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HomeMy WebLinkAbout7583RESOLUTION NO. 7583 A RESOLUTION APPROVING AN AGREEMENT BETWEEN PUEBLO, A MUNICIPAL CORPORATION AND KURT MANUFACTURING COMPANY RELATING TO A JOB CREATING CAPITAL IMPROVEMENT PROJECT, AUTHORIZING THE EXPENDITURE OF $125,000 THEREFOR FROM THE 1992 SALES AND USE TAX CAPITAL IMPROVEMENT PROJECT FUND, AND AUTHORIZING THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE THE AGREEMENT WHEREAS, Kurt Manufacturing Company have expressed a willingness to expand its business activities within the Pueblo Memorial Airport Industrial Park and have committed to employ forty -nine (49) full time employees at Pueblo Memorial Airport Industrial Park, and WHEREAS, Kurt Manufacturing Company through the Pueblo Economic Development Corporation has made application for funds from the 1992 Sales and Use Tax Capital Improvement Project Fund, and WHEREAS, the City Council is willing to approve such application for funds upon the terms and conditions set forth herein; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1 The City Council does hereby find and determine that Kurt Manufacturing Company's application for funds meets and complies with the criteria and standards established by Ordinance No. 5742 and will create employment opportunities justifying the expenditure of public funds. SECTION 2 The Agreement dated March 27, 1995 between Pueblo, a municipal corporation and Kurt Manufacturing Company, a copy of which is attached hereto and incorporated herein, having been approved as to form by the City Attorney, is hereby approved. The President of the City Council is authorized to execute and deliver the Agreement in the name of the City and the City Clerk is authorized and directed to affix the seal of the City thereto and attest same. r SECTION 3 Funds in an amount not to exceed $125,000 are hereby authorized to be expended and made available to Kurt Manufacturing Company out of the 1992 Sales and Use Tax Capital Improvement Fund for the sole purpose of reimbursing it for the cost of the job creating capital improvement project described in the attached Agreement. The funds hereby authorized to be expended shall be released and paid by the Director of Finance to Kurt Manufacturing Company after receipt (i) by the City Clerk of the documents required to be filed pursuant to paragraph 3(a) of the Agreement and (ii) by the Director of Finance of written requests for payment required by paragraph 3(e) of the Agreement. SECTION 4 This Resolution shall become effective upon final passage. INTRODUCED: March 27, 1995 By JOHN CAL_ZFANO Councilperson APPRO ED: J���a President of the City Council J:\ CITY ',kWORT\KLTRTMFG\RESOLUTI.WPD -2 l l AGREEMENT THIS AGREEMENT entered into as of March 27, 1995 between Pueblo, a municipal corporation (the "City ") and Kurt Manufacturing Company, a Minnesota Corporation (the "Company "). WHEREAS, Company has expressed a willingness to expand its business at the Pueblo Memorial Airport Industrial Park and in furtherance thereof has through the Pueblo Economic Development Corporation made application for funds with the City, and WHEREAS, the City has approved such application and will make funds available to Company subject to and upon the terms and conditions of this Agreement. 1. As used in this Agreement, the following terms shall have the following meanings: "Company's Contribution" means approximately $430,000 for retooling, acquisition and installation of the equipment at Company's Facility. "Company's Facility" means the facility located at 350 Keeler Parkway, Pueblo, Colorado. "Equipment" means the equipment described in the attached Exhibit "A ". "Employment Commitment" means ninety -two (92) Full -Time Employees. "Full -Time Employee" means a person employed by Company to perform work at Company's Facility for not less than thirty -two (32) hours per week. The term "Full -Time Employee" does not include independent contractors nor employees of independent contractors. "Quarterly Average Number of Employees" means the sum of the number of Full -Time Employees on each business day of a calendar quarter divided by the sum of the business days of such calendar quarter. 2. Company shall complete Company's Contribution in furtherance of Company's expansion of its business at Company's Facility in an expeditious manner. 3. City will make available and advance to Company the sum of $125,000 to assist Company in the acquisition, retooling and installation of Equipment (the "City Funds "). City Funds will be advanced to Company subject to and contingent upon: (a) Company filing in the office of the City Clerk copies of the following: (i) certified copy of the resolution of the board of directors of Company approving this Agreement and authorizing its officers to execute and deliver this Agreement in the name of Company, (ii) Certificate of Authority to conduct business in the State of Colorado issued by the Colorado Secretary of State, and (iii) evidence satisfactory to City that Company has lawfully committed to spend Company's Contribution. (b) Company filing with the Director of Finance of City written request for payment certified by an authorized officer of Company that the amounts included in the requests for payment have not been included in any prior request for payment and are for the actual cost of acquiring and installing the Equipment including invoices therefor. 4. Company acknowledges that the primary purpose of City in entering into this Agreement and the sole benefit to the City for making funds available to Company hereunder is the creation of jobs. Therefore, Company represents and commits that it will maintain the Employment Commitment at Company's Facility for the three -year period beginning August 1, 1995 and ending August 1, 1998 (the "Commitment Period "). 