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:
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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
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EXHIBIT B