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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 -3-