5. Notwithstanding anything contained herein to the contrary, if Company shall for any reason default in its Employment Commitment set forth in paragraph 4 hereof, Company shall repay to City a pro -rata portion of the funds advanced by City under paragraph 3 hereof based upon the number of Full -Time Employees employed by Company at Company's Facility, as follows: (a) If at the end of any calendar quarter during the Commitment Period the Quarterly Average Number of Employees at Company's Facility for that calendar quarter is less than the Employment Commitment, Company shall repay to City an amount calculated as follows: 92 (the Employment Commitment) minus (either (i) the Quarterly Average Number of Employees for the calendar quarter or (ii) 43, the base employment, whichever is greater) multiplied by $212.58 (the "Company's Payment ") (b) Company's Payments, if any, shall be paid by Company to the City without notice, demand, offset or deduction on or before the thirtieth (30th) day following the end of the applicable calendar quarter during the Commitment Period at the office of the Director of Finance of City, 1 City Hall Place, Pueblo, Colorado, 81003. All past due Company's Payments shall bear interest at the rate of ten (10) percent per annum until paid. (c) Within thirty (30) days after the end of each calendar quarter covered by the Commitment Period, Company will submit to City's Director of Finance Company's statement showing the Quarterly Average Number of Employees for the preceding calendar quarter and the basis upon which Quarterly Average Number of Employees and Company's Payment, if any, were computed certified by an officer of the Company to be true and correct. For purposes of verifying such employment, City shall have access to Company's books and records including payroll records. City will, however, respect the right of employees as to confidentiality of personnel records. (d) All City Funds advanced to Company by City under this Agreement shall be deemed to be a debt of Company payable to City until Company performs and discharges its obligations hereunder including Company's Payment obligation contained in this paragraph 5 and shall be secured by a deed of trust on Company's Facility. Company shall provide all information and execute all instruments required to grant to City a deed of trust on Company's Facility before -2- City will advance any City Funds under this Agreement. 6. (a) City Council of City may, in its sole discretion, relieve Company, in whole or in part, from Company's Payment obligations set forth in paragraph 5, if the City Council, after hearing, finds and determines based upon competent evidence presented at such hearing that Company was prevented from complying with its Employment Commitment by reason of an act of God, or the elements, fire, explosion, strike, insurrection, riot, unavailability of materials, supplies or labor, interruption of transportation facilities, governmental laws, regulations or restrictions, or other causes beyond Company's reasonable control. The findings and decision of the City Council shall be final and binding upon Company and City. (b) Prior to instituting any proceedings to enforce Company's Payment obligation under paragraph 5, City shall give notice to Company in writing of its intention to institute such proceedings. If Company desires to seek relief pursuant to paragraph 6(a), Company, within twenty (20) days after receipt of City's notice, shall deliver to City its written request for relief specifying the grounds upon which such relief is sought. Within sixty (60) days after receipt of Company's request City will schedule a hearing before the City Council and give written notice to Company of the time and place of such hearing. Failure of Company to timely deliver its written request for relief or to appear and submit evidence in support of its request at a scheduled hearing shall constitute a waiver of any right of Company to a hearing before City Council. (c) No delay or failure by City to exercise its right to enforce Company's Payment obligation, and no partial or single exercise of that right, shall constitute a waiver of that right, unless the City Council otherwise expressly provides in its findings and decision made pursuant to paragraph 6(a). 7. If Closing does not occur on or before August 1, 1995, this Agreement shall terminate and City and Company shall be released and discharged from all obligations hereunder. 8. In the event of any litigation arising out of this Agreement, the court shall award to the prevailing party its costs and reasonable attorney fees. All such litigation shall be filed in the District Court, County of Pueblo, State of Colorado and each party submits to the jurisdiction of that Court. Each party waives its right to a jury trial. 9. This Agreement expresses the entire understanding of the parties and supersedes any and all prior dealings and commitments with respect to the subject matter of this Agreement and may not be amended except in writing signed by City and Company. 10. This Agreement shall be construed in accordance with and governed by the laws of the State of Colorado. 11. Any notices hereunder shall be sufficiently given if given personally or mailed by first class mail, postage prepaid, addressed: -3- r (a) 81003, or (b) Ms. Gretchen Rode; if to City, City Manager, City of Pueblo, 1 City Hall Place, Pueblo, Colorado, if to the Company, 31383 Dana Avenue, Pueblo, Colorado, 81001, Attention: or to such other address as either party shall specify in written notice given to the other party. 12. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns, provided Company may not assign this Agreement or any interest herein without the prior written consent of City. At the election of City, any assignment or attempted assignment without the consent of City shall be null and void. 13. The person signing this Agreement on behalf of Company represents and warrants that such person and Company have the requisite power and authority to enter into, execute, and deliver this Agreement and that this Agreement is a valid and legally binding obligation of Company enforceable against Company in accordance with its terms. 14. