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HomeMy WebLinkAbout05862J� RESOLUTION NO. 5862 A RESOLUTION APPROVING AN AGREEMENT BETWEEN THE CITY OF PUEBLO, A MUNICIPAL CORPORATION AND THE PUEBLO DEVELOPMENT FOUNDATION, INC. CONCERNING THE TRANSFER OF LAND AND IMPROVE- MENTS AT PUEBLO MEMORIAL AIRPORT AND RELATING TO THE ATLAS PACIFIC ENGINEERING COMPANY'S PROJECT AND AUTHORIZING THE TRANSFER OF $37,500 FROM THE SALES AND USE TAX CAPITAL IMPROVEMENT FUND TO ATLAS PACIFIC ENGINEERING COMPANY BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, COLORADO, that: QVrmrnM t The Agreement dated August 1 1986 between the City of Pueblo, a Municipal Corporation and the Pueblo Development Foundation, Inc. (herein "Foundation "), a copy of which is attached hereto and incorporated herein, having been approved as to form by the City Attorney, is hereby approved. The President of the City Council is hereby directed and authorized to execute the Agreement and approve the agreement between the Foundation and Atlas Pacific Engineering Company (herein "Atlas Pacific ") attached thereto for and on behalf of the City and the City Clerk is directed to affix the seal of the City thereto and attest same. CFrTTnM 7 The Director of Finance is directed and authorized to transfer the sum of $37,500 to Atlas Pacific Engineering Company from the Sales and Use Tax Capital Improvement Fund for the purpose of soil analysis, erosion control and landscaping on the property described in the warranty deed attached to the agreement between the Foundation and Atlas Pacific. INTRODUCED: August 11 , 1986 By DOUGLAS L. RING ATT EST : Cit erk Counc APPRO President of the City Council -2- AGREEMENT This Agreement entered into this 1st day of August , 1986 between Pueblo, a Municipal Corporation (herein "City ") and Pueblo Development Foundation, Inc., a Colorado nonprofit corpora- tion (herein "Foundation "), WITNESSETH: Whereas, City is the owner by conveyance from the United States Government of certain land known as the Pueblo Memorial Airport, Pueblo County, Colorado; and Whereas, it would be in the best interest of the City and in the public interest if portions of the airport property not required for aviation or airport use be transferred and be reused and developed for industrial purposes; and Whereas, such reuse and development of portions of the airport industrial property would increase the tax base and availability of jobs and promote the economic expansion of the City; and Whereas, Foundation has proposed a plan for the reuse and development of a portion of the airport property for industrial use; and Whereas, the property to be developed is surplus to the City's needs. Now, Therefore, in consideration of the foregoing and mutual promises set forth herein, City and Foundation agree as follows: 1. Foundation and Atlas Pacific Engineering Company (herein "Company ") will or have entered into an agreement for the purchase and sale of property at Pueblo Memorial Airport described in Exhibit B to the Agreement (herein "Property "), which agreement is attached hereto and incorporated herein (herein "Agreement "). 2. City does hereby consent to and approve the terms and provisions of the Agreement and subject thereto will perform all acts required on its part to be performed under the Agreement including (i) performing the provisions of paragraphs 5(a), 5(b) and 17 thereof, and (ii) granting to Company the option and right of first refusal set forth in paragraph 4(d) thereof. 3. Immediately prior to the time of closing of the purchase of the Property under the Agreement, City will convey title to the Property to Foundation. 4. All funds received by Foundation from Company under the Loan Agreement between Foundation and Company shall be the property of Foundation to be used solely for the development of the Pueblo Memorial Airport in accordance with Foundation's corporate purposes. Foundation shall annually submit to the City an accounting of all funds received from Company. 5. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns. Executed the day and year first above written. ATTEST: &�,,F " W r Cl PUEBLO, A MUNICIPAL CORPORATION By 4ez 0 President of the City Council ATT EST : �j" Secretary (S E A L] PUEBLO DEVELOPMENT FOUNDATION, INC. By esid n -2- D 0 0 �J o o City of Pueblo THOMAS E. JAGGER City Attorney 127 West, First National Bank Bldg. MEMORANDUM PUEBLO, COLORADO 81003 TO: Members of the City Council FROM: City Attorney RE: Conveyance of Airport Land to Atlas Pacific Engineering Co. DATE: August 11, 1986 The resolution approves an agreement between the City of Pueblo and Pueblo Development Foundation, Inc. (PDF) and approves by incorporation the agreement between PDF and Atlas Pacific Engineering Company (Atlas Pacific). A general outline of the transactions are: (a) Atlas Pacific will relocate its manufacturing facility at Pueblo Memorial Airport and use its best efforts in good faith to employ at such facility approximately 100 employees within three years. (b) The City conveys 8.77 acres of land with the 50,000 square foot shell building to PDF which sells the land and building to Atlas Pacific for $500,000. PDF loans the $500,000 to Atlas Pacific to be repaid without interest in 34 quarterly payments of $14,300 starting January 10, 1988 with the 35th and last payment of $13,800 due July 10, 1996. The loan is secured by an irrevocable letter of credit or first deed of trust on the property. PDF will use the funds it receives from Atlas Pacific to further develop the industrial property at the airport and annually account to the City therefor. (c) The City will recompact the interior floor of the shell building at an estimate cost of $39,867 and will transfer to Atlas Pacific $37,500 to be used for soil analysis, landscaping and erosion control on the property. (d) The City will relocate Ozark Avenue and change its name to Atlas Avenue, pave the new Atlas Avenue to a width of 40 feet, provide a connecting cut across the parkway of Keeler Boulevard, and remove and relocate easements and utilities in existing Ozark. i— (e) The City will grant to Atlas Pacific in effect a five year option and /or right of first refusal to acquire an additional 8.23 acres of land north of the property and relocate any easements or utilities thereon or in Dana and Bell streets if any permanent structure, foundation, or concrete slab six inches or more in depth is to be located over any Atlas Pacific may purchase the optioned acre by showing to the City there is a Atlas Pacific will employ approximately people on the optioned proeprty within exercise of the option. T / gg e r /Jp -2- utilities or easements. property for $1.00 per reasonable expectation sixty (60) additional three (3) years of the