HomeMy WebLinkAboutresolution.council.002-94
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RESOLUTION NO. ~
(Series of 1994)
A RESOLUTION APPROVING AN AGREEMENT BETWEEN THE CITY OF ASPEN,
COLORADO, DRACO, INC., AND ASPEN VALLEY BANCSHARES, INC., SETTING
FORTH THE TERMS AND CONDITIONS IN CONNECTION WITH A WAIVER OF
RIGHT OF FIRST REFUSAL BY THE CITY OF ASPEN FOR THE PROPERTY
WHERE CAP'S AUTO SUPPLY IS PRESENTLY LOCATED, AND AUTHORIZING THE
MAYOR TO EXECUTE SAID AGREEMENT ON BEHALF OF THE CITY OF ASPEN
WHEREAS, there has been submitted to the City Council an
agreement between the City of Aspen, Colorado, Draco, Inc., and
Aspen Valley Bancshares, Inc., which agreement provides for the
city's waiver of the right of first refusal on the Cap's Auto
Supply property, a copy of which agreement is annexed hereto and
made a part hereof.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ASPEN, COLORADO:
Section 1
That the.City Council of the city of Aspen hereby approves
that agreement between the city of Aspen, Colorado, Draco, Inc.
and Aspen Valley Bancshares, Inc., a copy of which is annexed
hereto and incorporated herein, and does hereby authorize the
Mayor to execute said agreement on behalf of the city of Aspen.
Dated: ~~ -3/
, 1994.
JOh}fBe:~e~::::::
I, Kathryn S. Koch, duly appointed and acting City Clerk do
certify that the foregoing is a true and accurate copy of that
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resolution adopted by the city council of the City of Aspen,
Colorado, at a meeting held r~ d.y , 1994.
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Clerk
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366537 B-740 P-791 02/04/94 09:17A PS 1 OF 2
SILViA DAVIS PITKIN COUNTY CLERK & RECORDER
REC DOC
11).00
WAIVER OF RIGHT OF FIRST REFUSAL
WHEREAS, by written Right of First Refusal, dated November 21, 1989 ("Right of First
Refusal"), DRACO, INC., a Colorado Corporation ("Draco") granted to the CITY OF ASPEN,
COLORADO ("City") a home rule city, a right of first refusal to purchase by matching a bona fide
offer in the event of the sale of the property described in Exhibit "A" attached hereto ("Property"),
which Right of First Refusal is recorded in Book 608 at Page 265 of the records of Pitkin County,
Colorado, and
WHEREAS, Draco has an opportunity to enter into a long term lease of the Property to
ASPEN VALLEY BANCSHARES, INC. ("Bank"), which lease shall contain an option granted to
the Bank to Purchase the Property at its fair market value at the time the option shall be exercised,
and
WHEREAS, the City is willing to accommodate Draco and the Bank by waiving its right of
first refusal to permit Draco to enter into a lease with the Bank containing such option to purchase
the Property, including within such waiver the purchase of the Property by the Bank under an option
to Purchase the Property at its fair market value at the time such option shall be exercised, and
WHEREAS, the City is unwilling to waive the Right of First Refusal for any subsequent sale
of the Property by the Bank or by Draco should the Property not be purchased by the Bank under
an option to purchase the Property granted it by Draco, which condition is acceptable to Draco and
the Bank.
NOW, THEREFORE, for a good and sufficient consideration, the receipt and sufficiency of
which is hereby acknowledged, the City hereby waives its right to exercise the Right of First Refusal
herein specified for purposes of a long term lease by Draco to the Bank containing an option
permitting the Bank in the future to purchase the Property for its fair market value at the time the
Bank shall exercise its option to purchase the Property, also hereby waiving its Right of First Refusal
for purpose of any such future sale to the Bank upon the condition that if the Bank shall thereafter
offer the Property for sale the Property shall be subject to the Right of First Refusal, and upon the
further condition that if the Bank shall not purchase the Property under an option granted to it by
Draco and such option shall lapse then the Property shall continue to be subject to the Right of First
Refusal.
This docllment shall be recorded in the real property records of Pitkin County, Colorado at
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THE FOREGOING WAIVER IS ACCEPTED BY ITS TERMS.
DRACO'~4'
By: ~ .~ -.{
/ . Stone Davis, PresIdent
STATE OF COLORADO )
) ss.
COUNTY OF PITKIN )
The foregoing instrument was acknowledged before me by D. Stone Davis, as President of
Draco, Inc., this 1M day Of~. ~ AI ^ ~ ' 1994.
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C2JL CO. Lu2J2aYhx J
Notary Pu~ic
ASPEN VALLEY BANCSHARES, INC.
By:
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Kurt E. Adam, PreSIcrem
STATE OF COLORADO )
) ss.
COUNTY OF PITKIN )