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HomeMy WebLinkAbout7056RESOLUTION NO. 7056 A RESOLUTION APPROVING AN ADDENDUM TO THE AGREEMENT DATED OCTOBER 13, 1987 BETWEEN PUEBLO, A MUNICIPAL CORPORATION AND KAISER AEROSPACE & ELECTRONICS CORPORATION BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. The January 11, 1993 Addendum to the Agreement dated October 13, 1987 between Pueblo, a Municipal Corporation and Kaiser Aerospace & Electronics Corporation, relating to the purchase of land at Pueblo Memorial Airport, a copy of which is attached hereto and incorporated herein, having been approved as to form by the City Attorney, is hereby approved. SECTION 2. The President of the City Council is authorized to execute and deliver the Addendum in the name of the City and the City Clerk is directed to affix the seal of the City thereto and attest same. INTRODUCED January 11, 1993 mo SAMUEL CORSENTINO Councilperson ATTEST: ck A cj� 'l ( Y C'ty Clerk APPROVED: 1: ' Z -� /S. 19 ��- Pre ;,i*6 of the City Council ADDENDUM THIS ADDENDUM entered into 1 17 yw/ -IR- , l , 1993 between Pueblo, a Colorado Municipal Corporation (herein "City ") and KAISER AEROSPACE & ELECTRONICS CORPORATION, a Nevada Corporation (herein "Company "), WITNESSETH: WHEREAS, City and Company entered into an Agreement dated October 13, 1987 relating to the purchase of land at Pueblo Memorial Airport (herein "Agreement "); and WHEREAS, Company has requested that the option granted by paragraph 19 of the Agreement which has expired be extended, and WHEREAS, City is willing to extend the option upon the terms and conditions herein contained. NOW, THEREFORE, in consideration of the covenants set forth herein, City and Company agree as follows: 1. Subparagraph (a) of paragraph 19 of the Agreement is amended to read as follows: (a) If Company is not in default under this Agreement, and if Company is then employing approximately 100 employees at its facility on the Property, Company shall have the following options to purchase the land west of the Property and described in Exhibit "B" attached hereto consisting of approximately 18.69 acres (herein "Option Property ") upon the terms and conditions herein set forth, for a purchase price of $1.00 per acre: (i) The exclusive option for a period of two (2) years commencing January 1, 1993 and ending December 31, 1994 to purchase the Option Property. (ii) The right to extend the option period for two successive one year periods upon giving written notice to City on or before July 1, 1994 for the first one year extension, and July 1, 1995 for the second one year extension if the first one year extension has been exercised, of Company's intention to extend the option period. The notice shall include substantial evidence that Company requires the extension for business reasons directly associated with the Option Property. The option shall be exercised by Company delivering to City, on or before the expiration of the initial two (2) year option period, or the one year extended option periods, if extended, written notice of exercise of the option together with Company's commitments and documentation therefor satisfactory to City evidencing Company's plans for expansion, including without limitation construction of additional facilities and employment of additional employees (the "Commitments "). If Company fails to timely deliver written notice of its exercise of the option together with Company's Commitments satisfactory to City, or if Company fails to give notice of extensions of the option period required by (ii) above, the options granted hereby shall terminate and City will be entitled to sell or transfer the Option Property free and clear of Company's rights hereunder. Company's Commitments shall be incorporated into the agreement for the purchase and sale of the Option Property described in subparagraph (b) below. 2. Paragraph 19 of the Agreement as amended hereby shall remain in full force and effect and be binding upon and inure to the benefit of the parties hereto and their respective successors and approved assigns. Executed the day and year first above written. [S E A L] ATTEST: �ss Secretary KAISER AEROSPACE & ELECTRONICS CORPORATION, A NEVADA CORPORATION By: Title ?RF5 D0 CITY OF PUEBLO, A MUNICIPAL CORPORATION [S E A L] ATTEST: B S cretary Presid nt I of the City Council TJ 64.52 -2- KAISER OPTION A parcel of land located in the County of Pueblo, State of Colorado, to -wit: A parcel of land being a part of the Ej of the SEd of Section 26, Township 20 South, Range 64 West of the Sixth Principal Meridian, said parcel being more particularly described as follows: BEGINNING at a point from which the northeast corner of said Section 26 bears N 13 °- 49' -47" E ( all bearings used herein are based on the north line of said Section 26 to bear N 89 10' -48" W) a distance of 3447.80 feet; thence S 88 02'43" W a distance of 689.05 feet; thence S O1 °- 57' -57" E a distance of 1173.59 feet; thence N 89 °- 21' -08" E a distance of 689.24 feet; thence N Ol °- 57' -57" W a distance of 1189.44 feet to the POINT OF BEGINNING'. Said parcel contains 18.69 acres more or less. PROFESSIONAL LAND SUVEYOR NO. 10093 . � LF- wis s <�V * -+ � u *URVvt Qd \F 1-0- EXHIBIT B