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HomeMy WebLinkAbout8490RESOLUTION NO 8490 A RESOLUTION APPROVING AN AGREEMENT BETWEEN THE " CITY OF PUEBLO, A MUNICIPAL CORPORATION, AND THE HARP FOUNDATION, A COLORADO CHARITABLE NONPROFIT CORPORATION, REGARDING THE RECIPIENT SHARE OF THE COST FOR ECONOMIC DEVELOPMENT ADMINISTRATION FINANCIAL ASSISTANCE AWARD NO. 05 -01 -02935 TO CONSTRUCT INFRASTRUCTURE IMPROVEMENTS ON THE HISTORIC ARKANSAS RIVERWALK OF PUEBLO AND AUTHORIZING THE PRESIDENT OF CITY COUNCIL TO EXECUTE SAME , :V, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PUEBLO, COLORADO, that: Section 1: An agreement between the City of Pueblo, a Municipal Corporation, and the HARP Foundation, a Colorado Charitable Nonprofit Corporation, a copy of which is attached and incorporated and having been approved as to form by the City Attorney, is hereby approved. Section 2• The President of City Council is hereby authorized to execute and deliver said contract on behalf of the City of Pueblo, a Municipal Corporation, and the City Clerk shall of fix the Seal of the City thereto and attest same. Section 3• Funding assistance received as a result of this contract will be a portion of the recipients share of the Economic Development Administration Financial Assistance Award No. 05 -01- 02935. INTRODUCED: August 10, 1998 ATTEST: ITY CLERK BY: Robert Schilling COUNCILPERSON APPR VED: G 1/Cc� PRESIDENT F CI Y COUNCIL -*- Council Agenda 5 , /_-_ A RESOLUTION APPROVING AN AGREEMENT BETWEEN THE CITY OF E PU BLO, A MUNICIPAL CORPORATION, AND THE HARP FOUNDATION, A COLORADO CHARITABLE NONPROFIT CORPORATION, REGARDING THE RECIPIENT SHARE OF THE COST FOR ECONOMIC DEVELOPMENT ADMINISTRATION FINANCIAL ASSISTANCE AWARD NO. 05 -01 -0 35 TO CONSTRUCT , Title INFRASTRUCTURE IMPROVEMENTS ON THE HISTORIC ARKANSAS RIVERWALK Agenda Item # ` OF PUEBLO AND AUTHORIZING THE PRESIDENT OF CITY COUNCIL TO EXECUTE SAME Department: PLANNING & DEVELOPMENT Date: ISSUE: Should the City of Pueblo enter into an agreement with the HARP Foundation for $712,500. This money will serve as a portion of the recipient match for the $1.2 million EDA Grant. BACKGROUND: The HARP Foundation has received funds from the E1 Pomar Foundation, the Coors Foundation, and other miscellaneous sources. These funds are to be used to fund the Amphitheater and Grand Entryway, the Boat House Facility, and streetscapes. The scope of these projects are similar to the infrastructure project to be funded by EDA. The Foundation and the various donors to the HARP foundation have agreed to allow the Foundation to bundle a portion of their project with the EDA Project. We are, therefore, able to use the HARP Foundation's money as a match. For the City to comply with Paragraph 5 of the Special Conditions of the Economic Development Administration of the Financial Assistance Award No. 05 -01- 02935, the City must certify that the non - federal share of the projects costs is committed and is available as needed for the project. RECOMMENDATION: Entering into this agreement with the HARP Foundation will commit the Foundation funds and make them available for the EDA match. Due to the fifteen (15) day turn around time allowed by EDA, please note that at the time of writing the City Attorney has not drafted the agreement with the Foundation. The contract will be delivered to you as soon as we receive it. The Foundation will approve this agreement at a special meeting to be held at 3:30 P.M. on August 10, 1998. M MINUMMEN, AGREEMENT THIS AGREEMENT entered into as of August 10, 1998 between Pueblo, a municipal corporation (the "City ") and The HARP Foundation, a Colorado nonprofit corporation (the "Foundation "). WHEREAS, the Foundation has funds committed and available to it for the purpose of assisting in the development and construction of HARP, and WHEREAS, the City has received an Economic Development Administration Financial Assistance Award No.05 -01 -02935 for $1.2 Million Dollars (the "Award ") for the construction of infrastructure improvements at the HARP site (the "Project "), and WHEREAS, as a condition of the Award the City must certify that the $962,500 non - federal share of Project costs is committed and available as needed for the Project, and WHEREAS, Foundation funds are necessary for City to make such certification. NOW, THEREFORE, in consideration of City accepting the Award, and the following mutual covenants contained herein, City and Foundation agree as follows: 1. Foundation warrants and represents that: (a) Foundation is duly organized and validly existing in good standing under the laws of the State of Colorado, has all necessary powers and authority to enter into and perform the covenants and agreements on its part to be performed in this Agreement, and by proper action has duly authorized the execution and delivery of this Agreement. (b) This Agreement constitutes a legal, valid and binding obligation of Foundation enforceable in accordance with its terms. (c) Foundation is familiar with and understands what HARP infrastructure improvements are required to be constructed and installed for the Project. (d) Foundation has funds in the amount of $712,500 committed and available from sources which can be used as match for the Award for the construction and installation of portions of the HARP infrastructure improvements required to be constructed and installed for the Project ( "Foundation Funds "). 2. Foundation shall pay and disburse Foundation Funds in an amount not less than $712,500 as needed by the City to City's Director of Finance within thirty (30) days after written request therefor from City. 3. If Foundation Funds are restricted by donors to specific portions of the HARP infrastructure improvements to be constructed and installed as part of the Project, Foundation shall so notify City in writing describing the specific HARP infrastructure improvements for the Project and the restricted funds available therefor. City will only use such restricted Foundation Funds for the construction and installation of those specific portions of the HARP infrastructure improvements so described by Foundation. 4. Any notice required or permitted to be given under this Agreement shall be deemed given when delivered or mailed certified mail, postage prepaid, as follows: If to City: City of Pueblo, I City Hall Place, Pueblo, Colorado, 81003, Attention: Director of Finance If to Foundation: The HARP Foundation, 201 South Victoria, Pueblo, Colorado 81003, Attention: President , or to such other address as either party may designate in writing given to the other party. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns. Executed at Pueblo, Colorado as of the day and year first above written. [SEAL] PUEBLO, A MUNICIPAL CORPORATION ATTEST: By 1/ A1,-- City Cl President of e City 6uncil APPROVED AS TO FORM: City Attorne [SEA1 ATTEST: Secretary THE HARP FOUNDATION By resident