HomeMy WebLinkAbout5139RESOLUTION NO. 5139
A RESOLUTION APPROVING THE AGREEMENT
BETWEEN PUEBLO, A MUNICIPAL CORPORATION,
AND TRANSPORTATION TECHNOLOGIES, INC.,
AND AUTHORIZING THE PRESIDENT OF THE
CITY COUNCIL TO EXECUTE SAME AND THE
DEED�REFERRED TO THEREIN.
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, COLORADO,
that:
SECTION 1.
The Agreement between the city of Pueblo, a Municipal
Corporation, and Transportation Technologies, Inc., a copy of
which is attached hereto and incorporated herein, for the reuse
and development of property for industrial purposes is hereby
approved.
SECTION 2.
The President of the City Council is hereby authorized
to execute said Agreement and the Deed referred to therein for
and on behalf of the City and the City Clerk is hereby directed
to affix the seal of the City thereto and attest same.
INTRODUCED April 25 , 1983
BY DOUGLAS L. RING
Councilman
APPROVED:
ATTEST:
1(, A. President of the Council
City Clerk
AGREEMENT
This Agreement entered into this 25th day of April,
1983 between the City of Pueblo, a Municipal Corporation, 1 City
Hall Place, Pueblo, Colorado, 81003, (herein "City ") and
Transportation Technolog?es, Inc, ( (herein "Company ") , WIT14E55ETH:
Whereas, City has acquired certain real property for the
purpose of clearing blighted areas and removal of substandard
housing, which property is described in Exhibit "A" attached
hereto (herein "Property "); and
Whereas, it would be in the best interest of the City and
in the public interest if the Property be reused and developed
for industrial purposes; and
Whereas, such reuse and development of the Property would
increase the tax base and availability of jobs and promote the
economic expansion of the City; and
Whereas, Company has proposed a plan for the reuse and
development of the Property for industrial purposes.
Now, Therefore, in consideration of the foregoing and
mutual promises set forth herein, City and Company agree as
follows:
1. City will convey to Company all of its right, title
and interest in and to the Property so long as the Property
is used for industrial purposes and subject to the following
conditions which shall run with the Property:
(a) Improvements of a permanent nature having a fair
market value as installed of at least $300,000 shall be
constructed and installed on the Property on or before
April 1, 1985 in accordance with a development plan
approved by the City, such improvements to include
without limitation a main rail car repair and maintenance
facility, office structure, fence, and railroad track.
(b) A work force performing not less than 25,000 hours
of work annually on the Property shall be employed during
the calendar year 1984 and a work force performing not
less than 52,000 hours of work annually shall be so employed
during the calendar year 1985 and each calendar year thereafter.
(c) The Property shall not be sold or otherwise trans-
ferred or exchanged.
In the event of the breach of condition (a), the Property,
free of all liens, encumbrances, taxes, easements, or rights of
way placed on the Property by the acts or defaults of Company,
will revert to the City. In the event of the breach of either
conditions (b) or (c), at the option of the then owner of the
Property, the Property, free of all liens, encumbrances, taxes,
easements, or rights of way placed on the Property by the acts
or defaults of Company, will revert to the City or the then
owner will pay to the City a sum equal to the fair market
value of the Property determined as of the date of issuance of
the deed transferring the property from the City of Pueblo to
Transportation Technologies, Inc. and excluding improvements,
within ninety days after demand by the City. Fair market value
shall be determined by a competent qualified appraiser selected
by the City.
2. Company shall immediately notify the City Manager of
City in the event of a breach of either condition (a), (b) or
(c) set forth in paragraph 1. Failure to so notify the City
shall constitute a waiver by Company of any applicable statute
or period of limitations limiting or restricting any of City's
rights or remedies under this Agreement or arising out of a
breach of any of said conditions.
3. Company shall:
(a) Construct and install improvements of a permanent
nature having a fair market value as installed of at least
$300,000 on the Property on or before April 1, 1985 in
accordance with a development plan approved by the City,
such improvements to include without limitation a main
rail car repair and maintenance building, office structure,
and railroad track.
(b) Employ a work force performing not less than 25,000
hours of work annually on the Property during the calendar
year 1984 and 52,000 hours of work during the calendar year
1985 and each calendar year thereafter.
(c) Not sell or otherwise transfer or exchange the
Property.
4. Company shall not commence development of the Property
or constructing improvements thereon until after an overall site
and development Plan for the Property has been approved by
Resolution of the City Council. City will not unreasonably
withhold such approval. All development and use of the Property
shall be in conformity with the approved Plan and in compliance
with all applicable federal, state and local laws, ordinances,
rules and regulations.
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5. This Agreement shall be binding upon and inure to the
benefit of the City and Company, their successors and assigns.
Signed at Pueblo, Colorado.
�N- 1)
ATTEST: J_ By /11,40Ja
City Clerk Pr 1. en of the City Council
APPROVED AS TO FORM:
CITY OF PUEBLO, A MUNICIPAL
CORPORATION
City Attor y
4
ATTEST:
7 6retar r
TRANSPORTATION
By
Pres
t
NC.
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- 1 —
Beginning at the intersection of the west R.O.W. line of the A.T.
