HomeMy WebLinkAbout5222RESOLUTION NO. 5222
A RESOLUTIO14 APPROVING A DEED TRANSFERRING
PROPERTY KNOWN AS 301 NORTH MAIN STREET,
PUEBLO, COLORADO FROM THE CITY OF PUEBLO
TO THE PUEBLO ECONOMIC DEVELOPMENT CORPORA-
TION AND AUTHORIZING THE PRESIDENT OF THE
CITY COUNCIL TO EXECUTE SAME.
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, COLORADO,
that:
RPrTTnm i _
The Deed dated August 8, 1983 between Pueblo, a Municipal
Corporation and the Pueblo Economic Development Corporation
relating to the property commonly known as 301 North Main
Street, Pueblo, Colorado, a copy of which is attached hereto
and incorporated herein, is hereby approved.
SECTION 2.
The President of the City Council is authorized and
directed to execute the Deed for and on behalf of the City
and the City Clerk is directed to affix the seal of the City
thereto and attest same.
ATTEST:
City Clerk
INTRODUCED: August 8 th — , , 1983
By Douglas L. Ring
Councilman
APPROVED:
President of the City Council
N0725695 RECORDED �; r, AUG 16 1983 BM 2166 PAGE 573
PUEBLO COUNTY, COLORADO
DEED
THIS DEED made this 8th day of August, 1983, WITNESSETH:
Pueblo, a Municipal Corporation (herein "City ") in consid-
eration of the sum of One Dollar and other good and valuable
consideration, the receipt of which is hereby acknowledged, does
hereby sell, convey, transfer and quit claim to Pueblo Economic
Development Corporation, a Colorado nonprofit corporation (herein
"PEDCO "), 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 as a business and technology center
and subject to the following conditions which shall run with the
Property:
(a) Substantial interior reconstruction of the building
located on the Property shall be commenced on or before September
1, 1984.
(b) PEDCO will, within ninety days after the end of its
1985 fiscal year and each fiscal year thereafter, pay to the
City an amount equal to twenty -five (25) percent of the net
income generated or derived by PEDCO from the Property and
deliver with each annual payment evidence, satisfactory to
the City, of the gross income and expenses therefrom.
(c) The Property shall not be, voluntarily or involuntarily,
sold, exchanged, or otherwise transferred by PEDCO.
In the event of the breach of conditions (a) or (c), the
Property, free of all liens, encumbrances, taxes, easements,
or rights of way placed on the Property by the acts or defaults
of PEDCO will revert to the City. In the event of the breach
of condition (b), at the option of the City, the condition may
be specifically enforced or the Property may revert to the City.
PEDCO shall immediately notify the 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 PEDCO 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 the same subject to the above limitations
and conditions, together with all and singular the appurtenances
and privileges thereunto belonging, or in anywise thereunto
appertaining, and all the estate, right, title, interest and
claim whatsoever, of the City either in law or equity, to the
only proper use, benefit and behoof of PEDCO.
bw, 2166 PAGE 574
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.
ATTEST:
President of the City Council �-
C A1i1A1;,*- A-J/
C Clerk
STATE OF COLORADO )
ss.
COUNTY OF PUEBLO )
The foregoing instrument was acknowledged before me this
day of , 1983 by Melvin H. Takaki,
DDS, as President oft City Council and Marian D. Mead, as
City Clerk of the City of Pueblo, a Municipal Corporation.
My notarial commission expires:
Witness my hand and official seal.
[Seal]
Notary Public
Address:
Property tax notices to be mailed to: PEDCO
Pueblo, Colorado
PUEBLO, A MUNICIPAL CORPORATION
-2-
Boos 2166 PAGE 575
A part of the South One -Half of
present City of Pueblo which wa
Fosdick, Civil Engineer for the
County, in March 1869, as shown
more particularly described as
Block 33, in that part of the
s surveyed and platted by H. M.
Probate Judge of said Pueblo
by the recorded plat thereof,
follows:
Beginning at the Southeast corner of the said Block 33; thence
West along the South line of the said Block 33 a distance of
154.22 feet; thence North and parallel to the East line of the
said Block 33 a distance of 70.72 feet; thence East and parallel
to the South line of the said Block 33 a distance of 154.22 feet
to a point on the East line of the said Block 33; thence South
along the East line of the said Block 33 a distance of 70.72
feet to the point of beginning.
These premises are sometimes described as:
The S. 70.72 feet of Lots 16, 15 and 14 and the S. 70.72 feet of
the portion of Lot 13, which lies E. of a line parallel with
and 154.22 feet West of the Easterly line of said Lot 16, all
in Block 33, in the original Town of Pueblo, now part of the
consolidated City of Pueblo, according to the recorded plat of
said Town prepared by H. M. Fosdick, Civil Engineer, for the
Probate Judge of said Pueblo County, in March 1869, being in
Pueblo County, Colorado.
EXHIBIT "A"