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HomeMy WebLinkAbout05339'l 0 ORDINANCE NO. 5339 A ORDINANCE APPROVING A COOPERATION AGREEMENT BETWEEN THE CITY OF PUEBLO, A MUNICIPAL CORPORATION AND THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO, RELATING TO THE DOWNTOWN PUEBLO AMENDED URBAN RENEWAL PLAN (PHASE ONE URBAN RENEWAL PROJECT) AND AUTHORIZING THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE SAME BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, COLORADO, that: SECTION 1. The Cooperation Agreement dated August 25, 1986 between the City of Pueblo, a Municipal Corporation and The Urban Renewal Authority of Pueblo, Colorado, a copy of which is attached hereto and incorporated herein, having been approved as to form by the City Attorney, is hereby approved. The President of the City Council is hereby directed and authorized to execute the Coopera- tion Agreement for and on behalf of the City of Pueblo and the City Clerk is authorized and directed to affix the seal of the City thereto and attest same. SECTION 2. This Ordinance shall become effective upon final passage. INTRODUCED: August 11, 1986 By KENNETH HUNTER ounc ATTEST: Zj 'Cityf. APPRO President of the City Council COOPERATION AGREEMENT DOWNTOWN PUEBLO AMENDED URBAN RENEWAL PLAN (PHASE ONE URBAN RENEWAL PROJECT) PUEBLO, COLORADO THIS AGREEMENT, made and entered into this 25th day of August, 1986, by and between the CITY OF PUEB10, a municipal corporation (hereinafter called the "City "), and the URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO (hereinafter called the "Authority "), RECITALS A. There exist in the City of Pueblo blighted areas that constitute a serious and growing menace, injurious to public health, safety, morals and welfare of the residents of the City of Pueblo and the State of Colorado. The existence of such areas contributes substantially to the spread of disease and crime, constitutes an economic and social liability, substantially impairs or arrests the sound growth of municipalities, retards the provi- sion of housing accomodations, aggravates traffic problems and impairs or arrests the elimination of traffic hazards and the improvement of traffic facilities. B. In furtherance of the objectives of the Colorado Urban Renewal Law, the City has approved and the Authority is engaged in carrying out an Urban Renewal Project (the "Project ") pursuant to the Downtown Pueblo Amended Urban Renewal Plan (the "Plan "), dated May, 1985, as the same may be amended from time to time. C. To carry out that portion of the Plan known as the "Phase One Project" in an area known as the "Phase One Project Area" and to assist the Authority in redevelopment of the Phase One Project, it is necessary and in the public interest that the City and Authority cooperate to provide public improvements for the Phase One Project, whether the Phase One Project is carried out as a separate urban renewal project or as part of the larger project described in the Plan. D. The Authority intends to acquire real property now owned by the City in the Phase One Project Area, to construct on • portion of said property certain public improvements, including • convention center and parking structure, and to provide certain other public improvements necessary to carry out the Plan in a timely manner. The balance of the property so acquired by the Authority will be sold in accordance with the Colorado Urban Renewal Law to private redevelopers who will construct thereon certain improvements required to accomplish the purposes of the Phase One Project. - 2 - AGREEMENT NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them hereby covenants and agrees with the other as follows: 1. The Authority agrees to carry out the Plan, as it may be amended from time to time by the City Council of the City, and in particular the Authority agrees as follows: a. The Authority agrees to purchase from the City the real property now owned by the City in the Phase one Project Area for a purchase price of One Million Eight Hundred Thousand Dollars ($1,800,000.00). Should the proceeds of the Authority's tax allocation bonds be insufficient to pay this amount, the parties may agree to a reduced price in order to carry out the Plan. b. The Authority, as agent for the City, will finance and construct in the Phase One Project Area a convention center consisting of approximately 30,000 square feet of building area and a parking structure. The design and location of said convention center and parking structure shall be consistent with the provisions of the Plan as amended. After construction, the Authority will convey title to the convention center and the parking structure to the City. The City will cause said facilities to be managed on terms and conditions acceptable to the City. - 3 - c. The Authority agrees to issue its tax allocation bonds in an amount sufficient to carry out the Phase One Project in accordance with the Plan as it may be amended to accomplish the same. d. The Authority agrees to seek a qualified redeveloper or redevelopers to construct the private improvements in the Phase One Project Area contemplated by the Plan, as it may be amended. The Authority will immediately commence preparation of a request for proposals that will require a redeveloper to construct a hotel and an office building in the Phase One Project Area and require that the redeveloper incorporate into its design and management plan the public improvements described in subparagraph b., above. 2. The City agrees, subject to and within the provisions and procedures required and permitted by its charter and applicable laws, to cooperate with the Authority in the undertaking and successful completion of the Phase One Project as follows: a. To sell to the Authority for the purchase price set forth in paragraph l.a., above and to convey title to the property it owns in the Phase One Project Area to the Authority in a timely manner to permit the Authority to carry out the Plan, as amended, including those provisions applicable, or to be made applicable, to the Phase One Project. - 4 - b. To cooperate with the Authority in the provision of or extension of utilities required for the redevelopment of the Phase One Project Area. C. The parties believe that the zoning and rezoning required to carry out the Plan, including the zoning applicable to the Phase One Project Area, has been accomplished. However, if it becomes necessary to rezone properties to comply with provisions of the Plan, as it may be amended, including the Phase One Project Area, the City agrees to undertake such rezoning. d. The parties believe that all necessary street and alley vacations for the Phase One Project Area have been accomplished. However, if required to carry out the Plan, as amended, including those provisions applicable to the Phase One Project Area the City agrees to initiate and pursue appropriate action to vacate streets and alleys, grant and alter easements in and through public rights of way, and to accept dedication of other areas for street, alleys, rights -of -way or other public purposes. e. If necessary to carry out provisions of the Plan, as amended, the City agrees to provide to the Authority the services of City agencies and personnel on terms and conditions agreed to by the parties. f. The City covenants and agrees to assist the Authority and the trustee under its bond documents by pursuing all lawful procedures and remedies available to it - 5 - in collecting and depositing on a timely basis any pledged revenues under the Authority's financing documents for which the City is responsible. To the extent lawfully possible, the City will take no action that would have the effect of reducing sales tax collections that constitute pledged revenues of the Authority under its bond financing agreements for the Phase One Project Area. g. To the extent lawfully possible, the City agrees to undertake action to amend the Plan and this Agreement if requested by the Authority in order to accomplish the purposes set forth in the Plan applicable to the Phase One Project Area. 3. Neither the City nor the Authority shall be obligated or liable under the terms of this Agreement to any person or entity not a party hereto. IN WITNESS WHEREOF, the City and Authority have caused this Agreement to be executed on or as of the date first above written. ATTEST: CITY OF PUEBLO, A MUNICIPAL CORPORATION By --�� President of the City Counci Cif y Clerk - 6 URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO ATTEST: SecretAry Cairm#fi of the Commissioners - 7 -