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HomeMy WebLinkAbout11769RESOLUTION NO. 11769 A RESOLUTION APPROVING A RELEASE OF RESTRICTIVE COVENANTS RELATING TO LOT 33, PUEBLO MEMORIAL AIRPORT INDUSTRIAL PARK SUBDIVISION AND AUTHORIZING THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE SAME BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1 The Release of Restrictive Covenants dated December 14, 2009 relating to Lot 33, Pueblo Memorial Airport Industrial Park Subdivision, 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 Release of Restrictive Covenants in the name of the City and the City Clerk is directed to affix the seal of the City thereto and attest same. SFrTin i This Resolution shall become effective upon final approval and passage. INTRODUCED: December 14, 2009 BY: Randy Thurston COUNCILPERSON APPR D' } �- PRESIDENTaf Cfty Council A77TSTFD DY: CITY CLERK ED Background Paper for Proposed RESOLUTION AGENDA ITEM # M -15 DATE: December 14, 2009 DEPARTMENT: Law Department TITLE A RESOLUTION APPROVING A RELEASE OF RESTRICTIVE COVENANTS RELATING TO LOT 33, PUEBLO MEMORIAL AIRPORT INDUSTRIAL PARK SUBDIVISION AND AUTHORIZING THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE SAME ISSUE Should City Council approve the Release of Restrictive Covenants? Approve the Release of Restrictive Covenants. BACKGROUND Big R of Lamar, Inc. is purchasing the property located at 350 Keeler Parkway ( "Property ") to locate its distribution center and business administration offices. There exists restrictive covenants prohibiting the Property from warehouse use and outside storage. The Release of Restrictive Covenants releases the Property from those restrictive covenants. FINANCIAL IMPACT None. Resolution 11769 1831648 RL COV 01/29/2010 03:01:43 PM Pan 1 of I R 6.00 0 0.00 T 6.00 Gi erl Ortiz Clerk /Recorder, Pueblo County, Co 1111 M I�L1tli� iln 'hi'� Il l KV 10 RELEASE OF RESTRICTIVE COVENANTS THIS RELEASE OF RESTRICTIVE COVENANTS is executed as of December 14, 2009 by the City of Pueblo, a Municipal Corporation (the "City "), WITNESSETH: WHEREAS, the Warranty Deed dated September 25, 1986 recorded April 14, 1987 as Instrument No. 830921 in Book 2342, Page 481, in the records of the Pueblo County Clerk and Recorder (the "Warranty Deed ") sets forth and contains in Paragraph 4 thereof certain Restrictive Covenants (the "Restrictive Covenants "), and WHEREAS, the City has reserved the right to waive all or any part of the Restrictive Covenants. NOW, THEREFORE, in consideration of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the City does waive, release and discharge the real property described in the Warranty Deed and now described as Lot 33, Pueblo Memorial Airport Industrial Park Subdivision, Pueblo County, Colorado, street address: 350 Keeler Parkway, Pueblo, Colorado, from (i) the Restrictive Covenant set forth in Paragraph 4(a) of the Warranty Deed, and (ii) the Restrictive Covenant set forth in the first sentence of Paragraph 4(b) of the Warranty Deed, provided all outdoor storage shall be in compliance with all applicable zoning and land use codes. Except as waived, released and discharged in (i) and (ii) above, the Restrictive Covenants shall remain in full force and effect. Executed the day and year above written. [ S E AL] CITY PUEBLO Attest: By City rk President of the City Council STATE OF COLORADO ) ss. COUNTY OF PUEBLO ) The foregoing instrument was acknowledged before me this 17 — day of December, 2009 by Vera Ortegon, as President of the City Council, and Gina Dutcher as City Clerk of the City of Pueblo, a Municipal Corporation. my hand and official seal. __ °s� �_ Icy mmission expires: 9 17L2 D . N ublic