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HomeMy WebLinkAbout06129ORDINANCE NO. 6129 AN ORDINANCE AMENDING ORDINANCE NO. 5853, APPROVING A CONVEYANCE OF LAND TO THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO, RELATING TO THE CONFERENCE CENTER AND HOTEL COMPLEX, AND APPROVING AMENDMENT NO. 1 TO THE AUGUST 25, 1986 COOPERATION AGREEMENT BETWEEN THE CITY AND AUTHORITY WHEREAS, the Urban Renewal Authority of Pueblo, Colorado (the "Authority ") has commenced construction of the conference center portion of the Amended Phase One Urban Renewal Project (the "Conference Center Project ") pursuant to a construction contract procured through competitive bidding procedures, and WHEREAS, the Authority, after advertising for competitive proposals for the development of the hotel portion of the Amended Phase One Urban Renewal Project (the "Hotel Project ") selected Mortenson Development Company as the developer of the Hotel Project (the "Developer ") and is now finalizing a Disposition And Development Agreement and Ground Lease with the Developer, and WHEREAS, at the time Ordinance No. 5853 was adopted on January 10, 1994, it was contemplated that both the Hotel Project and Conference Center Project would be constructed at the same time by the same general contractor, and WHEREAS, the general intent and purpose of Section 3(b) of Ordinance No. 5853 has been met by awarding the construction contract for the Conference Center Project through competitive bidding procedures, and WHEREAS, the Developer who is providing the majority of the construction funds for the Hotel Project proposes to act as general contractor with respect to the construction of the Hotel Project, and WHEREAS, certain amendments to the August 25, 1986 Cooperation Agreement between the City and Authority are required to reflect the current understandings and arrangements between the City and Authority, and WHEREAS, title to the real property located within the Amended Phase One Urban Renewal Project and legally described as Lots 1 through 4, both inclusive, Block 1, Pueblo Center Subdivision Filing No. 3, Pueblo County, Colorado (the "Property ") is vested in the City and it would be in the best interest of the City and in furtherance of the Amended Phase One Urban Renewal Project to transfer and convey title to the Property to the Authority. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1 Ordinance No. 5853 is hereby amended by deleting subsection (b) of Section 3 thereof in its entirety and authorizing the Developer to act as general contractor with respect to the construction of the Hotel Project. SECTION 2 The Special Warranty Deed transferring and conveying title to the Property to the Authority, a copy of which is attached hereto and incorporated herein, having been approved as to form by the City Attorney, is hereby approved and the President of the City Council is authorized to execute and deliver the Special Warranty Deed in the name of the City. SECTION 3 Amendment No. I relating to and amending the August 25, 1986 Cooperation Agreement between the Authority and City, a copy of which is attached hereto and incorporated herein, having been approved as to form by the City Attorney, is hereby approved and the President of the City Council is authorized to execute and deliver Amendment No. 1 in the name of the City. SECTION 4 This Ordinance shall become effective upon final passage. ATTEST: "-�.L -*- -": !�' --t, � , , - City Clerk INTRODUCED: October 15, 1996 By Cathy Garcia Councilperson APPROVED: —4 z : �e 4 Presi nt of the City Council -2- AMENDMENT NO. 1 THIS AMENDMENT NO. 1 entered into as of October 15, 1996 between Pueblo, a municipal corporation organized and existing under the constitution and laws of the State of Colorado (the "City ") and the Urban Renewal Authority of Pueblo, Colorado, a public body corporate and politic, organized and existing under the laws of the State of Colorado (the "Authority "), WITNESSETH: WHEREAS, the City and Authority entered into a Cooperation Agreement dated August 25, 1986 relating to the Downtown Pueblo Amended Urban Renewal Plan (Phase One Urban Renewal Project) (the "Cooperation Agreement "), and WHEREAS, conditions with respect to the Cooperation Agreement and development of the Amended Phase One Urban Renewal Project have changed and City and Authority are desirous of amending the Cooperation Agreement to reflect such changes. NOW, THEREFORE, in consideration of the foregoing and mutual covenants contained herein, City and Authority agree as follows: A. Paragraph 1 of the Cooperation Agreement is amended in its entirety to read as follows: 1. Authority agrees to carry out the Urban Renewal Plan for the Amended Phase One Urban Renewal Project for Downtown Pueblo (the "Plan ") as it may be amended from time to time by the Authority and the City Council of City, and in particular, Authority shall within the Amended Phase One Urban Renewal Project Area and in accordance with the Plan. (a) Purchase for a nominal purchase price of $10.00 the real property now owned by the City within the Amended Phase One Urban Renewal Project Area and use and dispose of the real property in accordance with the Plan. (b) Finance and construct and thereafter maintain, manage and operate or cause to be maintained, managed and operated an approximately 47,000 square foot convention center facility and appurtenant parking and landscaping within the Amended Phase One Urban Renewal Project Area. (c) Issue its $7,275,000 Revenue Refunding Bonds (Phase One Urban Renewal Project) Series 1994A and its $2,225,000 Subordinate Revenue Bonds (Phase One Urban Renewal Project) Series 1994B (together the "Authority's Bonds ") to finance improvements and carry out the Plan. (d) In accordance with applicable law, select and enter into a Disposition and Development agreement with a competent and qualified developer to construct, manage and operate a first-class hotel within the Amended Phase One Urban Renewal Project Area. (e) To the extent not prohibited by applicable law or covenants of the documents entered into by Authority with respect to Authority's Bonds, annually budget, appropriate