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HomeMy WebLinkAbout8527RESOLUTION NO. 8527 A RESOLUTION APPROVING AN AGREEMENT BETWEEN PUEBLO, A MUNICIPAL CORPORATION AND PEDCO FOUNDATION, INC. RELATING TO A JOB CREATING CAPITAL IMPROVEMENT PROJECT AND AUTHORIZING EXPENDITURE OF $250,000 THEREFOR FROM THE 1992 -2001 SALES AND USE TAX CAPITAL IMPROVEMENT PROJECTS FUND WHEREAS, PEDCO Foundation, Inc. has expressed a willingness to purchase land for a Company planning to locate its business activities within the City of Pueblo, which will commit to employ fifty (50) full time employees, and WHEREAS, PEDCO Foundation, Inc. through the Pueblo Economic Development Corpor- ation has made application for funds from the 1992 -2001 Sales and Use Tax Capital Improvement Projects Fund for the purchase of such property, and WHEREAS, the City Council is willing to approve such application for funds upon the terms and conditions set forth herein and in the attached Agreement; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: . SECTION 1 The City Council does hereby find and determine that PEDCO Foundation, Inc.'s application . for funds meets and complies with the criteria and standards established by Ordinance No. 5742 and will create employment opportunities justifying the expenditure of public funds. SECTION 2 The Agreement dated as of September 28, 1998 between Pueblo, a municipal corporation and PEDCO Foundation, Inc., attached hereto, having been approved as to form by the City Attorney, is hereby approved. The President of the City Council is authorized to execute and deliver the Agreement in the name of the City and the City Clerk is authorized and directed to affix the seal of the City thereto and attest same. SECTION 3 Funds in an amount not to exceed $250,000 are hereby authorized to be expended and made available to PEDCO Foundation, Inc. out of the 1992 -2001 Sales and Use Tax Capital Improvement Projects Fund for the sole and only purpose of reimbursing it for the cost and incurred by Foundation in purchasing good and marketable title to the property described in the attached Agreement. The funds hereby authorized to be expended shall be released and paid by the Director of Finance to or for the benefit of PEDCO Foundation, Inc. after receipt by the Director of Finance of written requests for payment required by paragraph 1 of the Agreement. SECTION 4 This Resolution shall become effective upon final passage. ATTEST: City Cle INTRODUCED: September 28, 1998 By Corinne Koehler Councilperson APP VED: President of t1&City uncil F:\ FILES\ CnMECONDEWEDCO\FOUNDAn \RESOLUn.WPD -2- AGREEMENT This Agreement entered into as of September 28, 1998 by and between Pueblo, a municipal corporation ("City') and PEDCO Foundation, Inc. ("Foundation "), a Colorado nonprofit corporation, WITNES SETH WHEREAS, Foundation has entered into a contract to purchase real property for potential use by a Company to locate in the City of Pueblo, and WHEREAS, said Company has or will commit to employ fifty (50) full -time employees at its new location in the City of Pueblo, and WHEREAS, Foundation has requested the City to advance the sum of $250,000 for the purchase of the real property and City is willing to advance such funds subject to and upon the terms and provisions set forth herein, NOW THEREFORE, in consideration of the foregoing and mutual covenants contained herein, Foundation and City agree as follows: 1. City will advance to Foundation a sum not to exceed $250,000 for the sole and only purpose of reimbursing Foundation for costs and expenses incurred by Foundation in purchasing good and marketable title to the real property described in the attached Exhibit "A" upon receipt by the City's Director of Finance of a written request for payment certified by an officer of Foundation that the amounts included in the request for payment are for the actual cost and expense incurred by Foundation in purchasing the Property, including closing statement and copies of the invoices or billings. 2. Foundation shall not sell, transfer, lease, encumber or otherwise dispose of the Property or any interest therein without the prior written consent of the City by Resolution of the City Council of City. Any sale, transfer, lease, encumbrance or other disposition of the Property without the prior consent of the City shall be void and unenforceable. 3. If an approved sale, transfer or other disposition of the Property is not completed by May 1, 1999 Foundation will at the request of City convey the Property to the City or its designee. Such conveyance should be by general warranty deed free of all liens, encumbrances and taxes, except general taxes for the year 1999. 4. At the request and expense of City, Foundation will make application for and diligently pursue the rezoning of the property from Heavy Industrial District (I -3) to Light Industrial District (I -2). 5. If Foundation defaults in the performance of any of its obligations hereunder, City may specifically enforce this Agreement or sue for damages, or both. In the event of any litigation arising out of this Agreement, the Court shall award the prevailing party its costs and expenses including reasonable attorney and expert witness fees. 6. This Agreement incorporates the entire understanding of the parties with respect to the subject matter hereof and may not be amended or modified except by instrument signed by both parties. 7. This Agreement shall inure to the benefit of the parties and their respective successors and assigns, provided that Foundation may not assign this Agreement without the prior written consent of City. Executed in Pueblo, Colorado the day and year first above written. Pueblo, a Municipal Corporation By U President of & Cit Council Attest: it C k Approved as to form: City Attorney -2- PEDCO Foundation, Inc. EXHIBIT A The north 45 acres of that certain land located in the City of Pueblo, County of Pueblo, State of Colorado more particularly described as follows: A parcel of land located within the City of Pueblo, County of Pueblo. State of Colorado to wit A parcel of land located in portions of Sections 23, 24, and 26, Township 21 South, Range 65 Wrst, r•f the 6th P.M., being more particularly described as follows: Beginning at the Southwest comer of Minnequa industrial Pork, First filing, County of Pueblo, State of Colorado. Thence the following courses: 1) South 14'45'40' West along the Easterly right -of -way line of Interstate 25, a distance of J466.67 feet to the point of curvature of Interstate 25; 2) On the arc of a curve to the left, said curve having a central angle of 11 a radius of 5534.60 feet and an arc length of 1138.50 feet (field measured) and according to Colorado State Highway right —of —way plans, a central angle of 112J'00° a radius of 57JO.00 feet and on arc length of 1138.30 feet to the point of tangent of Interstate 25; J) South 0371'47" West along the Easterly right —of —way line of Interstate 25 a distance of 1003.63 feet; 4) North 24'27:75' East a distance of 5529.90 feet to the Southeast comer of said Minnequo Industrial Park First Filing; 5) North 65'32'15 ' West along the South line of said Minnequo Industrial Pork a distance of 782.75 feet; 6) North 75'1649' West along the South fine of said Minnequo Industrial Park a distance of 475.00 feet to the POINT Of" BEWNN /Nt;. County of Pueblo, State of Colorado. Parcel contains 94.39 acres, more or less.