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Home My WebLink About10445RESOLUTION NO. 10445 A RESOLUTION APPROVING THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO'S PURCHASE OF THE SCHUSTERS' PRINTING BUILDING AND LAND AT 126 N. MECHANIC STREET, PUEBLO, COLORADO AND ENTERING INTO A LOAN THEREFOR WITH U.S. BANK BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1 The City Council hereby approves the Urban Renewal Authority of Pueblo, Colorado's purchase of the Schusters' Printing building and land at 126 N. Mechanic Street, Pueblo, Colorado (the "Property ") for a total amount of $327,500, computed as follows: $305,000 — purchase price, $20,000 — relocation expenses, and $2,500 — appraisal expenses. SECTION 2 The City Council hereby approves the Urban Renewal Authority of Pueblo, Colorado entering into a loan agreement with U.S. Bank for $300,000 upon terms and conditions acceptable to the Authority for the purchase of the Property. SECTION 3 This Resolution shall become effective upon final approval and passage. INTRODUCED July 11, 2005 BY Randy Thurston Councilperson APPROVED: PRES1DENT 9F CITY CPWCIL ATTESTED BY: CITY CLERK Background Paper for Proposed RESOLUTION A 16 0 . o lo y q AGENDA ITEM # 19 DATE: July 11, 2005 DEPARTMENT: Law Department TITLE A RESOLUTION APPROVING THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO'S PURCHASE OF THE SCHUSTERS' PRINTING BUILDING AND LAND AT 126 N. MECHANIC STREET, PUEBLO, COLORADO AND ENTERING INTO A LOAN THEREFOR WITH U.S. BANK ISSUE Should the City Council approve the purchase of property by the Urban Renewal Authority of Pueblo, Colorado and entering into a loan for such purpose? RECOMMENDATION City staff recommends approval of the purchase and loan. BACKGROUND The Urban Renewal Authority of Pueblo, Colorado (the "Authority") desires to purchase the Schusters' Printing building and land at 126 N. Mechanic Street, Pueblo, Colorado ( "Property) for a total amount of $327,500, computed as follows: $305,000 — purchase price equal to the fair market value appraisal; $20,000 — relocation expenses; and $2,500 — appraisal expenses, and enter into a $300,000 loan with U.S. Bank for the purchase of the Property. The purchase and loan must be approved by City Council under the bond documents and cooperation agreement. The Property will be held by the Authority for use or sale in conjunction with HARP. FINANCIAL IMPACT No financial impact to the City.