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HomeMy WebLinkAbout11490RESOLUTION NO. 11490 A RESOLUTION APPROVING AND ACCEPTING SPECIAL WARRANTY DEED BETWEEN THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO AND PUEBLO, A MUNICIPAL CORPORATION RELATING TO LOT 4, BLOCK 1, HISTORIC ARKANSAS RIVERWALK PROJECT, FILING ONE BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1 The Special Warranty Deed dated November 2, 2008 between the Urban Renewal Authority of Pueblo, Colorado ( "Authority ") and Pueblo, a Municipal Corporation ( "City ") relating to Lot 4, Block 1, Historic Arkansas Riverwalk Project, Filing One ( "Lot 4), a copy of which is attached hereto, having been approved as to form by the City Attorney, is hereby approved and accepted. SECTION 2 The outstanding principal on Authority's Tax Increment Special Fund Promissory Note dated June 14, 2007, payable to the City in the original principal sum of $207,983 is hereby reduced by $108,612 effective December 2, 2008. BY: Randy Thurston Councilperson PRt i I I T'�l rtw d]UH� :s r) a { CLE INTRODUCED: December 22, 2008 ffE 1 0 E = - �' Background Paper for Proposed RESOLUTION AGENDA ITEM # 13 DATE: December 22, 2008 DEPARTMENT: Law Department 1111111111144 A RESOLUTION APPROVING AND ACCEPTING SPECIAL WARRANTY DEED BETWEEN THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO AND PUEBLO, A MUNICIPAL CORPORATION RELATING TO LOT 4, BLOCK 1, HISTORIC ARKANSAS RIVERWALK PROJECT, FILING ONE ISSUE Should City Council accept the deed for Lot 4? RECOMMENDATION Accept the deed. BACKGROUND City sold Lots 3 and 4, Block 1, Historic Arkansas Riverwalk Project, Filing One, to the Urban Renewal Authority of Pueblo ( "URA ") for a purchase price of $207,983 which represented the purchase price of Lot 3 B $99,371, and Lot 4 B $108.612. URA's development agreement for Lot 4 with Walter Brewing, LLC was cancelled. In order to make Lot 4 subject to the development procedures set forth in the IGA creating the HARP Authority, the URA has conveyed Lot 4 back to the City and City will reduce URA's purchase money promissory note by $108,612, the purchase price for Lot 4. FINANCIAL IMPACT See Background. 178 WD 12/03/2008 02:20:51 PM Gilbert ' Or o tiz l Clerk//Re o de C Co M ill ' a RION �INYIN1%`1 per (*lb 1111 1 SPECIAL WARRANTY DEED THIS DEED, made this day of November, 2008 by and between the Urban Renewal Authority of Pueblo, Colorado, a body corporate and politic of the State of Colorado (herein "Grantor "), and Pueblo, a municipal corporation (herein "Grantee "),WITNE S SETH: That Grantor for and in consideration of the sum of $10.00 and other good and valuable consideration to Grantor in hand paid by the Grantee, the receipt and sufficiency whereof is hereby confessed and acknowledged, has granted, bargained, sold and conveyed, and by these presents does grant, bargain, sell, convey and confirm unto the Grantee, its successors and assigns forever, all the real property legally described as Lot 4, Block 1, Historic Arkansas Riverwalk Project, Filing One, City of Pueblo, County of Pueblo, State of Colorado (herein "Property), with all its appurtenances, and warrant title to the same against all and every person claiming the whole or any part thereof, by, through or under the Grantor, subject to easements, rights of way, covenants, restrictions and reservations of record and easements for existing utilities, sanitary sewer, water, irrigation and. a natural gas lines on, over or under the Property. I Documentary Fee: None, consideration less than $500.00 B Street Address: N/A Assessors's Schedule No. 536449004 ichael Tedesco, Executive Director URBAN RE�YWAL AUTHORITY OF PUEBY JCOLO&ADO COUNTY OF PUEBLO ) a ) ss. STATE OF COLORADO ) L. of the Board of Commissioners The foregoing instrument was acknowledged before me this day of November, 2008 by Gary L. Trujillo as Chairman and Michael Tedesco as Executive Director of the Pueblo Urban Renewal Authority of Pueblo, Colorado, a body corporate and politic of the State of Colorado. Witness my hand and official seal. My commission expires: [ MKkAELA CATALWI!1 NOTARY PUBLIC Not is STATE OF COLORADO G •: a � P �/ ' 1a y. w t7r n '�r � �•� ichael Tedesco, Executive Director URBAN RE�YWAL AUTHORITY OF PUEBY JCOLO&ADO COUNTY OF PUEBLO ) a ) ss. STATE OF COLORADO ) L. of the Board of Commissioners The foregoing instrument was acknowledged before me this day of November, 2008 by Gary L. Trujillo as Chairman and Michael Tedesco as Executive Director of the Pueblo Urban Renewal Authority of Pueblo, Colorado, a body corporate and politic of the State of Colorado. Witness my hand and official seal. My commission expires: [ MKkAELA CATALWI!1 NOTARY PUBLIC Not is STATE OF COLORADO