HomeMy WebLinkAboutordinance.council.050-91
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ORDINANCE NO. 50
(Series of 1991)
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO,
AUTHORIZING THE EXECUTION OF A PROMISSORY NOTE PURSUANT TO THE
PURCHASE OF THE NELSON/DeVORE PROPERTY AND SETTING A SPECIAL
MEETING OF THE CITY COUNCIL.
WHEREAS, the City Council of the City of Aspen has deter-
mined to purchase that parcel of real estate within the City
commonly known and referred to as the Nelson/DeVore parcel, 831
Ute Avenue, for the sum of One Million Three Hundred Thousand
Dollars and No Cents ($1,300,000.00); and
WHEREAS, the city Council finds and determines that the
Nelson/DeVore parcel is advantageous and desirable for the
development of affordable housing; and
WHEREAS, the City Council finds and determines, consistent
with long-established policy, that the development of affordable
housing within the city of Aspen is necessary for the preserva-
tion of the public health, safety and welfare; and
WHEREAS, Section 10.8 of the Aspen city Charter authorizes
the city to enter into long-term installment contacts for the
purchase of land and/or buildings for governmental or proprietary
purposes so long as such contracts and the terms thereof are
approved by ordinance; and
WHEREAS, it is City council's intent and desire to enter
into a long-term contract as part of the financing arrangements
for the purchase of the Nelson/DeVore property.
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NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ASPEN, COLORADO, THAT:
section 1
The Mayor and/or City Manager are hereby authorized to
negotiate and execute a promissory note on behalf of the city of
Aspen pursuant to the City's purchase of that parcel of real
property known as the Nelson/DeVore property, 831 u'te Avenue,
Aspen, Colorado, the terms of which shall meet, at a minimum, the
following requirements:
1. The principal amount of the note shall not exceed
$800,000.00.
2 .
The per annum interest rate for the note shall not
exceed 7.5%.
3. Interest only payments shall not exceed $5,000.00 per
month.
4. The term of the note shall not exceed three (3) years.
5. The note shall allow the city to repay all or part of
the amount owing without penalty at any time.
Section 2
A true and accurate copy of the actual note to be executed
as authorized herein shall be made available and appended to this
ordinance for approval upon Second Reading of this ordinance.
Section 3
This ordinance shall not have any effect on existing litiga-
tion and shall not operate as an abatement of any action or
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proceeding now pending under or by virtue of the ordinances
repealed or amended as herein provided, and the same shall be
construed and concluded under such prior ordinances.
Section 4
If any section, subsection, sentence, clause, phrase or
portion of this ordinance is for any reason held invalid or
unconstitutional in a court of competent jurisdiction, such
portion shall be deemed a separate, distinct and independent
provision and shall not affect the validity of the remaining
portions thereof.
Section 5
A public hearing and second reading on the ordinance shall
be conducted at a Special Meeting of the City council to be held
on the 26th day of December, 1991, at 5:00 o'clock p.m., in the
city council Chambers, Aspen City Hall, Aspen, Colorado.
INTRODUCED AND READ as provided by law by the city Council
of the City of Aspen on the
9th day of D~cember, 1991. ~I
~ 5. r3~
John . Bennett, Mayor
FINALLY adopted, passed and approved this ~C,;,
day of
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, 1991.
~ J. B~-
S. Bennett, Mayor
John
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ATTEST:
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