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Executed the day and year first above written. [ S E A L] PUEBLO A MUNICIPAL CORPORATION ATTEST: By City Clerk President of the City Council [SEAL] ATTEST: Name: V KURT MANUFACTURING COMPANY By /6 c 4 ff • ' Name: KU - 6 A Title: E7c--.,, Federal Identification No. q ( - I Z4 3 M4 JACIT"IRP0R1IKURTMFGW GRU. W PD _4 w 'w uirements ' Capital Equipment Req (4) Brothers 201 CNC Tapping center includes CNC 510 control, RS232 interface, spindle airblast, coolant system and pallet receivers. Total Cost $268,000.00 (1) Wasino Lathe Chucker. Total Cost 65,000.00 (1) Custom built Rotary index welder Four index welder with automatic feeder and torque tester. Total Cost 66,000.00 (1) Parts Washer Total Cost 18.000.00 Total cost of all equipment $417,000.00 KURT 1 MANUFACTURING I �� COMPANY o f %" o PRECISION MACHINING, KURT W. KUBAN, FOUNDER June 20, 1995 KURT MANUFACTURING COMPANY CORPORATE OFFICES 5280 Main St. N.E., Minneapolis, Minnesota 55421 -1594 Phone (612) 572 -1500 FAX (612) 572 -9878 SPECIAL MACHINES, DIE CASTING & INDUSTRIAL PRODUCTS W. G. (BILL) KUBAN, PRESIDENT Director of Finance of City City of Pueblo P.O. Box 1427 Pueblo, CO 81002 Dear Bill Martin: Attached is a copy of our Certificate of Authority to conduct business in the State of Colorado. I believe this should be the final document required of Kurt Manufacturing in the agreement dated March 27, 1995 between Pueblo, a municipal corporation and Kurt Manuf actur ; I, therefor re ue t payment of the agreed upon amount of q P Y g p $125,000.00 o assist Kurt Manufacturing in the acquisition, retooling and installation of equipment at our Pueblo facility. As an officer of Kurt Manufacturing I certify that the amount include in this request for payment has not been included in any prior request for payment and are the actual cost of acquiring and installing the equipment. Please remit to: Kurt Manufacturing 5280 Main Street NE Minneapolis, MN 55421 Attn: Roger DeLacey Thank you very much for your cooperation and support in helping us with our future opportunity. Sincerely / L R ger De acey Vice President Finance enclosure APPLICATION FOR AUTHORITY C 18 T '� F 't 1; 4f7- `t rur?vink to Ihr, provisicris of thR Colorado 5usire19 CutiioraUf_ni Act, the undersigned corporatonn hereby applies for a Certificate of Authority Io transact business in Colorado, and for that purpose submits the following statement: FIRST: The name of the corporation N _ Kurt Manufacturi Compa Inc. (Exact Corporation name must agree with the attached Certificate or Good Standing) SECOND: The name which It elects to use in Colorado Is Kurt Manufactur Co mpany, Inc. (If Its corporate home Is not available for use In Colorado) THIRD: It Is incorporated under the laws of Minnesota FOURTH: The date of its incorporation Is December 31, 1974 The peridd of duretlon Is perp etual FIFTH: The str eet address of its principal office In tht state or country under the laws of which It Is incorporated is 5280 Main Street N.E., Minneapolis, Minnesota 55421 Principal place of business in Colorado Is 31383 Dana Avenue, Piieblo, Colorado 81001 (If you do not maintain a place of business in Colorado, state "NONE") SIXTH: The street address of its proposed registered ofAca In Colorado Is 1535 Grant Street, Suite 140 Denver, CO 80203 -1843 , and the name of Hs proposed registered agent in Colorado at that address is C or por ation Servic Co , Signahjre of Registered' Agent �� �up�}5 u'�+..V sl (m�be In accompan document) Data eusiness commenced or exp , ! ern„ tenca tranaacO.nq business In this state August 3, 1987 SEVENTH: The names and respective addresses of its directors and officers are: OFFICE Mail to: Secretary of State - I, �USINESS_ADDRESS For office use only Corporationa Section President William G. Kuban 5280 Main Please Include a typed 1560 Broadway, Suite 200 MN RF• FF self-addressed envelope Denver, CO 80202 5280 1 1ain ()0 PR MN 5542 Bert M. Gross 5280 Main Street N.E., MUST BE TYPED Fax (303) 994 -2242 55421 �-t='I' M FILING FEE: S7S.00 Street N.E., Minn ECREIA f 4 r i qj .0 0 7 01M MUST SUBMIT TWO COPIES William G. Kuban 5280 Main 4 _10 - "``- MN 55421 plre -ter_ irrrr . r rV APPLICATION FOR AUTHORITY C 18 T '� F 't 1; 4f7- `t rur?vink to Ihr, provisicris of thR Colorado 5usire19 CutiioraUf_ni Act, the undersigned corporatonn hereby applies for a Certificate of Authority Io transact business in Colorado, and for that purpose submits the following statement: FIRST: The name of the corporation N _ Kurt Manufacturi Compa Inc. (Exact Corporation name must agree with the attached Certificate or Good Standing) SECOND: The name which It elects to use in Colorado Is Kurt Manufactur Co mpany, Inc. (If Its corporate home Is not available for use In Colorado) THIRD: It Is incorporated under the laws of Minnesota FOURTH: The date of its incorporation Is December 31, 1974 The peridd of duretlon Is perp etual FIFTH: The str eet address of its principal office In tht state or country under the laws of which It Is incorporated is 5280 Main Street N.E., Minneapolis, Minnesota 55421 Principal place of business in Colorado Is 31383 Dana Avenue, Piieblo, Colorado 81001 (If you do not maintain a place of business in Colorado, state "NONE") SIXTH: The street address of its proposed registered ofAca In Colorado Is 1535 Grant Street, Suite 140 Denver, CO 80203 -1843 , and the name of Hs proposed registered agent in Colorado at that address is C or por ation Servic Co , Signahjre of Registered' Agent �� �up�}5 u'�+..V sl (m�be In accompan document) Data eusiness commenced or exp , ! ern„ tenca tranaacO.nq business In this state August 3, 1987 SEVENTH: The names and respective addresses of its directors and officers are: OFFICE NAME I, �USINESS_ADDRESS President William G. Kuban 5280 Main Street N.E., Minneapolis, MN 55421 Vice Pres ` Steven R. Carlsen 5280 1 1ain Street N.E. , Minneapolis, MN 5542 Bert M. Gross 5280 Main Street N.E., Minneapolis, MN 55421 Trees Wil.l.iam G. Kuba 5280 Main Street N.E., Minn MN 55421 — __ Dlrcc'cr William G. Kuban 5280 Main Street N.E., Minneapol MN 55421 plre -ter_ Stev R. Carlsen 5280 Main Street N.E. , Minneapolis, MN 55421 Director_ Kern Wa lker 5280 thin Street N.E., Minnea MN 55421 Ust additional Officers or 0(rectors on a separate piece of paper. director Roger De Lacey 5280 Ptain Street N.E., Minneapolis, MN 55421 Eir;tirjC This acFlic. lion MUST UE ACCOMPANIFID HY A CF_RTIFICATF OF GOOD STANO(NG IS SUCO r3Y THr J(JRISOICTION OF IT INCORPORATION AND D T,ED ' T71t MlgE!)Y (90) DAYS OF THE FILING or THE APPLICATION By - G ` -- --- - -- Its Crr' a y " r Reception #: 1076407 Date: 04/07/1995 Tine: 1140 Book: 2795 Page: Inst.: TD. Sec Fee: 10.00 Doc Fee: 0.00 Page: 1 of 2 THIS DEED OF TRUST, Made this day of April In Kurt Manufacturing Company, S* Minnesota Corporation 817 Chris C. Munoz' Pueblo Co.C1t.