HomeMy WebLinkAbout11199RESOLUTION NO. 11199
A RESOLUTION APPROVING A MODIFICATION AGREEMENT BETWEEN THE CITY OF
PUEBLO AND PUEBLO SPRINGS RANCH, LLC RELATING TO MODIFICATION OF THE
TERM "TRIGGERING EVENT" SET FORTH IN THE WARRANTY DEED AND RIGHT OF
REVERSION DATED OCTOBER 22, 2007
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1
The Modification Agreement dated December 31, 2007 between the City of Pueblo and
Pueblo Springs Ranch, LLC relating to modification of the term "Triggering Event" set forth in
the Warranty Deed and Right of Reversion dated October 22, 2007, a copy of which is attached
hereto, having been approved as to form by the City Attorney, is hereby approved.
SECTION 2-
The President of the City Council is authorized to execute and deliver the Modification
Agreement in the name of the City and the City Clerk is directed to affix the seal of the City
thereto, attest same, and record an executed and acknowledged original thereof.
SECTION 3-
This Resolution shall become effective upon final approval and passage.
INTRODUCED January 14, 2008
BY Randy Thurston
Councilperson
APPROVED.
PRESIDENT OF THE CITY COUNCIL
ATTESTED BY:
ITY CLERK
4es - 11199
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�I .,
Background Paper for Proposed
RESOLUTION
AGENDA ITEM # 30
DATE: January 14, 2008
DEPARTMENT: Law Department
TITLE
A RESOLUTION APPROVING A MODIFICATION AGREEMENT BETWEEN THE
CITY OF PUEBLO AND PUEBLO SPRINGS RANCH, LLC RELATING TO
MODIFICATION OF THE TERM "TRIGGERING EVENT' SET FORTH IN THE
WARRANTY DEED AND RIGHT OF REVERSION DATED OCTOBER 22, 2007
ISSUE
Should City Council approve the Modification Agreement?
RECOMMENDATION
Approve the Modification Agreement.
BACKGROUND
Pursuant to Warranty Deed and Right of Reversion dated October 22, 2007
between the City and Pueblo Springs Ranch, LLC, title to the property described
therein commonly referred to as the "Lariat' will revert to Pueblo Springs Ranch,
LLC in the event of the occurrence of a Triggering Event. The Modification
Agreement changes the dates of the Triggering Event as follows: annexation of the
Lariat from December 31, 2007 to January 31, 2008 and annexation of the balance
of approximately 23,000 acres from December 31, 2008 to January 31, 2009.
FINANCIAL IMPACT
None.
-' 17 MOD AG 01/23/2008 03:47:52 PM
Gilbert Ortiz Clerk /Recorderr,TPueblo County, Cc
1111 K KN«If WHIPOwl�.�'�
MODIFICATION AGREEMENT
(Deed Recorded November 8, 2007, Reception No. 1748310,
Pueblo County. Clerk and Recorder Records)
(Deed Re- recorded January 9, 2008, Reception 1754110)
THIS MODIFICATION AGREEMENT is entered into as of December 31, 2007 by and
between Pueblo Springs Ranch, LLC ( "Grantor ") and the City of Pueblo ( "Grantee ").
WHEREAS, Grantor and Grantee made and executed Warranty Deed and Right of Reversion
dated October 22, 2007 and recorded on November 8, 2007 as Reception No. 1748310 ofthe records
of the Pueblo County Clerk and Recorder ( "Deed "), and
WHEREAS, Grantor and Grantee desire to modify and amend the term "Triggering Event"
as defined in the Deed.
NOW, THEREFORE, in consideration of the foregoing and mutual covenants contained
herein, Grantor and Grantee agree as follows:
1. The term "Triggering Event" set forth in Paragraph 3 of the Deed is hereby modified
and amended to read as follows:
As used in the Deed, "Triggering Event" means the occurrence of any of the
following: the Property is not annexed to the City on or before January 31, 2008, the
Grantor's Property is not annexed to the City on or before January 31, 2009, or
Grantee, on or before January 31, 2009, transfers, sells or conveys the Property or any
portion thereof without Grantor's prior written consent, which consent may not be
unreasonably withheld or a conditioned.
2. The Deed as amended and modified herein shall remain in full force and effect,
binding upon, and inuring to the benefit of Grantor and Grantee.
IN WITNESS WHEREOF, Grantor and Grantee have caused this Modification Agreement
to be executed on the day and year first above written.
GRANTOR:
PUEBLO SPRINGS RANCH, LLC,
a Neyada limiteoiability company
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Title: jkrnaAV, 1AA .ilK�
orlg
' �} 17 MOD AG 01/23/2008 03:47:52 PM
STATEOF Ne? A cz, ) Gilbert Ortiz C1erk0Recorderr, County, Cc
cia < ) ss ■III K K111 +IaY�ll�kl��MWI 11111
COUI�ITY OF Pl3EHE6 )
The foregoing instrument was acknowledged before me this a I 'C� day of L e Corr
200'by �J; Act
�+ �ez er the of Pueblo Springs
ranch, LLC, a Nevada limited liability company, on behalf of the co party.
Witness my hand and official seal.
My commission expires: -
f SEAL 11 AMY G. SON
L 1 Notary Public State o
No. 00. 6463Notary Pub is
My app1. exp. Apr.
GRANTEE:
CITY OF PUEBLO,
a Municipal Corporation
By V
President of the City Council
Attest: \..._PL—
city Cl�
STATE OF COLORADO )
) ss.
COUNTY OF PUEBLO )
The foregoing instrument was acknowledged before me this L day of rtu I
200`6 by P)px )')o. m Vidm0.r , the President of the City Council of the City of
Pueblo, a municipal corporation.
Witness my hand and official seal.
My commission expires: 11 .1 2 -0�
[SEAL] SUSAN M. BEERY
Notary Public
State of Colorado
2-
Notary Public