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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-