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HomeMy WebLinkAbout8629RESOLUTION NO. 8629 A RESOLUTION APPROVING AN AGREEMENT BETWEEN PUEBLO, A MUNICIPAL CORPORATION, AND PEDCO FOUNDATION, INC. RELATING TO THE ACQUISITION OF LAND FOR JOB CREATING CAPITAL IMPROVEMENT PROJECT AND AUTHORIZING EXPENDITURE OF $325,000 THEREFOR FROM THE 1992 -2001 SALES AND USE TAX CAPITAL IMPROVEMENT PROJECT FUND WHEREAS, PEDCO Foundation, Inc. has expressed a willingness to purchase land for a Company to locate its business activities at the Pueblo Memorial Airport Industrial Park, and WHEREAS, PEDCO Foundation, Inc. through the Pueblo Economic Development Corporation has made application for funds from the 1992 -2001 Sales and Use Tax Capital Improvement Projects Fund for the purchase of such land, 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 standard established by Ordinance No. 5742 as amended and will create employment opportunities justifying the expenditure of public funds. SECTION 2 The Agreement dated as of February 22, 1999 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 $330,000 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 fee simple title to the land 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. INTRODUCED February 22, 1999 BY John Verna Councilperson APPROVED ! h h t, President of of City Council ATTEST: 4- AGREEMENT This Agreement entered into as of February 22, 1999 by and between Pueblo, a municipal corporation ( "City ") and PEDCO Foundation, Inc. ( "Foundation "), a Colorado nonprofit corporation, WITNESSETH WHEREAS, Foundation has entered or will enter into contracts to acquire real property for potential use by a Company to locate at the Pueblo Memorial Airport Industrial Park, and WHEREAS, Foundation has requested the City to advance the sum of $330,000 for the acquisition 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 $330,000 for the sole and only purpose of Foundation acquiring and Foundation will acquire good and marketable fee simple title to the real property described in the attached Exhibit "A" free of liens and encumbrances for a purchase price not to exceed the fair market value of the Property. City's funds will be advanced to Foundation 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 acquiring the Property, including closing statement and copies of the invoices or billings and evidence of good and marketable title to the acquired Property. 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 December 31, 1999 Foundation will at the request of City convey good and marketable title to the Property to the City or its designee. Such conveyance shall 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 to Light Industrial District (I -2). No transaction with respect to the sale, transfer or other disposition of the Property shall be entered into by Foundation until after the Property is rezoned to I -2 and incorporated into the Pueblo Memorial Airport Industrial Park subdivision. 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. I_C 0 P a, Municipal Corpor ion President of the City Council Attest: City 16erk Approved as to form: City AttorneJL — L -2- PEDCO Foundation, Inc. NE 1/4 of the SW 1/4 of Section 27, Township 20 South, Range 64 West of the 6th P.M., less county road, and all of the Southeast 1/4 of Section 27, Township 20 South, Range 64 West of the 6th P.M., less rights of way for railroads, telephone and /or telegraph lines and highways, also less tract of land in the Southeast corner containing 6.977 acres more or less as conveyed in certain deed from Joseph A. DeCarlo to The State Highway Commission of Colorado, dated April 10th, 1952 and filed for record April 18, 1952 and recorded in Book 1180, Page 511 in the records of Pueblo County, Colorado, containing 186 acres more or less. EXHIBIT "A"