& S.F. Railroad and the south line of Lot 2, Block 72, Mattice & Gibson's Add,
according to the recorded plat thereof, said point being located on the south
line of section 31, T -20 -S, R -64 -W; Thence westerly to the South 1/4 corner
0
of said section 31; Thence northerly at an angle to the right of 88 46', a
distance of 127.77' to the southeast corner of Lot 1, Block 6, Toledo Heights,
according to the recorded plat thereof; Thence northwesterly at an angle of
53 to the left, a distance of 95.68'; Thence northwesterly at an angle
of 30 to the right, a distance of 1,135.80'; Thence northerly at an angle
of 13 to the right to the southwest R.O.W. line of said A.T. & S.F. Railroad;
Thence southeasterly along said R.O.W. line to the point of beginning. less
Lots 8 and 9, Block 70; Lot 19, Block 71, and the West one -half of vacated
Fountain Avenue adjacent to Block 72, all being located in Mattice & Gibson's
Add.
EXHIBIT A
D � O
D
City of Pueblo
City Attorney
127 First National Bank Bldg.
Pueblo, Colorado 81003
June 20, 1983
Mr. Pat Maggio
Attorney at Law
401 W. 12th
Pueblo, CO 81003
Re: Transportation Technologies,
Inc.
Dear Pat:
Enclosed please find the deed from the City to Trans-
portation Technologies, Inc. properly executed and acknowledged
by the City. The deed is the original of the copy I sent
to you for review on April 29, 1983.
I understand Fred Weisbrod requested Paul Angleton
to obtain the fair market value appraisal for the property.
Upon receipt of such appraisal I'll forward a copy of same
to you.
If you have any questions, please let me know.
Very truly yours,
J CL Thomas E-: Jagger
City Attorney
TEJ:sm
enc.
cc: Fred Weisbrod
DEED
The City of Pueblo, a Municipal Corporation (herein "City ")
in consideration of the sum of One Dollar and other good and
valuable consideration, the receipt of which is hereby acknow-
ledged, does hereby sell, convey, transfer and quit claim to
Transportation Technologies, Inc., a Colorado Corporation, its
successors and assigns (herein "Company "), all of City's right,
title and interest in and to the property located in Pueblo
County, Colorado and described on Exhibit A attached hereto and
incorporated herein (herein "Property ") so long as the Property
is used for industrial purposes and subject to the following
conditions which shall run with the Property:
(a) Improvements of a permanent nature having a fair market
value as installed of at least $300,000 shall be constructed and
installed on the Property on or before April 1, 1985 in accordance
with a development plan approved by the City, such improvements to
include without limitation a main rail car repair and maintenance
facility, office structure, fence, and railroad track.
(b) A work force performing not less than 25,000 hours
of work annually on the Property shall be employed during the
calendar year 1984 and a work force performing not less than
52,000 hours of work annually shall be so employed during the
calendar year 1985 and each calendar year thereafter.
(c) The Property shall not be sold or otherwise transferred
or exchanged.
In the event of the breach of condition (a), the Property,
free of all liens, encumbrances, taxes, easements, or rights of
way placed on the Property by the acts or defaults of Company,
will revert to the City. In the event of the breach of either
conditions (b) or (c), at the option of the then owner of the
Property, the Property, free of all liens, encumbrances, taxes,
easements, or rights of way placed on the Property by the acts
or defaults of Company, will revert to the City or the then
owner will pay to the City a sum equal to the fair market
value of the Property determined as of the date of this Deed,
excluding improvements, within ninety days after demand by the
City. Fair market value shall be determined by a competent
qualified appraiser selected by the City.
Company shall immediately notify the City Manager of City
in the event of a breach of either condition (a), (b) or (c).
Failure to so notify the City shall constitute a waiver by
Company of any applicable statutes or periods of limitation
limiting or restricting any of City's rights or remedies
under this Deed or arising out of a breach of any of said
conditions.
To have and to hold
and conditions, together
and privileges thereunto
appertaining, and all th
claim whatsoever, of the
only proper use, benefit
and assigns forever.
the same subject to the above limitations
with all and singular the appurtenances
belonging, or in anywise thereunto
estate, right, title, interest and
City either in law or equity, to the
and behoof of Company, its successors
In witness whereof, the City has caused its corporate name
to be hereunto subscribed by the President of its City Council,
and its corporate seal to be hereunto affixed, attested by its
City Clerk the day and year first above written.
PUEBLO, A MUNICIPAL CORPORATION
ATTEST:
By Z1 � ' �, l �.f �` e "1
Presi en the City Council
M4.
Cit
STATE OF COLORADO )
ss.
COUNTY OF PUEBLO )
The foregoing instrument was acknowledged before me this
day of L,�.� �., 1983 by Melvin H. Takaki, DDS as
President of the City Council and Marian D. Mead as City Clerk
of the City of Pueblo, a Municipal Corporation.
My notarial commission expires: Jl,l r •� �� f i - �' / %)
Witness my hand and official seal.
[Seal]
f
Notary Public
Address
ee
T
Property tax notices to be mailed to:
Pueblo, Colorado
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