HomeMy WebLinkAbout10043RESOLUTION NO. 10043
A RESOLUTION APPROVING AN AMENDMENT TO SUBDIVISION IMPROVEMENTS
AGREEMENT RELATING TO SOUTHERN COLORADO MEDICAL CENTER, FILING NO. 1
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1
The Amendment To Subdivision Improvements Agreement relating to Southern Colorado
Medical Center, Filing No. 1, a copy of which is attached hereto, having been approved by the City
Attorney, is hereby approved.
SECTION 2_
The President of the City Council is authorized to execute and deliver the Amendment To
Subdivision Improvements Agreement in the name of the City and the City Clerk is directed to affix
the seal of the City thereto and attest same.
INTRODUCED January 26. 2004
D D O
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Background Paper for Proposed
RESOLUTION
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AGENDA ITEM # (
DATE: January 26, 2004
DEPARTMENT: Law Department
TITLE
A RESOLUTION APPROVING AN AMENDMENT TO SUBDIVISION IMPROVE-
MENTS AGREEMENT RELATING TO SOUTHERN COLORADO MEDICAL
CENTER, FILING NO. 1
ISSUE
Should the City Council approve the Amendment To Subdivision Improvements
Agreement relating to Southern Colorado Medical Center, Filing No. 1?
RECOMMENDATION
Approve the Amendment To Subdivision Improvements Agreement
BACKGROUND
Pursuant to the Subdivision Improvements Agreement relating to Southern
Colorado Medical Center, Filing No. 1, Peak View Business Campus, LLC
( "Subdivider ") was obligated to escrow $242,000 to fund improvements to W ildhorse
Road. Subdivider will pay the $242,000 to the Young Men's Christian Association
of Pueblo ( "YMCA "). The YMCA will hold the $242,000 in trust to be used
exclusively for the construction of West 29` Street Improvements as specified in
section 4 of Exhibit C to the YMCA's annexation agreement with the City.
FINANCIAL IMPACT
None.
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AMENDMENT TO SUBDIVISION IMPROVEMENTS AGREEMENT
On April 17, 1998, the City of Pueblo, a Municipal Corporation ( "City ") and Peak
View Business Campus, LLC, a Colorado limited liability company, ( "Subdivider ") entered
into a Subdivision Improvements Agreement which was recorded May 1, 1998, in Book 3118
at Page 136 under Reception No. 1216942 of the records of the Recorder of Pueblo County
Colorado concerning the Southern Colorado Medical Center, Filing No. 1.
Pursuant to said Agreement, the Subdivider agreed to post a $242,000 letter of credit
for improvements to Wild Horse Road.
The parties desire to modify the Subdivision Improvements Agreement as follows:
Peak View Business Campus, LLC, a Colorado Limited Liability
Company shall pay to the Young Men's Christian Association of Pueblo,
Colorado the sum of $242,000 on or before June 30, 2004. Upon receipt
of said monies the Young Men's Christian Association of Pueblo,
Colorado will provide to City an Acknowledgement of Receipt after
which the obligation of Peak View Business Campus, LLC for
improvements to Wild Horse Road shall be satisfied in full.
The Young Men's Christian Association of Pueblo, Colorado shall upon
receipt of said $242,000.00 hold same in trust to be used exclusively for
the construction of the West 29' Street Improvements as specified in
Section 4 of Exhibit "C" to the Annexation Agreement Case No. A -02-
02 YMCA recorded June 25, 2003 as Instrument No. 1509229 of the
records of the Pueblo County Clerk and Recorder.
DATED this 9th day of January, 2004.
PEAK VIEW BUSINESS CAMPUS, LLC.
a Colorado Limited Liability Company, Subdivider
By
Thomas C. Cone, Manager
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CITY OF PUEBLO, a Municipal Corporation
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ACKNOWLEDGMENT:
City erk
By 4
President, ity Council
Randy Thurston
YOUNG MEN'S CHRISTIAN ASSOCIATION
OF PUEBLO, COLORADO
By
Presi ant
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