& 1 995 , between the grantor herein whose address is �3$�� X i &x�Jd>�3�J�7� , PUeb t o , CO 81001 350 Keeler Parkway County of Pueblo and State of Colorado, and the PUBLIC TRUSTEE of the County or City and County in which the property described below is situated, in the State of Colorado, payment and performance * Witnesseth: The Grantor to secure /of the promissory note"D=baJK0F O{dGXDtKNxtdK for the total principal sum of One hundred twenty -five thousand and no/100 ($125,000.00) dollars, payable to the order of Pueblo, a Municipal Corporation the beneficiary herein whose address is 1 City Hall Place, Pueblo, CO 81003 after the date thereof, with interest thereon from the date thereof at the rate i1fXp4DC #tS>#Dii}1�5�d33fi<6eF�rKj3f� specified in the promissory note, payable in accordance with provisions of the promissory note, does hereby grant and convey unto said Public Trustee the following described property, situate in the County of Pueblo State of Colorado�oxxx described in Exhibit "A" attached hereto and incorporated herein as if set out in full *For purposes of this Deed of Trust the term "note" or "promissory note" shall mean the Agreement dated March 27 1995 between Pueblo a Municipal Corporation and Kurt Manufacturing Compan�n Minnesota Corporation (herein the "Agreement "). This Deed of Trust is given to secure the performance and payment under the Agreement by Kurt Manufacturing Company Minnesota Corporation. also known as street and number _2$2 :22xRRxRxAxSxxe, Pueblo, CO 81001 350 Keeler Parkway TO HAVE AND TO HOLD the same together with all appurtenances, intrust nevertheless, that in case of default in the payment of said note or any part thereof or interest thereon, or in the performance of any covenants hereinafter set forth, then upon the beneficiary (note holder) filing notice of election and demand for sale, said Public Trustee, after advertising notice of said sale weekly, for not less than four weeks, in some newspaper of general circulation in said county, shall sell said property in the manner provided by law in effect at the time of filing said notice and demand, at public auction for cash, at any proper place designated in the notice of sale. Out of the proceeds of said sale said Trustee shall retain or pay first all fees, charges and cosis and all moneys advanced for taxes, insurance and assessments, or on any prior encumbrance, with interest thereon, and pay the principal and interest due on said note, rendering the overplus (irony) unto the grantor; and after the expiration of the time of redemption, said Trustee shall execute and deliver to the purchaser a deed to the property sold. The beneficiary may purchase said property or any part thereof at such sale. The grantor covenants that at the time of delivery of these presents, he is seized of said property in fee simple, and that said property is free ofencumbrances, except None and that he will keep all buildings insured for fire and extended coverage in amount equal to the unpaid balance of said note with loss payable to the beneficiary, and will pay all taxes and assessments against said property and amounts due on prior encumbrances, and if he shall fail to pay insurance premiums, taxes or amounts due on prior encumbrance, the beneficiar ma pa al same and t ounts so aid shall become additional indebtedness due hereunder; and incase of foreclosure, he will pay an attorney's feeM II a i re a sonae MIM Should the beneficiary hereunder be made a party to any action affecting this deed of trust or the title to said property, the grantor agrees that all court costs and a reasonable attorney's fee paid by the beneficiary shall become additional indebtedness due hereunder; and the grantor does hereby release and waive all claims in said property as a homestead exemption or other exemption now or hereafter provided by law. It is agreed that in case of default in payment of said principal or interest or a breach of any of the covenants herein, then said principal sum hereby secured and interest thereon may at the option of the beneficiary become due and payable at once, anything in said note to the contrary notwithstand- ing and possession of said property will thereupon be delivered to the beneficiary, and on failure to deliver such possession the beneficiary shall be entitled to a receiver for said property, who may be appointed by any court of competent jurisdiction. Whenever used herein the singular number shall include the plural, the plural the singular, and the use of any gender shall be applicable to all genders. All of the covenants herein shall be binding upon the respective heirs, personal representatives successor. and assigns of the parties hereto. Should any provision of this Deed of Trust be found to violate the statutes or court decisions of the Nate of Colorado, or of the United states, such provision shall be deemed to be amended to comply with and conform to such statutes and decisions. Executed the day and year first above written. Kurt Manufacturing Company , Inc . a Minnesota Corporation STATE OF COLORADO, _County of Pueblo }ag • The foregoing instrument was acknowledged before me this —,,9 95, William Kuban, as President Ma ufacturing Companying*Minnesota Corporation My Commission expires Witness my hand and official seal. - 5 - day of of Kurt /a "J�� 1 No. 92 3- BRev.' 78— DEEDOFTRUSTTOPUBLICTRUSTEE .(No— DueonSoleClouse) —Short Form— �' "' n� Bradford Publishing, 5825 W. 6th Ave., Lakewood, CO 80214 —(303) 233.6900 — 3 -82 l� c Books 2795 Pager 818 Chris C. Munoz .Page: 2 of 2 Pueblo Co.C1k.&Rec. EXHIBIT "A" TO DEED OF TRUST DATED APRIL , 1995 BETWEEN KURT MANUFACTURING COMPANYI %•MINNESOTA CORPORATION AND PUEBLO, A MUNICIPAL CORPORATION A parcel of land located in the County of Pueblo, State of Colorado, to -wit: A parcel of land being a portion of the N 1/2 of the SW 1/4 and the S 1/2 of the NW 1/4 of Section 30, Township 20 South, Range 63 West of the 6th Principal Meridian, being more particularly described as follows: Commencing at a point from which the NW corner of said Section 30 bears N 15° 41' 24" W (Bearings are based on the North line of said Section 30 to bear N 89 59' 27" E), a distance of 2371.24 feet ; - thence N 88° 26' 39" E, a distance of 389.11 feet; thence S 01° 31' 52" E, a distance of 359.99 feet; thence N 88° 28' 10" E, a distance of 80.00 feet to the True Point of Beginning; thence N 88° 28' 10" E, a distance of 569.63 feet; thence S 01 33' 47" E, a distance of 360.30 feet; thence S 88° 27' 57" W, a distance of 569.83 feet; thence N 01° 31' 52" W, a distance of 360.34 feet to the True Point of Beginning. Said parcel contains 4.71 acres, more or less. ALSO — A parcel of land located in the Count• of Pueblo, State of Colorado, to-;wit: A parcel of land being a portion of the NJ of the SW1 and the Sj of the NW1 of Section 30, Township 20 South, Range 63 West of the 6th Principal Meridian, being more particularly described as follows: Commencing at a point from which the NW corner of said Section 30 bears N 15 41' 24" W (Bearings are based on the North line of said Section 30 to bear N 89 59' 27" E), a distance of 2371.24 feet; thence S 01 31' 26" E, a distance of 220.00 feet to the True Point of Beginning; thence N 88° 26' 39" E, a distance of 389.14 feet; thence S 01 31' 52"S, a distance of 500.33 feet; thence S 88 0 27. 