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HomeMy WebLinkAbout6579RESOLUTION NO. 6579 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PUEBLO, COLORADO AUTHORIZING IN CONCEPT THE PARTICIPATION BY THE CITY IN THE FINANCING OF A DOWNTOWN CONFERENCE CENTER IN CONJUNCTION WITH THE URBAN RENEWAL AUTHORITY OF THE CITY OF PUEBLO, COLORADO WHEREAS, the Urban Renewal Authority of Pueblo, Colorado (the "Authority ") is a public body corporate and politic, and has been duly created, organized, established and authorized by the City of Pueblo, Colorado (the "City ") to transact business and exercise its powers as an urban renewal authority, all under and pursuant to the Colorado Urban Renewal Law, constituting part 1 of article 25 of title 31, Colorado Revised Statutes (the "Act "); and WHEREAS, pursuant to Section 31 -25 -109 of the Act, the Authority has the power and authority to issue "bonds" (defined by the Act to mean and include bonds, interim certificates or receipts, temporary bonds, certificates of indebtedness, debentures or other obligations) to finance the activities or operations permitted and authorized to be undertaken by the Authority under the Act; and WHEREAS, an urban renewal plan, known as the "Downtown Pueblo Amended Urban Renewal Plan dated May 1985" (the "1985 Plan "), has been duly and regularly approved by the City Council of the City; and WHEREAS, the City Council of the City has duly adopted and approved the Urban Renewal Plan for the Phase One Urban Renewal Project for Downtown Pueblo, as amended, (the "Phase One Plan ") as a separate urban renewal plan which modifies the 1985 Plan and provides for an urban renewal project under the Act known and designated as the "Phase One Urban Renewal Project" (the "Phase One Project "); and WHEREAS, the Authority has previously issued certain obligations designated as "Urban Renewal Authority of Pueblo, Colorado, Tax Increment Revenue Bonds, (Phase One Urban Renewal Project), Series 1986A ", in the original aggregate principal amount of $9,950,000 (the "Series 1986A Bonds ") pursuant to the provisions of that certain Indenture of Trust, dated as of August 15, 1986 and subsequently amended (the "Indenture ") between the Authority and Central WP15202- 377/48 Bank Denver, National Association, as successor to The Central Bank & Trust Company of Denver, d /b /a Central Bank of Denver as Trustee (the "Trustee "); and WHEREAS, the Authority proposes to remarket certain of the Series 1986A Bonds pursuant to the Indenture for the purpose, among others, of applying the proceeds thereof for the purpose of constructing a conference center located within the Phase One Project (the "Conference Center Project ") in conjunction with a related privately financed and constructed hotel project (the "Hotel Project "); and WHEREAS, in order to construct the Conference Center Project, and if necessary for the Authority to acquire a leasehold interest in the site of the Conference Center Project, the City proposes to enter into a Ground Lease with the Authority whereunder the City will lease, as lessor, to the Authority, as lessee, all or a portion of the site for the Conference Center Project; and WHEREAS, it is proposed that the Conference Center be leased by the Authority, as lessor and sub - lessor, to the City, as lessee and sub - lessee, pursuant to the provisions of an annually renewable Lease Purchase Agreement, between the City and the Authority; and WHEREAS, the City is desirous of expresssing its intent, in concept, to undertake the transactions described above with regard to the Conference Center Project. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, COLORADO AS FOLLOWS: 1. The City Council of the City does hereby express its intention to enter into a Ground Lease, if necessary, and a Lease Purchase Agreement with the Authority in order to assist the undertaking of the Conference Center Project in the manner described above. The form, terms and provisions of the Ground Lease, Lease Purchase Agreement and any related documents, agreements or conveyances involving the City and the Authority are expressly made subject to subsequent approval by the City Council pursuant to the ordinance procedure of the City. 2. The officers, agents and employees of the City are authorized and directed to assist the Authority, its Bond Counsel, Kutak Rock & Campbell, its Investment Bankers, Boettcher and Company, Inc., and their Underwriter's Counsel, Berkowitz, Brady & Backus, in the preparation of all necessary documents, instruments and conveyances to which the City is a party or which the City shall be required to approve. WP15202- 377/48 3. Although this resolution shall constitute an expression of approval, in concept, of the transactions and undertakings set forth therein, and an indication of the intention of the City to pursue such transactions, nothing set forth herein shall obligate the City to expend