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HomeMy WebLinkAbout6369RESOLUTION NO. 6369 A RESOLUTION APPROVING AN AGREEMENT BETWEEN PUEBLO, A MUNICIPAL CORPORATION AND PUEBLO DEVELOPMENT FOUNDATION RELATING TO THE PURCHASE OF BUILDINGS AT PUEBLO MEMORIAL AIRPORT AND AUTHORIZING THE TRANSFER OF FUNDS FOR SUCH PURPOSE WHEREAS, Halliburton Company is desirous of selling all its leases, railroad trackage, buildings and equipment located at Pueblo Memorial Airport (the "Buildings "), and WHEREAS, Pueblo Development Foundation has submitted an offer to purchase the Buildings for $300,000 which offer has been accepted by Halliburton Company, and WHEREAS, such purchase would enhance the City's opportunity for industrial and economic development at the airport industrial park and the creation of additional employment, and WHEREAS, such purchase would be in the best interests of the City and its inhabitants; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: eV0MTnM 1 The Agreement dated April 24, 1989 between Pueblo, a Munici- pal Corporation and Pueblo Development Foundation relating to the purchase of the Buildings at Pueblo Memorial Airport from Halliburton Company is hereby approved. The President of the City Council is authorized to execute and deliver the Agreement in the name of and on behalf of the City and the City Clerk is directed to affix the seal of the City thereto and attest same. SECTION 2 An amount not to exceed $300,000 is hereby authorized to be transferred from the Sales and Use Tax Capital Improvement Fund for the specific purpose of purchasing said Buildings. ATTEST: INTRODUCED: April 24, 1989 B SAMUEL CORSENTINO Councilman APPROVED: ALI ",44 Ci Clerk Pre ident of the City Council TJ 35.26 -2- AGREEMENT THIS AGREEMENT entered into the 24th day of April, 1989 between Pueblo, a Municipal Corporation (the "City ") and Pueblo Development Foundation, a Colorado nonprofit corporation (the "Foundation "), WITNESSETH: In consideration of the mutual promises herein set forth City and Foundation agree as follows: 1. Foundation will purchase from Halliburton Company all of its leases, buildings, railroad trackage and personal property located at the Pueblo Memorial Airport (the "Buildings ") for a purchase price of $300,000. 2. City will make available and advance to Foundation out of City's Sales and Use Tax Capital Improvement Fund an amount not to exceed $300,000 to be used soley for the purchase of the Buildings. 3. Foundation shall insure and protect the Buildings and use its good faith efforts to either sell or lease the Buildings at and for a fair value to a person or company for the purpose of conducting and operating an industrial business generally compatible with other industrial businesses at the Pueblo Memorial Airport. 4. Foundation shall reimburse City out of the proceeds recevied by Foundation from the sale or lease of the Buildings all funds made available and advanced to Foundation by City hereunder. 5. Immediately upon closing of the purchase for its Buildings by Foundation, Foundation and City shall terminate and cancel the Amended Lease Agreement dated September 28, 1987 between the City and Halliburton Company recorded October 28, 1987 in Book 2369 at Page 874 of the Pueblo County records and the superseded Lease Agreement dated March 12, 1979 between City and Halliburton Company concerning land at Pueblo Memorial Airport. Any subsequent transfer, sale or lease of the Buildings shall be made only after the prior approval of the City. 6. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors. [S E A L] ATTEST: C" y Clerk [S E A L] PUEBLO, A MUNICIPAL CORPORATION By P sident of the City Council PUEBLO DEVELOPMENT FOUNDATION ATTES A/t B Secretary Pre ident TJ 35.27