57" W a distance of 389.20 feet; thence N 01° 31' 26" W a distance of 500.18 feet to the True Point of Beginning. Said parcel contains 4.47 acres, more or less. ED EDTL � L;;L City of Pueblo TO WHOM IT MAY CONCERN: I, Gina Dutcher, City Clerk of the City of Pueblo, Colorado, do hereby certify that the attached is a true and correct copy of Resolution No. 7583, adopted by the City Council of Pueblo on March 27, 1995 and that I am entrusted with the safekeeping of the original. Also attached is a true and correct copy of the Agreement entered into as of March 27, 1995 between Pueblo, a Municipal Corporation and Kurt Manufacturing Company, a Minnesota Corporation. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of the City of Pueblo, Colorado, this 3` of June, 1999. (SEAL) . City CI k PUEBLO COUNTY PUBLIC TRUSTEE The attached Agreement dated March 27, 1995 between Pueblo, a Municipal Corporation and Kurt Manufacturing Company has been fully performed and all payments thereunder have been paid in full. June 7 , 1999. CITY OF PUEBL By W — , b Directoi of Finance OFFICE OF CITY CLERK P.O. Box 1427 Pueblo, Colorado 81002 (719) 584 -0840 r . f' RESOLUTION NO. 7583 A RESOLUTION APPROVING AN AGREEMENT BETWEEN PUEBLO, A MUNICIPAL CORPORATION AND KURT MANUFACTURING COMPANY RELATING TO A JOB CREATING CAPITAL IMPROVEMENT PROJECT, AUTHORIZING THE EXPENDITURE OF $125,000 THEREFOR FROM THE 1992 SALES AND USE TAX CAPITAL IMPROVEMENT PROJECT FUND, AND AUTHORIZING THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE THE AGREEMENT WHEREAS, Kurt Manufacturing Company have expressed a willingness to expand its business activities within the Pueblo Memorial Airport Industrial Park and have committed to employ forty -nine (49) full time employees at Pueblo Memorial Airport Industrial Park, and WHEREAS, Kurt Manufacturing Company through the Pueblo Economic Development Corporation has made application for funds from the 1992 Sales and Use Tax Capital Improvement Project Fund, and WHEREAS, the City Council is willing to approve such application for funds upon the terms and conditions set forth herein; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. nn ANICULE The City Council do s�e t atLk. rt Manufacturing Company's BLIC TRUSTEE application for funds meets and comes with the criteria an standards established by Ordinance No. 5742 and will create employment opportunities justifying the expenditure of public funds. SECTION 2 The Agreement dated March 27, 1995 between Pueblo, a municipal corporation and Kurt Manufacturing Company, a copy of which is attached hereto and incorporated herein, having been approved as to form by the City Attorney, is hereby approved. The President of the City Council is authorized to execute and deliver the Agreement in the name of the City and the City Clerk is authorized and directed to affix the seal of the City thereto and attest same. Funds in an amount not to exceed $125,000 are hereby authorized to be expended and made available to Kurt Manufacturing Company out of the 1992 Sales and Use Tax Capital Improvement Fund for the sole purpose of reimbursing it for the cost of the job creating capital improvement project described in the attached Agreement. The funds hereby authorized to be expended shall be released and paid by the Director of Finance to Kurt Manufacturing Company after receipt (i) by the City Clerk of the documents required to be filed pursuant to paragraph 3(a) of the Agreement and (ii) by the Director of Finance of written requests for payment required by paragraph 3(e) of the Agreement. SECTION 4 This Resolution shall become effective upon final passage. ity Clerk INTRODUCED: March 27, 1995 By JOHN C=FANO Councilperson APPRO ED: President of the City Council J:\ C1TYXAIRPORTKURTWG\MSOLUTI.WPD -2 AGREEMENT 'HIS AGREEMENT entered into as of March 27, 1995 between Pueblo, a municipal ion (the "City ") and Kurt Manufacturing Company, a Minnesota Corporation (the ly ll ) VHEREAS, Company has expressed a willingness to expand its business at the Pueblo Memorial Airport Industrial Park and in furtherance thereof has through the Pueblo Economic Development Corporation made application for funds with the City, and WHEREAS, the City has approved such application and will make funds available to Company subject to and upon the terns and conditions of this Agreement. 1. As used in this Agreement, the following terms shall have the following meanings: "Company's Contribution" means approximately $430,000 for retooling, acquisition and installation of the equipment at Company's Facility. "Company's Facility" means the facility located at 350 Keeler Parkway, Pueblo, Colorado. "Equipment" means the equipment described in the attached Exhibit "A ". "Employment Commitment" means ninety -two (92) Full -Time Employees. "Full -Time En o e" d � eAs p by Company to perform work at Company's Facility f r n 1 t� u s per week. The term Full -Time Employee" does not i cl i d d t contractors r n loyees of independent contractors. P ppRRii 1 L8 TT ,COUNT � Y "Quarterly Average;- umD eans the sum of the number of Full -Time '' Employees on each business day of a calendar quarter divided by the sum of the, business`days of such cal endar °quarter Ap� , r ,, �,..,•. . ,; ,� ,: ;; . 2. Company shall complete Company's Contribution in furtherance of Company's expansion of its business at Company's Facility in an expeditious manner. 