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HomeMy WebLinkAbout11226RESOLUTION NO. 11226 A RESOLUTION APPROVING AMENDMENT NO. 1 TO AN AGREEMENT BETWEEN THE CITY OF PUEBLO, A MUNICIPAL CORPORATION, AND POWER SUPERCONDUCTOR APPLICATIONS CORP., AND AUTHORIZING THE PRESIDENT OF CITY COUNCIL TO EXECUTE SAME WHEREAS, the City of Pueblo entered an Agreement with Power Superconductor Applications Corp. on March 1, 2003; and WHEREAS, both parties wish to amend the Agreement; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. A certain Amendment No. 1 to the Agreement, a copy of which is attached hereto and made a part hereof by reference, after having been approved as to form by the City Attorney, by and between the City of Pueblo, a Municipal Corporation, and Power Superconductor Applications Corp. relating to the loan of the Linear Induction Motor Research Vehicle (LIMRV) from the Pueblo Weisbrod Aircraft Museum is hereby approved, subject to the conditions as set forth in said Amendment. SECTION 2. The President of City Council is hereby authorized to execute said Amendment No. 1 to the Agreement on behalf of Pueblo, a Municipal Corporation, and the City Clerk shall affix the Seal of the City thereto and attest the same. INTRODUCED February 25, 2008 BY Judy Weaver Councilperson I`81f I T' i IL m] ATTEST D BY Res IIT2(p D 01 Aiw'22�1 p Background Paper for Proposed RESOLUTION AGENDA ITEM # G� DATE: February 25, 2008 DEPARTMENT: AVIATION - JERRY BRIENZA TITLE A RESOLUTION APPROVING AMENDMENT NO. I TO AN AGREEMENT BETWEEN THE CITY OF PUEBLO, A MUNICIPAL CORPORATION, AND POWER SUPERCONDUCTOR APPLICATIONS CORP., AND AUTHORIZING THE PRESIDENT OF CITY COUNCIL TO EXECUTE SAME ISSUE Should City Council approve an Amendment to the Agreement between the City of Pueblo and Power Superconductor Applications Corp. to extend the current agreement for an additional year. RECOMMENDATION Approval of this Resolution. BACKGROUND On March 1, 2003, the City entered into an Agreement with Power Superconductor Applications Corp. for the loan of the Linear Induction Motor Research Vehicle (LIMRV) from the Pueblo Weisbrod Aircraft Museum. The Agreement was for a five - year period ending March 1, 2008. Power Superconductor Applications Corp. has asked for an additional year to finish the refurbishment of the LIMRV before returning it to the Museum. FINANCIAL IMPACT None. PUEBLO MEMORIAL AIRPORT AGREEMENT AMENDMENT NO. 1 THIS AMENDMENT entered into as of this 25th day of February , 2008 between the City of Pueblo, a Municipal Corporation ( "City ") and Power Superconductor Applications Corp. ( "Company "), 930 Cass Street, New Castle, Pennsylvania, 16101 -5241, WITNESSETH: WHEREAS, an Agreement between the City and Company was entered into on March 1, 2003; and WHEREAS, the term of the Agreement is due to expire on March 1, 2008 and both City and Company wish to extend the lease term for an additional year; NOW, THEREFORE, in-consideration-of-the mutual covenants contained herein, City .. and Company agree as follows: 1. The term of the Agreement is hereby extended for a one -year period beginning March 1, 2008 and ending March 1, 2009 under the same terms and conditions. 2. The Agreement as modified and amended by this Amendment No. 1 shall remain in full force and effect. Signed in Pueblo, Colorado, the day and year first written above. - [SEAL] ATTEST: _ _..... City d&k APPROVED AS TO FORM: City Attome LESSOR: Pueblo, a Municipal Corporation By <`s __ Barbara Vidmar, President of City Council LESSEE: Power Superconductor Applications Corp. -