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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"