3. City will make available and advance to Company the sum of $125,000 to assist Company in the acquisition, retooling and installation of Equipment (the "City Funds "). City Funds will be advanced to Company subject to and contingent upon: (a) Company filing in the office of the City Clerk copies of the following: (i) certified copy of the resolution of the board of directors of Company approving this Agreement and authorizing its officers to execute and deliver this Agreement in the name of Company, (ii) Certificate of Authority to conduct business in the State of Colorado issued by the Colorado Secretary of State, and (iii) evidence satisfactory to City that Company has lawfully committed to spend Company's Contribution. City of Pueblo OFFICE OF THE CITY ATTORNEY June 14, 1999 127 Thatcher Building PUEBLO, COLORADO 81003 Mr. Steve Sorenson, Controller Kurt Manufacturing Company 5280 Main Street, N.E. Minneapolis, MN 55421 -1594 Re: City of Pueblo/Kurt Manufacturing Dear Steve: Pursuant to our fax sent to you earlier today with respect to Kurt Manufacturing Company's transaction with Pueblo, a Municipal Corporation in 1995, enclosed please find the following: a) Original Deed of Trust dated April 5, 1995 released by the Pueblo County Public Trustee, b) Original Certification of the City Clerk with attached Resolution and Agreement which has been cancelled by the Pueblo County Public Trustee, C) original Request for Release of Deed of Trust and Release which was recorded in the office of the Pueblo County Clerk and Recorder on June 9, 1999 as instrument No. 1283413. If you have any questions, please contact me. Very truly yours, oma . Ja ger sm enc. Reception V: 1076407 Date: 04/07/1995 Time: 1140 Book: 2795 Page: 817 Chris C. Munoz Inst.: TD Rec Fee: 10.00 Doc Fee: 0.00 Page: 1 of 2 Pueblo Co.Clk.&Rec. THIS DEED OF TRUST, Made this day of April 1995 between Kurt Manufacturing CompanyI Corporation the grantor herein whose address is 3 k2:02x$3i1AAxAXjem7dR , PUeb to , CO 81001 350 Keeler Parkway County of Pueblo and State of Colorado, and the PUBLIC TRUSTEE of the County or City and County in which the property described below is situated, in the State of Colorado, payment and performance * Witnesselh: The Grantor tosecure /of the prom issorynote (X)7bNcc1xSo6x(KdoX34 ccxtt1XforthetotalprincipaI sumorOne hundred twenty -five thousand and no /100 ($125,000.00) dollars. payable to the order of Pueblo, a Municipal Corporation the beneficiary herein whose address is 1 Ci Hall Place, Pueblo, CO 81003 after the date thereof, with interest thereon from the date thereof at the rate b7 ] �t1417 Z: iGkY�ff}[ xdY�G7 G�{ jAEa5Ad2FfX ]4ot3�o`EY�K�iJ}3rai' specified in the promissory note, payable in accordance with provisions of the promissory note, does hereby grant and convey unto said Public Trustee the following described property, situate in the County of Pueblo State Of Colorado7Qxviix- described in Exhibit "A" attached hereto and incorporated herein as if set out in full *For purposes of this Deed of Trust the term "note" or "promissory note" shall mean the Agreement dated March 27, 1995 hi tween Pueblo, a Municipal Corporation and Kurt Manufacturing Compann Minnesota Corporation (herein the "Agreement "). This Deed of Trust is given to secure the performance and payment under the Agreement by Kurt Manufacturing Company = nS -Minnesota Corporation. also known as street and number :9k222x9znRxAxjexixR , Pueblo, CO 81001 350 Keeler Parkway ' R L� 1 rV free of encumbrance.., except None PUBLIC TRUSTEE " OP and that he will kee all btnldings insured fn1 fir�i�lRLd'l -r.C.. ou� r uafto the un aid ba� � note with loss r I n rayable to the henerriary. nd will Pay "' razes and assessments against said property and amounts due on prior enalmbrnnces, and if he shall fail to pay it a pr —ems, taxes m ountedueon prior encumbrance, the be—f -a r may pas the same and a I mts sn paid sha become additional uuie ht ed ness due lu`rrunder; end m case offoreclosure,he will pay ao.O.rnry',fe X 1R a reasona�re amount Should the beneficiary hereunder be made a party to any action affecting this deed of trust or the title to said property, the grantor agrees that all court coats and a reasonable attorney's fee paid by the beneficiary shall become additional indebtedness due hereunder; and the grantor does hereby release and waive all claims in said property as a homestead exemption orother exemption now or hereafter provided by law. as provision shall be deemed to be emended to comply with and conform to such statutes and decisions. ' Executed the d a y and y ear first above written. Kurt Manufacturing Company, Inc. a Minnesota Corporation STATE. OF CO W RADO, �ss Pe -- — c.nnt — ublo — —_ -_ 4 fh The foregoing instrument was acknowledged before me this dayof 19 _95, hy . William Kuban, as President of Kurt Ma ufacturing Companying-Minnesota Corporation 7. My Comm,ssin exP,rea /0-0 'g, 1 j -13 �/ . witness my hand and official seal. JJ ..,,• �: /.�Q /fir -GU- Q-CC1 •.. �_. `u ,_ � yy � � �{p�tLysj,p,blir / ' ` r ' ...... No. 923 - n Rev.' 7A —DEED OF TRUST TO PUBLIC TRUSTF.F.. IN. — Ilse.. Sit,Ctaaa,l —Short Form— tir,.dfonl 1`uhli.hina, 5x:s W. hlh n.,., 1,.1, w....d. /'(, Nn_t1 "it' •t t. minas._ ­2 f Recorded at _ Rcccption No. ac 111111111111 VIII 11/111 111111 VIII III HIM 111111 IN 1283413 06/09/1999 12:34P RL TD Chris C. Munoz 1 of 1 R 6.00 D 0.00 Pueblo Cty Clk 8 Rae. REQUEST FOR RELEASE OF DEED of TRUST AND RELEASE June 4, 1999 Date Kurt Manufacturing Company, Inc. a Minnesota Corporation Grantor.(Borrowcr) Pueblo, a Municipal Corporation Original Beneficiary (Lcndcr) April 5, 1995 Date of Decd of Trust — April 7, 1995 Recording Date of Decd of Trust Pueblo County of Recording 1076407 Reception and /or Film Nos. of Recorded Decd of Trust Rcccption No, Film Nu. 2795 817 Book and Page of Decd of Trust Doak Nu. Page No. TO THE PUBLIC TRUSTEE OF Pueblo County (The Public Trustee to which the above Decd of "frusl conveys the said property.) Please execute this release, as the indebtedness has been fully paid and /or the terms and conditions of the trust have been fully satisfied. Pueblo, a Municipal Corporation Current Owner and IWider or the Evidence of Debt Secured by Deed of Trust (Lcndcr) Signature State of Colorado, County of The foregoing request for rcicasc was acknowledged before me on June 7, 1999 (date) by* Billy G. Martin. Director of F_ ?nance of Pueblo, a Municipal Corporation ector of Finance Name anJ II of Agent or Olhc< f Current Ow er and I lolder Y lure ,s vsss ltlt 111 111 /l /,�`','' d- [1- a_ Witness My 1 t(d apt! Scalp 1, Apri 26. 