any funds or assets, transfer any property, or execute any documents or agreements unless and until approved by an ordinance of the Council adopted in accordance with the requirements of the Charter of the City. 4. This Resolution shall become effective immediately upon the adoption hereof. INTRODUCED; June 25, 1990. By: KENNETH HUNTER (Council Person) APPROVED: By. (P Siden4of th e City Council) [S E A L] ATTEST: (Ci y Clerk) WP15202- 377/48 STATE OF COLORADO ] COUNTY OF PUEBLO ] ss. ] CITY OF PUEBLO ] An open, regular meeting of the City Council (the "Council ") of the City of Pueblo (the "City "), in the County of Pueblo, State of Colorado, was held on Monday, the 25th day of June, 1990 at the hour 7:30 P.M. at the City Hall in the City, being a regular meeting place of the Council, at which meeting there were present and answering the role call the following, who constituted a quorum: President: Michael A. Occhiato Other Council Members: Fay Kastelic John A. Califano Samuel J. Corsentino Gilbert C. Garbiso Mike Occhiato Howard Whitlock Absent: There were also present: City Manager: Lew Quigley City Clerk: Marian D. Mead City Attorney: Thomas E. Jagger, Esq. Whereupon, the following proceedings, among others, were duly had and taken: Council member Kenneth Hunter moved the introduction and council member Fay Kastelic seconded the following Resolution, copies of which having been previously presented to the Council and made available to members of the public in attendance at the meeting: WPI5202- 377/48 SOLUTION NO. 6578 ADOPTING THE 1990 SOUTHEAST QUADRANT ANNEXATION MASTER PLAN UPDATE AS THE THREE -MILE AREA PLAN FOR THE SOUTHEAST QUADRANT OF THE CITY OF PUEBLO, PURSUANT TO THE MUNICIPAL ANNEXATION ACT OF 1965- -was pre- sented. Mr. Whitlock, seconded by Mr. Califano, moved Resolution be Approved. Roll Call -- Ayes -- Califano, Corsentino, Hunter, Kastelic, Occhiato and Whitlock. Motion carried unanimously. tESOLUTION NO. 6579 OF THE CITY COUNCIL OF THE CITY OF PUEBLO, COLORADO AUTHORIZING IN CONCEPT THE PARTICIPATION BY THE CITY IN THE FINANCING OF A DOWNTOWN CONFERENCE CENTER IN CONJUNCTION WITH THE URBAN RENEWAL AUTHORITY OF THE CITY OF PUEBLO, COLORADO - -was presented. Mr. Jagger said the Resolution is an expression of the City Council of its desire to go forward with the hotel /convention center project on a new twist ... that being that the City would enter into a lease agreement with an option to purchase the convention center from the Urban Renewal Author- ity, thereby adding an "enhancer" to the financing which would permit ob- taining of bonds at a lower interest rate. This, in turn, would result in a lesser debt service. The exact dollar amount and details would have to wait until the documents are drafted and feasibility studies are com- pleted. A d Mr. Hunter, seconded by Mrs. Kastelic, moved Resolution be Approved. Roll Call -- Ayes -- Califano, Corsentino, Hunter, Kastelic, Occhiato and Whitlock. Motion carried unanimously. RMLUTION NO. 6580 AWARDING A CONTRACT FOR THE PLANT MIX OVERLAY SEAL COAT - 1990, AND AUTHORIZING THE PURCHASING AGENT TO EXECUTE THE SAME- -was presented. Mr. Corsentino, seconded by Mr. Califano, moved Resolution be Ap- proved. Roll Call -- Ayes -- Califano, Corsentino, Hunter, Kastelic, Occhiato and Whitlock. Motion carried unanimously. _ RESOLUTION NO. 6581 AWARDING A CONTRACT FOR THE CONSTRUCTION OF WALKING STICK MAINTENANCE BUILDING, AND AUTHORIZING THE PURCHASING AGENT TO EXE- CUTE THE SAME - -was presented. Mr. Hunter, seconded by Mr. Corsentino, moved Resolution be Approved. Roll Call -- Ayes -- Califano, Corsentino, Hunter, Kastelic, Occhiato and Whitlock. Motion carried unanimously. SUSPEND RULES Mr. Hunter, seconded by Mrs. Kastelic, moved to Suspend Rules to con- sider Item #20 -A. Roll Call -- Ayes -- Califano, Corsentino, Hunter, Kastelic, Occhiato and Whitlock. Motion carried unanimously. RESOLUTION NO. 6582 AUTHORIZING THE EXPENDITURE OF FUNDS BY THE URBAN RE- NEWAL AUTHORITY OF PUEBLO, COLORADO FOR THE PURPOSE OF OBTAINING A CONVEN- TION CENTER FEASIBILITY STUDY - -was presented. Mr. Hunter, seconded by Mr. Califano, moved Resolution be Approved. Roll Call -- Ayes -- Califano, Corsentino, Hunter, Kastelic, Occhiato and Whitlock. Motion carried unanimously. The question being upon the adoption of the foregoing Resolution, the vote of the Council was as follows: Those voting yes: Michael A. Occhiato Fay Kastelic John A. Califano Samuel J. Corsentino Kenneth Hunter Howard Whitlock Those voting no: (None) Those absent: Gilbert C. Garbiso There upon, the president of the Council declared said motion carried and the Resolution duly passed and adopted. After the consideration of other business unrelated to the foregoing Resolution, on motion duly made, seconded, and adopted, the meeting was adjourned. CITY OF PUEBLO, COLORADO fy BY: (Ai'esident of the City Council) [S E A L] ATTEST: Hy. Ci y Clerk WPI5202- 377/48