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HomeMy WebLinkAboutordinance.council.056-79RECORD OF PROCEEDINGS 100 Leaves ORDI~;ANCE NO. ~ (Series of 1979) AN ORDINANCE AGREEING TO ISSUE INDUSTRIAL DEVELOPMENT BONDS TO FINANCE A PROJECT FOR ARDC, LTD. ~1, AND JOINT VENTURERS WHEREAS, the City of Aspen, County of Pitkin, Colorado (the "City") is authorized by the Colorado County and Municipality Development Revenue Bond Act, constituting Article 3, Title 29, Colorado Revised Statutes 1973, as amended (the "Act"), to finance, acquire, own, lease, improve and dispose of one or more projects, including any land, building or other improvement and all real or personal properties suitable or used for or in connec- tion with residential facilities for low- and middle-income fami- lies or persons intended for use as the sole place of residence by owners or intended occupants, upon such conditions as the City Council may deem advisable; and WHEREAS, pursuant to the Act, "Low- and middle-income persons and ~amilies" means persons and ~amilies determined by a county or municipality (which determination shall be conclusive) to lack the financial ability to pay prices or rentals sufficient to induce private enterprise in such county or municipality to build a suf- ficient supply of adequate, safe and sanitary dwellings without the special assistance afforded by the Act; and WHEREAS, the City is further authorized by the Act to issue its revenue bonds for the purpose of defraying the cost of financ- ing any such project; and WHEREAS, representatives of ARDC Ltd. #1 and joint venturers (the "Company"), a limited partnership and joint ventures under the laws of the State of Texas, have met with officials of the City RECORD OF PROCEEDINGS 100 Leaves and have advised the City of the Company's interest in acquiring land, and constructing a building or buildings and other improve- ments, and other necessary related real and personal properties suitable and to be used for and in connection with supplying resi- dential housing for low- and middle-income families and persons (the "Project") within the City, subject to the willingness of the City to finance the Project by the issuance of industrial develop- ment revenue bonds pursuant to the Act; and WHEREAS, the City has considered the Company's proposal and has concluded that the economic benefit to the City will be sub- stantial and that it wishes to proceed with the financing of the Project; and WHEREAS, the action herein contemplated is not prohibited by the City's Charter; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF A~PEN, COLORADO: Section 1 In order to induce the Company to locate, acquire and con- struct the Project within the City, the City shall take all steps necessary or advisable to effect the issuance of industrial devel- opment revenue bonds exceeding $4,000,000, in a maximum aggregate principal amount not or such lesser amount as shall be mutually agreed upon, to ~inance the Project. No costs are to be borne by the City in connection with this transaction. Section 2 Prior to execution of the necessary financing documents as shall be mutually agreed upon in connection with the Project and such bonds, such documents will be subject to authorization by ordinance of the City Council pursuant to law. RECORD OF PROCEEDINGS 100 Leaves Section 3 The Company has agreed to provide for reimbursement o~ any and all expenses incurred or to De incurred by the City related to the Project, except as specifically provided in an agreement dated June 12, 1979, by and between the City and Aventura Realty and and as said agreement may be further Development Corporation, hereafter amended. Section 4 Nothing contained in this ordinance shall constitute the debt or indebtedness of the City within the meaning of the Constitution or statutes of the State of Colorado or the Charter of the City, nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers. Section 5 All commitments by the City herein are subject to the condi- tion that on or before twelve (12) months from the date of final publication hereof, the City and the Company shall have agreed to mutually acceptable terms for the bonds and for the sale and de- livery thereof. Section 6 Should any one or more sections or parts of this ordinance be adjudged unenforceable or invalid, such judgment shall not affect, impair or invalidate the remaining sections or parts of this ordi- nance, it being the intention that the various sections, parts and provisions hereof are severable. Section 7 This ordinance, as adopted by the City Council shall be num- bered and recorded in the official records of the City. Its adop- tion and publication shall be authenticated by the signatures of the Mayor, or Mayor Pro Tem, and the City Clerk, and by the certi- ficate of publication. RECORD OF PROCEEDINGS 100 Leaves INTRODUCED, READ AND APPROVED on day o~ August, 1979. ATTEST: first reading this Mayor ~athryn ~. 'Koch City Clerk Published in full in August /~ as, 1979. Public hearing held August 1979. Introduced on second reading, approved this~_~'~ day of August, and ~inally adopted and 1979. Hc~rman Edel Mayor ATTEST: on City Clerk Published (~ - by title only) on~ ~ 1979. RECORD OF PROCEEDINGS STATE OF COLORADO ) ) ss COUNTY OF PITKIN ) CEI] I~ ICATE 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 ~ reading at a regular meeting of the City Co'until o£ the City of Aspen on ~ /~ , 197~, and published in the Aspen Times a weekly newspaper of general circul- ation, published in the City of Aspen, Colorado, in its issue of ~.~ ~ , 197 ~, and was ~ina~ly adopted and approved at a regular meeting of the City Council on ?, 197 and ordered published as Ordinance No. ~ provided by law. Series of 197 ~_, of said City, as IN WITNESS WHEREOF, I hax~e hereunto the seal of said City of Aspen, Colorado, set my hand this ~ SEAL Deputy C i~e r ~ RECORD OF PROCEEDINGS 100 Leaves STATE OF COLORADO ) ) ss COUNTY OF PITKIN ) CERTIFICATE I, Kathryn S. Koch, City Clerk of Aspen, Colorado, do hereby certify that the above and foregoing ordinance was introduced, read in full, and passe~ on./~~L/ reading at a regular meeting of the Cit~7 ~ounci! of the City of Aspen on~~, 1~, and published in the Aspen Times a weekly newspaper of general circul- ation, published in the City of Aspen, Colorado, in its issue o~~, 1~ and was finally adopte an~roved at a regular meeting of the City Council on /~-~.~. // , 1~, and ordered published as Ordinance No. _~.5~ , Series of 197~_, of said City, as provided by law. IN WITNESS WHEREOF, I have hereunto the seal of sai~ City of Aspen, Colorado, day of ~, 1~__. SEAL set my hand and Kathyrn S./o~h, City Clerk Deputy City Clerk