2001 Date Commission Expires RELEASE OF DEED OF TRUST KNOW ALL MEN, that the above referenced Grantor(s), by Decd of Trust, conveyed certain real property described in said Decd of Trust, to the Public Trustee of the County referenced above, in the State of Colorado to be held in trust to secure the payment of the indebtedness referred to therein. NOW THEREFORE, at the written request of the legal holder of the said indebtedness, and in consideration of the premises and the payment of the statutory suer, receipt of which is hereby acknowledged, 1, as the Public Trustee in the County first referenced above, do hereby remise, release and quitclaim unto the present owner or owners of said real property, and unto the heirs, successors and assigns of such owner or owners forever, all the right, title and interest which I have under and by virtue of the aforesaid Decd of Trust in the real estate described therein, to have and to hold the same, with all the privileges and appurtenances thereunto belonging forever; and further 1 do hereby fully and absolutely release, cancel and forever discharge said Decd of Trust. State of Colorado, County of Pueblo — Thejoregoing instrument was acknowledged me on before ine on June / . 1999 by Peggy l/, holey itc) by as the Public Truslee jor Pueblo County. Colorado as the ruouc Irustccof pllmhl l County, Colorado. Datr C ommission Expires 1 1f applicable, insert title of agent or officer and name of current owner and bolder. b F' u 4 - y C • t�'l�ub ii Tr.. n Witness My Band' Original Now and Decd of Trust Retumcd to: Received by i / 1 t No.904.1tes'.8-90. ( REQ( tP:,` GI' 1-'Olt)( RI:LEASE)01-'UF.I'.UOF'I'RUS7'(0 Uradfurd Publishing ,1743Wazec Sl.,Dcnvcf,C0802a2 (303)292. 2500 -8 -90 (!l' .,, WHEN RECORDED RETURN TO: Thomas E. Jagger, 127 Thatcher Bldg, Pueblo, CO 81003 Reception t: Inst.: TD 1076407, Date: 04/07/1995 Time: 1140 Rec Fee: 10.00 Doc Fee: 0.00 Book: 2795 Page: 817 Chris C. Munoz Page: 1 of 2 Pueblo Co.C1k.&Rec. THIS DEED OF TRUST, Made this day of April 1 995 between Kurt Manufacturing Company, S* Minnesota Corporation the grantor herein whose address is 73�3�X3s1�8x1'�IQ�3IlS , PUeb to , CO 810 350 Keeler Parkway County of Pueblo and State of Colorado, and the PUBLIC TRUSTEE of the County or City and County in which the property described below is situated, in the State of Colorado, payment and performance * Witnesseth: The Grantor to secure /of the promissory note(X)}G balKo =doJrAxoe 4)K1x for the total principal sum of One hundred twenty - f ive thousand and no/100 ($125, 000. 0 0) dollars, payable to the order of Pueblo, a Municipal Corporation the beneficiary herein whose address is 1 Cit Hall Place, Pueblo, CO 81003 after the date thereof, with interest thereon from the date thereof at the rate ; ibttC}t3I>3?hXi3btl��dC3a`f�iae specified in the promissory note, payable in accordance with provisions of the promissory note, does hereby grant and convey unto said Public Trustee the following described property, situate in the County of Pueblo State ofColoradoNxvaty- described in Exhibit "A" attached hereto and incorporated herein as if set out in full *For purposes of this Deed of Trust the term "note" or "promissory note" shall mean the Agreement dated March 27, 1995 3tween Pueblo a Municipal Corporation and Kurt Manufacturing Compan Minnesota Corporation (herein the "Agreement "). This Deed of Trust is given to secure the performance and payment under the Agreement by Kurt Manufacturing Company Corporation. U /`/,7 /9 1 9 also known as street and number .2±2:82x , Pueblo, Co 81001 350 Keeler Parkway TO HAVE AND TO HOLD the same together with all appurtenances, intrust nevertheless, that in case of default in the payment of said note or any part thereof or interest thereon, or in the performance of any covenants hereinafter set forth, then upon the beneficiary (note holder) filing notice of election and demand for sale, said Public Trustee, after advertising notice. ' ' than four weeks, in some newspaper of general circulation in said county, shall sell said property in the manner provided by law notice and demand, at public auction foreash, at any proper place designated in the notice of sale. Out of the proceeds of said sal ay first all fees, charges and costs 11 moneys advanced for taxes, insurance and assessments, or on any prior encumbrance, with interest thereMr h pr interest due on te, rendering the overplus (if any) unto the grantor; and after the expiration of the time of redemption, s I r e nd deliver to the• aser a deed to the propety sold. The beneficiary may purchase said property or any part thereof at such s The grantor covenants that at the time of delivery of th s esen s, he is seized of said property in, a simple, and that said property is free of encumbrances, except None PUBLIC TRUSTEE OF t ? QTY CO LO. and that he will keep all buildings insured fo P fit t D verag 0 n a toun aqua to the unpaid balance of said note with loss payable to the beneficiary, an ' ' 1 property and amounts due on prior encumbrances, and if he shall fail to pay insurance premiums, taxes or of ,. "lmaapa reasona�.entamoun become additional indebtedness due hereunder; and in case Should the beneficiary hereunder be made a party to any action affecting this deed of trust or the title to said property, the grantor agrees that all court costs and a reasonable attorney's fee paid by the beneficiary shall become additional indebtedness due hereunder; and the grantor does hereby release and waive all claims in said property as a homestead exemption or other exemption now or hereafter provided by law. It is agreed that in case of default in payment of said principal or interest or a breach of any of the covenants herein, then said principal sum hereby secured and interest thereon may at the option of the beneficiary become due and payable at once, anything in said note to the contrary notwithstand- ing and possession of said property will thereupon be delivered to the beneficiary, and on failure to deliver such possession the beneficiary shall be entitled to a receiver for said property, who maybe appointed by any court of competent