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RESOLUTION NO.�
(Series of 2010)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO,
SUBMITTING TO THE ELECTORATE OF THE CITY OF ASPEN A CERTAIN
QUESTION SEEKING AUTHORITY TO INCREASE CURRENT AN ADVALOREM
PROPERTY TAXES AND FOR THE ISSUANCE OF GENERAL OBLIGATION
BONDS FOR THE PURPOSE OF ACQUIRING, OPERATING AND MAINTAINING
THE GIVEN INSTITUTE PROPERTY IN ASPEN, COLORADO.
WHEREAS, the University of Colorado is the owner of the Given Institute,
consisting of approximately 2.256 acres of land located within the municipal boundaries
of the City of Aspen, and more particularly described on the attached Exhibit A (the
"Given Institute Property"); and,
WHEREAS, the Given Institute Property contains several existing structures (the
"Institute Buildings "); and,
WHEREAS, The University of Colorado is processing an application pursuant to
the requirements of Section 26.415.025 of the Aspen Municipal Code ( "Ordinance 48 ")
of the City to obtain a demolition permit for the Institute Building; and,
WHEREAS, Upon demolition of the Institute Building, the University of
Colorado desires to sell the Given Institute Property to a private purchaser for the purpose
of residential development in conformance with the current zoning for the Given Institute
Property; and,
WHEREAS, the City Council of the City of Aspen desires to give the voters of
Aspen an opportunity to preserve the Institute Buildings by purchasing the Given
Institute Property by approving a ballot question seeking authorization to levy a property
tax and the issuance of bonds for the purchase price, operation and maintenance of the
Given Institute Property; and,
WHEREAS, the University of Colorado has represented to the City of Aspen that
it has received a bona fide offer from a private party to purchase the Given Institute
Property for $15,225,000.00; and,
WHEREAS, The University of Colorado is willing to sell the Given Institute
Property to the City of Aspen for the same amount at the same terms and conditions of
the private offer; and,
WHEREAS the City of Aspen and the university of Colorado have entered into
that certain memorandum of understanding approved by the City council in Resolution
No. 51, Series of 2010; and,
WHEREAS, Article X of the City of Aspen Home Rule Charter requires voter
approval to increase City debt by the issuance of general obligation bonds or the levy of ad
valorem property taxes.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ASPEN, COLORADO, THAT:
The following question shall be placed on the ballot at the November 2, 2010,
election:
CITY OF ASPEN — REFERENDUM _
GIVEN INSTITUTE PROPERTY TAX INCREASE AND GENERAL OLIGATION
BONDS.
SHALL CITY OF ASPEN DEBT BE INCREASED BY UP TO $15,485,000, WITH A
MAXIMUM REPAYMENT COST OF $23,550,000 BY THE ISSUANCE OF
GENERAL OBLIGATION BONDS FOR THE PURPOSE OF PURCHASING THE
GIVEN INSTITUTE PROPERTY CONSISTING OF APPROXIMATELY 2.256
ACRES AND THE EXISTING STRUCTURES (PRIMARILY CONFERENCE
FACILITIES) THEREON LOCATED IN ASPEN, COLORADO; SHALL CITY
TAXES BE INCREASED BY UP TO $1,200,000 ANNUALLY IN ANY YEAR BY
THE LEVY OF AD VALOREM PROPERTY TAXES, WITHOUT LIMITATION AS
TO RATE OR AMOUNT OR ANY OTHER CONDITION, TO PAY THE PRINCIPAL
OF, PREMIUM, IF ANY, AND INTEREST ON SUCH DEBT, TO OTHERWISE
COMPLY WITH THE COVENANTS OF THE ORDINANCE OR OTHER
INSTRUMENTS GOVERNING SUCH DEBT AND TO FUND UP TO $250,000 OF
ANNUAL OPERATING AND MAINTENANCE EXPENSES FOR SUCH
PROPERTY; SHALL SUCH DEBT MATURE, BE SUBJECT TO REDEMPTION,
WITH OR WITHOUT PREMIUM, AND BE ISSUED, DATED AND SOLD AT SUCH
TIME OR TIMES, AT SUCH PRICES (AT, ABOVE OR BELOW PAR) AND IN
SUCH MANNER AND WITH SUCH TERMS, NOT INCONSISTENT HEREWITH,
AS THE CITY COUNCIL MAY DETERMINE; AND SHALL THE CITY BE
AUTHORIZED TO COLLECT, RETAIN AND EXPEND ALL OF THE REVENUES
OF SUCH TAXES, THE PROCEEDS OF SUCH BONDS AND THE EARNINGS
THEREON IN 2011 AND EACH SUBSEQUENT YEAR, NOTWITHSTANDING THE
LIMITATIONS OF ARTICLE X, SECTION 20 OF THE COLORADO
CONSTITUTION (TABOR), SECTION 29 -1 -301, COLORADO REVISED
STATUTES, OR ANY OTHER LAW?
[ ] YES
[ ] NO
INTRODUCED, READ AND ADOPTED by the City Council of the City of Aspen
on the day of 2010.
Michael C. Ireland, Mayor
I, Kathryn S. Koch, duly appointed and acting City Clerk do certify that the
foregoing is a true and accurate copy of that resolution adopted by the City Council of the
City of Aspen, Colorado, at a meeting held on the day hereinabove stated.
Kathryn S. Koch, City Clerk
1PW- saved: 08/17/2010 4:14:00 PM- 510 -G:\ john \word\r sos \ballotl0- Nov -Given Institute.doc