF THE AMENDED PHASE ONE URBAN RENEWAL
PROJECT
WHEREAS, Ordinance No. 5853 and the bond documents for the Urban Renewal Authority
of Pueblo, Colorado (the "Authority ") Series 1994 Bonds required the consent by Resolution of the
City Council before the Authority enters into any contract or agreement with respect to or
concerning the development, construction, operation or maintenance of the Amended Phase One
Urban Renewal Project or expending, committing or using any part of the proceeds of the
Authority's Series 1994 Bonds, and
WHEREAS, the Authority has approved and authorized the execution and delivery of the
following documents between the Authority and Mortenson Development Company (the
"Developer "), to -wit: Agreement For Disposition And Development, Ground Lease, and Parking
Management And Reciprocal Easement Agreement (collectively the "Documents ") for the
development and construction of the Hotel portion of the Amended Phase One Urban Renewal
Project, NOW THEREFORE
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1
The City Council of Pueblo, a Municipal Corporation does hereby consent to the Authority
entering into the Documents with the Developer and expending, committing and using the proceeds
of the Authority's Series 1994 Bonds as provided in and contemplated by the Documents.
ATTEST:
City Clerk
INTRODUCED: January 6, 1997
B Cathy Garcia
Councilperson
APPROVED.
Presi ent of the Ci y Council
RESOLUTION NO. 97 -1
A RESOLUTION AUTHORIZING THE EXECUTION OF A DISPOSITION AND
DEVELOPMENT AGREEA.7ENT, A GROUND LEASE AND A PARKING MANAGEMENT
AND RECIPROCAL EASEMENT AGREEMENT WITH
MORTENSON DEVELOPMENT COMPANY
WHEREAS, the Urban Renewal Authority of Pueblo, Colorado (the "Authority "), is carrying out the
Urban Renewal Plan (the "Plan ") for the area (the "Project Area ") included in the Phase One Urban
Renewal Project for Downtown Pueblo (the "Project "); and
WHEREAS, pursuant to its adopted competitive bidding procedure, the Authority has been negotiating
with Mortenson Development Company, a Minnesota corporation (the "Developer ") to lease a parcel of
real property (the "Hotel Parcel ") in the Project Area and to constrict and operate thereon a first - class,
full service hotel (the "Hotel ") adjacent to the convention center facility (the "Convention Center") now
under construction in the Project Area and
WHEREAS, the Developer possesses the qualifications and financial resources necessary to lease the
Hotel Parcel and to constnict and operate the Hotel in a manner compatible with the Convention Center;
and
WHEREAS, i7 furtherance of the 'Plait and the Project, it is necessary and in the public interest that the
Authority ent :r into the agreements listed in Section 1, below:
NOW, THEREFORE, BE iT RESOLV €'D BY THE BOARD OF C01"011AISSIONERS OF THE URBAN
RENEWAL. AUTHORITY OF PL EBI._O, COLORADO:
&�Li a_i - The Authority hereby approves and authorizes the Chairman, to execute on behalf of the
Authority and the Secretary to ,. to the following documents by and between the Authority and the
Developer, copies of which are filed with tho minutes of this meeting: the Disposition ah(T Development
Agreenent, the Ground Lease and the Pai - king Management and Reciprocal Easement Agreement.
&Ian 22 . The terms of dhe disposition, including the rent and the proposed price, are not less than
the fair value of the Hotel Parcel for use in accordance with the Plan.
Sect ion The above documents are approved in substantially the form presented. The Chairman
is auftrizad to approve minor revisions to the documents that do not substantially change the rights and
responsibilities of the Authority.
ADOPTED this 6th day of January, I�)97.
Joseph A. Fortino, Chairman