jurisdiction. Whenever used herein the singular number shall include the plural, the plural the singular, and the use of any gender shall be applicable to all genders. All of the covenants herein shall be binding upon the respective heirs, personal representatives, successors and assigns of the parties hereto. Should an p provision of this Deed of Trust be found to violate the statutes or court decisions of the State of Colorado, or of the United States, such provision shall ee deemed to be amended to comply with and conform to such statutes and decisions. Executed the day and year first above written. Kurt Manufacturing Company, Inc, a Minnesota Corporation STATE OF COLORADO, county of Pueblo The foregoing instrument was acknowledged before me this �Iq 95 by . William Kuban, as President Ma ufacturing Company? Corporation My Commission expires Witness my hand and official seal. Ash day of of Kurt Vry r4.Fj. No. 923 - Rev '78 — DEED OF TRUST TO PUBLIC TRUSTEE. (No— Due on Sale Clause) — Short Form — Bradford Publishing, 5825 W. 6th Ave., Lakewood, CO 80214— (303)233- 6900 -3 -82 , " + +rtt t r ;" �' 'Rccord,-d at _ Reception No. o'C I 111111111111111 1111111 111111111111111 1111111111 11111 iii 11111 1111 111.1 1283413 06/09/1999 12:34P RL TD Chris C. Munoz 1 of 1 R 6.00 D 0.00 Pueblo Cty Clk 8 Roe. REQUEST F OR RELEASE OF DEED OF TRUST AND RELEASE June 4, 1999 Date Kurt Manufacturing Company, Inc. a Minnesota Corporation Grantor.(Borrowcr) Pueblo', a Municipal Corporation Original Beneficiary (Lender) April 5, 1995 Date of Deed of Trust Ap 7, 1995 Recording Date of Deed of Trust Pueblo County of Recording 1076407 Reception and /or Film Nos. of Recorded Deed of Trust Reception No. Film No. 2795 Book No. 817 Page Book and Page of Deed of Trust TO THE PUBLIC TRUSTEE OF Pueblo County (The Public Trustee to which the above Deed of Trust conveys the said property.) Please execute this release, as the indebtedness has been fully paid and /or the terms and conditions of the trust have been fully satisfied. Pueblo, a Municipal Corporation Current Owner and Holder of the Evidence of Debt Secured by Decd of Trust (Lender) Martin, Director of Finance Name and litlg of Agent or OfficcMf Current Owner and Holder Signature State of Colorado, County of The foregoing request for release was acknowledged before me on June 7, 1999 (date) by* Billy G. Martin, Director of Finance of Pueblo, a Municipal Corporation Witness My `s,`s st11 111111 11//,,�, /' i •= > WU Seal t. ....:a!z April 26, 2001 Date Commission Expires _ ilium RELEASE OF DEED OF TRUST KNOW ALL MEN, that the above referenced Grantor(s), by Deed of Trust, conveyed certain real property described in said Deed of Trust, to the Public Trustee of the County referenced above, in the State of Colorado to be held in trust to secure the payment of the indebtedness referred to therein. NOW THEREFORE, at the written request of the legal holder of the said indebtedness, and in consideration of the premises and the payment of the statutory sum, receipt of which is hereby acknowledged, I, as the Public Trustee in the County first referenced above, do hereby remise, release and quitclaim unto the present owner or owners of said real property, and unto the heirs, successors and assigns of such owner or owners forever, all the right, title and interest which I have under and by virtue of the aforesaid Deed of Trust in the real estate described therein, to have and to hold the same, with all the privileges and appurtenances thereunto belonging forever; and further I do hereby fully and absolutely release, cancel and forever discharge said Deed of Trust. by t,.. v.. State of Colorado, fc •: t> `�` County of Pueblo ; ,t �, nd •• The foregoing instrument was acknowledged me on • N. -� �. before me on June , 1999 by Peggy A Foley lie) by Witness My Hand'x1 :• �b(� 1 O • X as the Public Trustee for Pueblo County, Colorado as the O v 1 t ruouc trustee of ••• ' ' `� County, Colorado. �•• 4 •� Etu6lic Date C ommission Expires *lf applicable, insert title of agent or officer and name of current owner and holder. Original Note and Deed of Trust Returned to: Received by No. 904. Rev. 5-90. (REQM;r F OR) (RELEASE) OF DEED OF TRUST © Bradford Publishing, 1743 Wazcc SL, Dcnvcr, CO 80202 — (303) 292 -2500 - 8 -90 WHEN RECORDED RETURN TO: Thomas E. Jagger, 127 Thatcher Bldg, Pueblo, CO 800 ..1 �.% , Book: 2795 Page: 818 Chris C. Munoz Page: 2 of 2 Pueblo Co.C1k.&Rec. EXHIBIT "A" TO DEED OF TRUST DATED APRIL , 1995 BETWEEN KURT MANUFACTURING COMPANYI CORPORATION AND PUEBLO, A MUNICIPAL CORPORATION A parcel of land located in the County of Pueblo, State of Colorado, to -wit: A parcel of land being a portion of the N 1/2 of the SW 1/4 and the S 1/2 of the NW 1/4 of Section 30, Township 20 South, Range 63 West of the 6th Principal Meridian, being more particularly described as follows: Commencing at a point from which the NW corner of said Section 30 bears N 15° 41' 24" W (Bearings are based on the North line of said Section 30 to bear N 89° 59' 27" E), a distance of 2371.24 feet; thence N 88° 26' 39" E, a distance of 389.11 feet; thence S 01° 31' 52" E, a distance of 359.99 feet; thence N 88° 28' 10" E, a distance of 80.00 feet to the True Point of Beginning; thence N 88° 28' 10" E, a distance of 569.63 feet; thence S 01° 33' 47" E, a distance of 360.30 feet; thence S 88° 27' 57" W, a distance of 569.83 feet; thence N 01° 31' 52" W, a distance of 360.34 feet to the True Point of Beginning. Said parcel contains 4.71 acres, more or less. ALSO A parcel of land located in the Count• of Pueblo, State of Colorado, to-,wit: A parcel of land being a portion of the N} of the SW} and the of the NW} of Section 30, Township 20 South, Range 63 West of 6th Principal Meridian, being more particularly described as follows: Si the 30 Commencing at a point from which the NW corner of said Section bears N 15 41' 24" W (Bearings are based on the North line of said Section 30 to bear N 89 59' 27" E), a distance of 2371.24 feett thence S 01 31' 26" E, a distance of 220.00 feet to the True Point of Beginning; thence N 88 26' 39" E, a distance of 389.14 feet; thence S 01° 31' 52" E, a distance of 500.33 feet; thence S 88 27' 57" W, a distance of 389.20 feet; thence N 01 31' 26" W, a distance of 500.18 feet to the True Point of Beginning. Said parcel contains 4.47 acres, more or less.