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HomeMy WebLinkAbout7575RESOLUTION NO. 7575 A RESOLUTION APPROVING AN INTERGOVERNMENTAL AGREEMENT BETWEEN THE COLORADO STATE FAIR AUTHORITY AND THE CITY OF PUEBLO. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, COLORADO, THAT: SECTION l THE INTERGOVERNMENTAL AGREEMENT DATED MARCH 6, 1995 BETWEEN THE COLORADO STATE FAIR AUTHORITY AND THE CITY OF PUEBLO IS HEREBY APPROVED. SECTION 2 THE PRESIDENT OF THE PUEBLO CITY COUNCIL IS HEREBY AUTHORIZED TO EXECUTE THIS AGREEMENT. INTRODUCED MARCH 6 1, 1995 BY: FAY KASTELIC Councilperson APPRO ED: resident of the Council ATTEST: CA — y Clerk INTERGOVERNMENTAL AGREEMENT THIS INTERGOVERNMENTAL AGREEMENT is made as of the & day of March 1995, by and between the COLORADO STATE FAIR AUTHORITY, an political subdivision organized pursuant to the laws of the State of Colorado (the "Authority "), and the CITY OF PUEBLO, COLORADO (the "City"), a municipal corporation and political subdivision of the State of Colorado. RECITALS A. The Authority is a duly and regularly created, organized and existing political subdivision of the State of Colorado, existing as such under and by virtue of the Constitution, statutes and laws of the State of Colorado. B. The Authority is authorized by the article 65 of title 35, Colorado Revised Statutes, as amended (the "Act "), to enter into agreements for the leasing of facilities at the Colorado state fair as provided in the Act. C. The Authority proposes to execute an Equipment Lease Agreement (the "Lease ") with Lewis de Rozario & Co., Incorporated (the "Lessor "), for the purpose of acquiring, constructing and completing tangible real or personal property in order to provide improvements to facilities at the Colorado state fair and exposition, located in the City (the "Project "). D. The City is a home rule municipality. , E. Pursuant to Section 18(2)(a) and (b) of Article XIV, Constitution of the State of Colorado, the General Assembly has enacted part 1 of article 2 of title 29, Colorado Revised Statutes, as amended, concerning intergovernmental contracts. F. Pursuant to Section 29 -1 -203, Colorado Revised Statutes, as amended, the Authority and the City are authorized to provide for the joint exercise of any function, service, or facility lawfully authorized to each of them. G. The City currently imposes a lodger's tax (the "Lodgers Tax ") pursuant to its home rule authority, and has budgeted to distribute $370,500 during fiscal year 1995. TERMS For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the City and the Authority, on behalf of themselves and their respective successors and assigns, agree as follows: 5940 \2 \98669.1 Section 1. Findings It is the intention of the parties hereto to provide a means to provide for improved facilities at the Colorado state fair. The parties hereby determine that this Agreement is necessary for the public health and welfare in order to encourage economic development and a stable employment base within the City, and to encourage the development of the City. Section 2. City Benefit The City hereby finds, determines, represents, warrants and agrees that the activities proposed to be undertaken hereby are for the benefit of the City and the inhabitants thereof. Section 3. De sits. The budget submitted to the City Council (the "Council ") for each fiscal year during the term of the Lease shall contain a line item for the deposit on January 15 of each year with the Authority by the City the revenues collected by the City from 3.5 % of the City's 4.3 % Lodgers Tax in excess of $370,500 up to a maximum of $80,000. The Council shall then determine whether it wishes to budget and appropriate such moneys, to be used by the Authority solely to make Rental Payments (as defined in the Lease). Although the budget shall contain a line item for such deposits, the Council shall not be obligated to make such deposit in any fiscal year of the City, nor shall its decision to make up a deposit to the Authority in one or more years obligate the City to make any later deposits. The City, acting by and through its Council, reserves full discretion to decide whether to budget and appropriate moneys for such deposits. A decision not to so budget and appropriate will not constitute a default under this Agreement nor shall the Authority or the Lessor or its assigns have a right to compel such an action. The Authority shall use such deposits only for the purpose of making Rental Payments under the Lease. Section 4. Term The Agreement shall terminate upon the termination of the Lease. 7'N IN WITNESS WHEREOF, the undersigned have hereunto set their hand this day of M me, +{ 1995. (SEAL] ATTEST COLORADO •R i 5940\2198669.1 CITY OF PUEBLO, COLORADO President, City Council [SEAL] ATTEST VAX WIN VOW-W—ANZAN, City Clerk 5940\2 \98669.1 STATE OF COLORADO ) ) ss. COUNTY O ) The fo egoing . trument was ac wledged bef re me this P M "day of 1995 by an �,�,�,� �,e�c,� , on behalf AoftColorado Sta Fair uthority. Witness my hand and of (SEAL) My commission expires; STATE OF COLORADO ) ss. COUNTY O ) The f oin ins t was ac owledg fore me this day of 1995 b n behalf of the City of A u — lo d , t c — olorado Witness my hand and off: (SEAL) My commission expires: 5940\2 \98669.1