HomeMy WebLinkAbout6178RESOLUTION NO. 6178
A RESOLUTION OF INTENTION TO ISSUE REVENUE
BONDS FOR A PUBLIC GOLF COURSE
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, COLORADO, that:
0WOMTnM 1
The City Council of the City of Pueblo does hereby declare
its intention to authorize the issuance and sale of revenue bonds
to finance the cost of planning, equipping, and constructing a
quality, regulation size public golf course including clubhouse,
parking, driving range and maintenance buildings (herein "Golf
Course ") presently estimated to be $3,000,000.00 subject to and
conditioned upon:
(a) The University of Southern Colorado (USC) transferring
to the City marketable fee simple title to sufficient land
acceptable to the City as a suitable site for the Golf Course (160
acres, more or less) by cjait claim dead free of liens, encumbrances,
easements, restrictions and reservations.
(b) The Golf Course and USC's other land (410 acres, more or
less) being developed pursuant to a master development plan which
identifies and resolves development, geology, site, drainage,
vegetation, soils, and hydrology conditions and problems, traffic
impacts, and utilities and infrastructure needs and requirements.
(c) The City's sole source of funds for planning, equipping,
and constructing the Golf Course will be the net proceeds of the
revenue bonds. The City will not be responsible for any other
development expenses or cost of improvements, including without
limitation, installation of roads, water, sanitary and storm
sewer, drainage, and other_ utilities to the Golf Course in
sufficient size and capacity to serve the golf course or to
provide for drainage and traffic impacts resulting from the
development of the golf course and USC's other land. Any roads
across USC's property providing access to the Golf Course will be
dedicated roads meeting the City's standards.
(d) The Golf Course will be a public municipal Golf Course
with restricted and controlled access separated from adjacent
property by a fence, wall or other acceptable buffer area or
material installed on adjacent property to prohibit access from
adjacent property. The Golf Course will be self- contained,
located on contiguous land, and not be segregated or separated by
roads or private land.
(e) The Golf Course lay -out and location of improvements and
buildings thereon will be determined by the City and will not
expose the City to nor create unreasonable or unnecessary
operating and maintenance expenses or risks of liability to the
City.
(f) The Golf Course as a public facility will be for the
sole use and benefit of the general public on a fair, equal and
nondiscriminatory basis.
(g) The anrW xation of the Golf Course site and USC's other
proposed land to be developed into the City.
(h) The execution of a valid and enforceable development
agreement for the contemporaneous development of USC's adjacent
land with the construction of the Golf Course between USC and its
MPM
developer committing substantial funds for the development of
USC's other property and infrastructure necessary to serve the
Golf Course.
(i) Receipt by City of a current feasibility and market
analysis reasonably accurate and reliable showing the Golf Course
to be financially feasible without City subsidy.
SECTION 2
All Golf Course operating and maintenance expenses will be
paid solely from the gross revenues of the Golf Course and City
will not use or expend any other funds therefor. The revenue
bonds will be special obligations of the City and will be paid
solely from and secured by the net revenues (gross revenues less
operating and maintenance expenses) of the Golf Course and, if
required to issue the revenue bonds, the net revenues (gross
revenues less operating and maintenance expenses, including
replacement) of the City Park Golf Course.
SECTION 3
This resolution is preliminary in nature and the issuance of
the revenue .bonds,.execution of required documents, and
tion of the transactions contemplated hereby shall be subject to
the adoption of a definitive ordinance by the City Council.
INTRODUCED: April 25 , 1988
BY MIKE SALARD I NO
- Councilman
APPROVED•
7 th ident of ouncil
ATTEST
4 L
ity C1 P k
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