HomeMy WebLinkAbout10675ORDINANCE NO. 10675
AN ORDINANCE APPROVING AN ASSIGNMENT AND
ASSUMPTION BETWEEN THE CITY OF PUEBLO, A
COLORADO MUNICIPAL CORPORATION, AND BIF IV
INTREPID OPCO LLC, A DELAWARE LIMITED LIABILITY
COMPANY ASSIGNING ALL RIGHTS, TITLE, INTEREST, AND
OBLIGATIONS OF BIF IV INTREPID OPCO LLC TO INTREPID
PUEBLO LLC, A DELAWARE LIMITED LIABILITY COMPANY
WHEREAS, BIF IV Intrepid OpCo, LLC has previously entered into two agreements with
the City of Pueblo including a License Agreement dated April 11, 2022 and an Exchange
Agreement dated January 5, 2023; and
WHEREAS, BIF IV Intrepid OpCo, LLC has requested that its rights, title, interest, and
obligations under those agreements with the City be transferred to a new entity, Intrepid Pueblo,
LLC;
BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The Assumption and Assignment between the City of Pueblo, a Colorado Municipal
Corporation, BIF IV Intrepid OpCo, LLC, a Delaware limited liability company, and Intrepid
Pueblo, LLC, a Delaware limited liability company, a copy of which is attached hereto, having
been approved as to form by the City Attorney, is hereby approved.
SECTION 2.
The Mayor is authorized to execute and deliver the Assignment and Assumption in the
name of the City.
SECTION 3.
This Ordinance shall become effective on the date of final action by the Mayor and City
Council.
Action by City Council:
Introduced and initial adoption of Ordinance by City Council on March 11, 2024.
Final adoption of Ordinance by City Council on March 25, 2024.
____________________________
President of City Council
Action by the Mayor:
Approved on _______________.
Disapproved on ______________ based on the following objections:
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
____________________________
Mayor
Action by City Council After Disapproval by the Mayor:
Council did not act to override the Mayor's veto.
Ordinance re-adopted on a vote of ____________, on _____________
____________________________
President of City Council
ATTEST
________________________________
City Clerk
City Clerk's Office Item # R2
Background Paper for Proposed
Ordinance
COUNCIL MEETING DATE: March 25, 2024
TO: President Mark Aliff and Members of City Council
CC: Mayor Heather Graham
VIA: Marisa Stoller, City Clerk
FROM: Andrew Hayes, Public Works Director
SUBJECT: AN ORDINANCE APPROVING AN ASSIGNMENT AND ASSUMPTION
BETWEEN THE CITY OF PUEBLO, A COLORADO MUNICIPAL
CORPORATION, AND BIF IV INTREPID OPCO LLC, A DELAWARE
LIMITED LIABILITY COMPANY ASSIGNING ALL RIGHTS, TITLE,
INTEREST, AND OBLIGATIONS OF BIF IV INTREPID OPCO LLC TO
INTREPID PUEBLO LLC, A DELAWARE LIMITED LIABILITY COMPANY
SUMMARY:
Attached is an Ordinance approving an Assignment and Assumption
PREVIOUS COUNCIL ACTION:
City Council passed Ordinance No. 10148 on April 11, 2022, approving a license
agreement with BIF IV Intrepid OpCo, LLC.
City Council passed Ordinance No. 10380 on February 13, 2023, approving an
exchange agreement with BIF IV Intrepid OpCo, LLC.
BACKGROUND:
BIF IV Intrepid OpCo, LLC has previously entered into two agreements with the City of
Pueblo including a License Agreement dated April 11, 2022 and an Exchange
Agreement dated January 5, 2023. BIF IV Intrepid OpCo, LLC has requested that its
rights, title, interest, and obligations under those agreements with the City be
transferred to a new entity, Intrepid Pueblo, LLC.
FINANCIAL IMPLICATIONS:
Not applicable to this Ordinance.
BOARD/COMMISSION RECOMMENDATION:
Not applicable to this Ordinance.
STAKEHOLDER PROCESS:
Not applicable to this Ordinance.
ALTERNATIVES:
Failure to approve this Assignment and Assumption will require Intrepid Pueblo, LLC to
enter into new agreements with the City rather than assuming the assignment of the
existing agreements.
RECOMMENDATION:
Approval of the Ordinance.
ATTACHMENTS:
1. Intrepid - Assignment of City of Pueblo License Agreement (Final)