HomeMy WebLinkAbout7695RESOLUTION NO. 7695
A RESOLUTION APPROVING AN AGREEMENT BETWEEN
THE CITY OF PUEBLO, A MUNICIPAL CORPORATION AND
PUEBLO DEVELOPMENT FOUNDATION RELATING TO THE
TRANSFER OF LAND AT PUEBLO MEMORIAL AIRPORT
AND CONSTRUCTION OF A PROJECT THEREON FOR THE
USE OF JONES TONES, INC. AUTHORIZING THE PRESIDENT
OF THE CITY COUNCIL TO EXECUTE THE AGREEMENT
AND THE WARRANTY DEED ATTACHED THERETO, AND
AUTHORIZING EXPENDITURE OF FUNDS THEREFOR
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1
The City Council does hereby find and determine:
(a) The construction of a manufacturing facility on land at the Pueblo Memorial Airport
Industrial Park for lease to Jones Tones, Inc. (the "Company ") meets and complies with the criteria
and standards established by Ordinance No. 5742 and is eligible for the use of funds from the 1992
Sales and Use Tax Capital Improvement Project Fund.
(b) Pueblo Development Foundation will construct on approximately 10.0 acres of land
at Pueblo Memorial Airport an approximately 50,000 square foot manufacturing facility with office
space and other improvements (herein "Project ") to be leased and occupied by the Company.
(c) No similar project exists in the City and construction and equipping of the Project
will require a large outlay of capital.
(d) Company believes it will employ and has committed to the City that it will employ
one hundred (100) full -time employees at the Project.
(e) The property described in the Agreement and Warranty Deed between the City and
Pueblo Development Foundation attached hereto is surplus to the City's needs.
(f) The construction of the Project will stimulate and promote industrial activity at
Pueblo Memorial Airport thereby creating employment opportunities for the citizens of the City,
greater use of airport facilities, and increased aeronautical activities.
(g) The execution and performance of the Agreement and Warranty Deed between the
City and Pueblo Development Foundation are in the best interests of the City and its citizens and
will promote the public health, safety, commerce, prosperity and general welfare of the City and its
citizens.
SECTION 2
The Agreement dated August 28, 1995 and Warranty Deed attached thereto between the City
of Pueblo, a Municipal Corporation and Pueblo Development Foundation, a Colorado nonprofit
corporation, copies of which are attached hereto and incorporated herein as if set out herein in full,
having been approved as to form the City Attorney, are hereby approved.
SECTION 3
The amount of $1,150,000 is hereby authorized to be expended and made available out of
the 1992 Sales And Use Tax Capital Improvement Project Fund for the construction of the Project
and shall be released by the Director of Finance upon receipt of requests for payment certified by
the President of Pueblo Development Foundation, the Project architect and contractor that amounts
included in the requests for payment are for labor and materials actually used and consumed in the
construction of the Project and have not been included in any prior requests for payment.
SECTION 4
The President of the City Council is hereby authorized to execute and deliver in the name
of and on behalf of the City the Agreement and the Warranty Deed attached thereto and the City
6►a
Clerk is directed to affix the seal of the City thereto and attest same.
SECTION 5
This Resolution shall become effective upon final passage.
ATTEST:
City Cler
INTRODUCED: August 28, 1995
By Al Gurule
Councilperson
APPROVED: �)e,-��
President of the City Council
1191!
PROMISSORY NOTE
$1,150,000.00
August 28, 1995
FOR VALUE RECEIVED, the undersigned, Pueblo Development Foundation, a Colorado
Nonprofit Corporation (the "maker "), promises to pay to the order of Pueblo, a Municipal
Corporation (the "payee "), at payee's office in Pueblo, Colorado, or at the place of business of any
subsequent holder hereof, or at such other place as the holder may designate in writing, the principal
Sion of $1,150,000.00 without interest.
This note is payable in full upon demand but in no event later than February 1, 1996.
Upon failure to make payment of principal as herein provided, or upon default in the
performance of any provisions of the deed of trust securing this note, the entire principal sum shall,
at the election of the holder hereof, at once become due and payable without notice, and shall
thereafter bear interest at the rate of twelve percent (12 %) per annum until fully paid. Failure of
the holder to exercise this election shall not constitute a wavier of the right to exercise the same in
the event of any subsequent default.
This note and all principal and interest payable hereunder are secured by a deed of trust of
even date herewith upon real estate situated in the County of Pueblo, State of Colorado.
In the event it becomes necessary to place this note in the hands of an attorney for collection
or to foreclose the deed of trust securing this note by proceedings in court or with the Public
Trustee, the maker hereof agrees to pay attorney's fees in a reasonable amount.
The maker and all endorsers hereof severally waive presentment, protest, and demand, notice
of protest, demand and of dishonor and nonpayment of this note, and expressly agree that this note
or any payment hereunder may be extended from time to time by the holder hereof without in any
way affecting the liability of the makers and endorsers hereof.
Executed at Pueblo, Colorado the day and year first above written.
fS E A Lj PUEBLO DEVELOPMENT FOUNDATION
A Rest, s�� ` /C�� B y
Secretary • 15reside(nt
Reception 1: 1095040 Date: 09/2.8/1995 Timer 1208 Book: 2834 Page: 338 Chris C. HunoE
Inst: TD R Fee: 5.00 D Fee: 0.00 SC: 1 00 P • I f
g. 0 1 Pueblo Co.CIk.6Rer„
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(ATTEST;
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"v_nrE'1 Gl)• , 95.r,• Joseph A. Fortino as President and l'
/ as Secretary of Pueblo Development Foundation, a Colora o
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