HomeMy WebLinkAbout7435RESOLUTION NO. 7435
A RESOLUTION APPROVING THE DESIGNATION OF INTRA
FINANCIAL CORPORATION AS THE PREFERRED DEVEL-
OPER TO ENTER INTO AN EXCLUSIVE NEGOTIATION
AGREEMENT FOR THE DEVELOPMENT OF A HOTEL CIVIC
CENTER COMPLEX FOR THE AMENDED PHASE ONE
URBAN RENEWAL PROJECT FOR DOWNTOWN PUEBLO
AND APPROVING THE ISSUANCE BY THE URBAN
RENEWAL AUTHORITY OF PUEBLO, COLORADO OF BONDS
IN AN AMOUNT NOT TO EXCEED $9.5 MILLION FOR THE
PROJECT
WHEREAS, the Urban Renewal Authority of Pueblo, Colorado and Windsor Capital Group
were unable, after good faith negotiations, to reach a mutually acceptable Disposition and
Development Agreement, and
WHEREAS, the exclusive negotiating period with Windsor Capital Group expired and the
Urban Renewal Authority of Pueblo, Colorado designated Intra Financial Corporation as the
preferred developer to enter into an exclusive negotiating agreement for the disposition and
development of a hotel civic center complex. NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1
The City Council does hereby ratify and approve the designation of Intra Financial
Corporation (the 'Developer ") by the Urban Renewal Authority of Pueblo, Colorado (the
"Authority ") as the preferred developer to enter into an exclusive negotiation agreement with the
Authority for the disposition and development of a hotel civic center complex for the Amended
Phase One Urban Renewal Project For Downtown Pueblo, (the "Urban Renewal Plan") upon such
terms and conditions as the Authority may determine.
SECTION 2
The City Council does hereby approve the issuance by the Authority of revenue refunding
and/or tax increment revenue refunding bonds in a principal amount not to exceed $9.5 million (the
'Bonds "). The City Council does hereby further approve and ratify all actions heretofore taken by
the Authority toward the issuance of the Bonds.
INTRODUCED: July 25, 1994
By SAMUEL CORSENTINO
Councilperson
ATTEST:
City Clerk
APPROVED:
By
r sid t of the City Council
-2-