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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. -2- 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. -3- - 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 -2-