and return to City all Authority's annual revenues in excess of expenditures made or incurred for the purposes of (1) paying the principal of, premium, if any, and interest on the Authority's Bonds and any revenue bonds issued by the Authority to refund the Authority's Bonds, (ii) paying the principal of and interest on any other indebtedness of Authority incurred by Authority with the consent and approval of City, and (iii) paying the operation and maintenance expenses of the convention center and appurtenant parking and landscaping within the Phase One Amended Urban Renewal Project Area. Such annual budget, appropriation and return by Authority of said excess revenues to the City shall continue until Authority has returned to City an amount equal to (iv) the fair market value of the land conveyed to Authority by City pursuant to paragraph 1(a) above, plus (v) all City funds advanced by City to Authority or expended by City for improvements located within the Amended Phase One Urban Renewal Project Area. (f) The amounts payable to City by Authority pursuant to subparagraphs (e)(iv) and (v) above, are and shall be construed to be indebtedness of Authority incurred for financing the Amended Phase One Urban Renewal Project. To the extent not pledged or otherwise committed by Authority under the covenants and documents entered into by Authority with respect to Authority's Bonds or for any other indebtedness of Authority consented to and approved by City, the portion of the taxes described in X31 -25- 107(9), C.R.S. are irrevocably pledged by the Authority for payment of the amounts described in subparagraphs (e)(iv) and (v) above. B. The following new paragraphs 4 and 5 are added to and incorporated into the Cooperation Agreement: 4. Ordinance No. 5853 adopted by the City Council of Pueblo on January 10, 1994 is incorporated herein as if set out herein in full. City and Authority shall be bound by the terms and provisions of Ordinance No. 5853 as amended or as it may be amended from time to time by the City Council of City. 5. Nothing contained in this Cooperation Agreement is intended to, nor shall any covenant or provision hereof amend, modify or vary or be construed to amend, modify or vary the findings and determinations made in Ordinance No. 5849 which Authority and City hereby approve, confirm and ratify, that (a) Authority is a special purpose authority as defined in Ordinance No. 5849 separate and distinct from the City, and (b) the revenues and spending of the Authority are not part of and are excluded from the revenues and spending of the City within the purview and for the purposes of Section 20 of Article X of the Colorado Constitution. C. Whenever the term "Phase One Project" is used in the Cooperation Agreement it shall mean the "Amended Phase One Urban Renewal Project." -2- 0 D. The Cooperation Agreement as amended by this Amendment No. 1 shall remain in full force and effect inuring to the benefit of and binding upon the City and Authority. Executed at Pueblo, Colorado the day and year first above written. ATTEST: ATTEST: 1�1 L_X City Cl THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO Chairman of the Commissioners PUEBLO, A MUNICIPAL CORPORATION By �- Presi ent of the City Council -3- Reception 1149384 12/06/1996 THIS SPECIAL WARRANTY DEED, Made this 15th day of October, 1996, between Pueblo, a municipal corporation organized and existing under and by virtue of the laws of the State of Colorado, Grantor, and the Urban Renewal Authority of Pueblo, Colorado, a body corporate and politic of the State of Colorado, Grantee, whose legal address is I City Hall Place, Pueblo, Colorado, 81003; WITNESSETH, That the Grantor, for and in consideration of the sum of Ten Dollars and other good and valuable consideration, the receipt and sufficiency of which are hereby 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 of the following real property in the County of Pueblo and State of Colorado, to wit: LOTS 1 THROUGH 4, BOTH INCLUSIVE, BLOCK 1, PUEBLO CENTER SUBDIVISION, FILING NO. 3, PUEBLO COUNTY, COLORADO, reserving however to Grantor, its successors and assigns, an easement on, over, under and across Lot 4, Block 1, Pueblo Center Subdivision, Filing No. 3, for utilities and surface water drainage purposes, also known by street address: None. Together with all and singular the hereditaments and appurtenances thereunto belonging, or in anywise appertaining, and the reversion and reversions, remainder and remainders, rents, issues and profits thereof, and all the estate, right, title, interest, claim and demand whatsoever, of the said Grantor, either in law or equity, of, in and to the above bargained premises, with the hereditarents and appurtenances; TO HAVE AND TO HOLD the said premises above bargained and described, with the appurtenances, unto the said Grantee, its successors and assigns forever, subject to easements, covenants, conditions, restrictions and reservations of record; apparent easements; general taxes for the year of conveyance and subsequent taxes and assessments; and, burdens incident to the real property's inclusion within any governmental entity. And the said Grantor shall WARRAN i• AND FOREVER DEFEND the above bargained premises in the quiet and peaceable possession of the Grantee and its successors and assigns, against all and every person or persons lawfully claiming or to claim the whole or any part thereof, by, through or under the said Grantor. Documentary Fee: Exempt, §39- 13- 104(a) C.R.S. Consideration paid $10.00. Ga LO of �' I �WftESS WHEREOF, the Grantor has caused its name to be subscribed by the President of � It ncil � #d its official seal to be affixed, attested by its City Clerk, the day and year first above �, , • � 7fi�:'-- . j PUEBLO, A MUNICIPAL CORPORATION `•o ,�b3 -SST; �� n' " ruR ..v B Presi nt of the itv Council City Cle STATE OF COLORADO ) COUNTY OF PUEBLO ) )Ss. The foregoing instrument was acknowledged before me this j5f� day of October, 1996 by Fay B. Kastelic as President of the City Council and Gina Dutcher as City Clerk of Pueblo, a municipal corporation. 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