HomeMy WebLinkAbout11340RESOLUTION NO. 11340
A RESOLUTION APPROVING AMENDMENT NO. 1 TO THE PRE - ANNEXATION AGREEMENT
BETWEEN THE CITY OF PUEBLO AND PUEBLO SPRINGS RANCH, LLC RELATING TO AN
ESCROW FUND FOR PAYMENT OF CONSULTANTS ENGAGED TO ASSIST THE CITY WITH
RESPECT TO THE PUEBLO SPRINGS RANCH ANNEXATION
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1
Amendment No. 1 to the March 24, 2008 Pre - Annexation Agreement between the City and
Pueblo Springs Ranch, LLC relating to an escrow fund for payment of consultants engaged to
assist the City with respect to the Pueblo Springs Ranch annexation, 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 executive Amendment No. 1 in the name
of the City and the City Clerk is directed to affix the seal of the City thereto and attest same.
SECTION 3
This Resolution shall become effective upon final approval and passage.
INTRODUCED July 28, 2008
BY Vera Ortegon
Councilperson
APPROVE
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Background Paper for Proposed
RESOLUTION
AGENDA ITEM #
DATE: July 28, 2008
DEPARTMENT: Law Department
TITLE
A RESOLUTION APPROVING AMENDMENT NO. 1 TO THE PRE - ANNEXATION
AGREEMENT BETWEEN THE CITY OF PUEBLO AND PUEBLO SPRINGS
RANCH, LLC RELATING TO AN ESCROW FUND FOR PAYMENT OF
CONSULTANTS ENGAGED TO ASSIST THE CITY WITH RESPECT TO THE
PUEBLO SPRINGS RANCH ANNEXATION
ISSUE
Should City Council approve Amendment No. 1?
RECOMMENDATION
Approve Amendment No. 1.
BACKGROUND
City and Pueblo Springs Ranch, LLC entered into a Pre - Annexation Agreement and
Escrow Agreement whereby Pueblo Springs Ranch, LLC deposited $250,000 into
an escrow fund for payment of consultants engaged by City to assist in the Pueblo
Springs Ranch annexation. Pueblo Springs Ranch, LLC will pursuant to
Amendment No. 1 deposit an additional $100,000 into the escrow fund for payment
of consultants fees to prepare a fiscal impact analysis for Pueblo Springs Ranch
annexation.
FINANCIAL IMPACT
No fiscal impact to City.
AMENDMENT NO. 1
THIS AMENDMENT NO. 1 ( "Amendment') is entered into as of July 28, 2008, by and
between the City of Pueblo ( "City ") and Pueblo Springs Ranch, LLC ('Company "), WITNESSETH:
RECITALS
A. City and Company entered into a Pre - Annexation Agreement dated as of March 24,
2008 (Pre- Annexation Agreement').
B. City, Company and Community Banks of Pueblo entered into an Escrow Agreement
in conjunction with the Pre - Annexation Agreement ('Escrow Agreement').
C. City and Company desire to amend the Pre - Annexation Agreement to provide for an
additional deposit of $100,000.00 for payment of consulting services relating to preparation of a
fiscal impact analysis for Pueblo Springs Ranch annexation.
NOW, THEREFORE, in consideration of the foregoing Recitals and mutual covenants
contained herein, City and Company agree as follows:
The Recitals set forth above are true and correct.
2. The escrow deposit described in paragraph 2 of the Pre - Annexation Agreement
('Deposit') shall be increased by $100,000.00 to $350,000.00.
3. Company shall on or before August 15, 2008 pay and deposit the additional
$100,000.00 into the Pueblo Escrow Fund held by Community Banks of Colorado as Escrow Agent
under the Escrow Agreement to be held, paid and disbursed by the Escrow Agent as provided in the
Pre - Annexation Agreement and Escrow Agreement for professional consulting services and
expenses for the preparation of a fiscal impact analysis for Pueblo Springs Ranch annexation.
4. The Pre - Annexation Agreement as modified by the Amendment No. 1 shall remain
in effect and shall be binding upon and inure to the benefit of City and Company and their respective
successors.
Executed in Pueblo, Colorado and day and year first above written.
CITY PUE
Attest: By
City Cl President of the City Council
PUEBLO SPRINGS RANCH, LLC
Attest: By
Name:
Title: 14 �✓�'ne, k
CONSENT OF ESCROW AGENT
Community Banks of Colorado as escrow agent for the Pueblo Escrow Fund under the
Escrow Agreement described in Recital B of the foregoing Amendment No. 1 consents to the deposit
of the additional $100,000.00 into the Pueblo Escrow Fund and agrees to hold, pay and disburse the
additional $100,000.00 as part of the Pueblo Escrow Fund in accordance with the provisions of the
Escrow Agreement.
Executed at Pueblo, Colorado O / , 2008.
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