HomeMy WebLinkAboutordinance.council.055-85 RECORD OF PROCEEDINGS 100 Leaves
ORDINANCE NO.
(Series of 1985)
A ORDINANCE APPROVING AN AGREEMENT FOR PURCHASE AND SALE OF REAL
ESTATE BETWEEN RED ROOF INNS, INC. AND THE CITY OF ASPEN, COLO-
RADO, PROVIDING FOR THE SALE OF LOT 2, GOLF COURSE SUBDIVISION
(COMMONLY KNOWN AS "THE RED ROOF INN") BY THE CITY OF ASPEN TO RED
ROOF INNS, INC. FOR THE PURCHASE PRICE OF TWO MILLION FIVE HUNDRED
THOUSAND DOLLARS ($2,500,000.00), SETTING FORTH THE TERMS AND CON-
DITIONS FOR SUCH SALE, AND AUTHORIZING THE MAYOR TO EXECUTE SAID
AGREEMENT AND ALL OTHER DOCUMENTS NECESSARY TO ACCOMPLISH SAID
SALE ON BEHALF OF THE CITY OF ASPEN
WHEREAS, there has been submitted to the City Council an
Agreement for Purchase and Sale of Lot 2, Golf Course Subdivision
(commonly known as the "Red Roof Inn"), involving the sale of said
parcel and improvements, equipment, access and utility easement,
utility easements and sign easement, a copy of which agreement is
annexed hereto and made a part hereof.
WHEREAS, the aforesaid Agreement for Purchase and Sale
includes the following terms and conditions:
1. Purchase price of $2,500,000.00, payable $500,000.00
cash at closing, with the balance to be evidenced by Buyer's non-
recourse promissory note bearing interest at the rate of 10% per
annum. Such note shall be payable in five annual installments of
Four Hundred Thousand Dollars ($400,000.00) of principal, together
with accrued interest, and shall be fully due and payable within
five (5) years from the date of closing.
2. Consent by the City to the resale of the project to the
Wilhelm Group either by an outright conveyance or under the terms
of an installment sale agreement.
3. Termination of the existing lease between the City and
Red Roof Inns, Inc. pertaining to the project, a memorandum of
which lease is recorded in Book 433, Page 238 in the Pitkin County
Clerk and Recorder's office.
RECORD OF PROCEEDINGS 100 Leaves
4. Covenants restricting the use and development of the
project as set forth in the ballot question submitted to and
approved by the voters of the City of Aspen in the general
election conducted May 5, 1981.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ASPEN, COLORADO:
Section 1
That the City Council of the City of Aspen does approve that
Agreement for Purchase and Sale of Real Estate, a copy of which is
annexed hereto and incorporated herein, between Red Roof Inns,
Inc. and the City of Aspen providing for the sale of Lot 2, Golf
Course Subdivision to Red Roof Inns, Inc., and does hereby author-
ize the Mayor to execute said agreement and all other documents
approved by the City Attorney as may be necessary to accomplish
said sale on behalf of the City of Aspen.
Section 2
If any sectionv subsection, sentence, clause, phrase or por-
tion of this ordinance is for any reason held invalid or unconsti-
tutional 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 3
A public hearing on the ordinance shall be held on the
day of __~~~-~ _, 1985, in the City Council
Chambers, Aspen City Hall, Aspen, Colorado.
INTRODUCED, READ AND ORDERED published as provided by law of
the City Council of the City of Aspen on the .~3 _ day of
.... _~ , 1985.
RECORD OF PROCEEDINGS 100 Leaves
William L. Stirli!
ATTEST:
FINALLY adopted, passed and approved this /~ day of
ATTEST:
Kathryn S.~6ch, City Cle
2J
STATE OF COLORADO CERTIFICATE
COUNTY OF PITKIN
I, Kathryn S. Koch, City Clerk of Aspen, Colorado, do hereby
certify that the above and foregoing ordinance was introduced,
read in full, and passed on first reading at a regular meeting of
the City Council of the City of Aspen on
1985, and published in the Aspen Times, a weekly newspaper of
general circulation published in the City of Aspen,Colorado, in
its issue of --_ - ' ~ ~ 1985, and was finally
adopted and approved at a regular meeting of the City Council on
~ /5'- , 1985, and ordered published as
Ordinance No. ~ , Series of 1985, of said City as provided
by law.
IN WITNESS WHEREOF, I have hereunto set my hand and the seal
of said City of Aspen, Colorado this __/~-A_~ day of
~~,~ 1985.
SEAL
Deputy City Clerk