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1978-21 Providing for Financing the Construction and Equipping of a Transportation Facilities Project For the Town of Vail
'~,.` • ORDINANCE NO. 7 Series of 1978 AN ORDINANCE PROVIDING FOR FINANCING THE CONSTRUCTION AND EQUIPPING OF A TRANPOR- TATION FACILITIES PROJECT FOR THE TOWN OF VAIL, COLORADO; APPROVING AND AUTHORIZING THE EXECUTION AND PERFORMANCE OF A BUILDING AND PROPERTY LEASE/PURCHASE AGREEMENT AND AN ESCROW AGREEMENT RELATING THERETO; APPROVING A CONVEYANCE OF A TRANSPORTATION FACILITIES SITE UNDER THE TERMS AND CONDI- TIONS OF A REAL ESTATE PURCHASE AGREEMENT AND A WARRANTY DEED; RATIFYING, COE7FTRMING, APPROVING AND AUTHORIZING A PRIVATE PLACE- MENT MEMORANDUM; AND AUTHORIZING COMPLIANCE AND ALL ACTION REQUIRED IN CONJUNCTION WITH THE FOREGOING WHEREAS, the Charter of the Town of Vail, Colorado, (the "Municipality") has been adopted providing that the Mun- icipality shall have all powers of local self--government and home rule and all powers possible under the Constitution and laws of the State of Colorado and may exercise all municipal powers, functions, rights, and privileges of every nature what- soever; WHEREAS, the Charter of the Municipality provides that the Tawn Council of the Municipality may se11 or lease, for such term as the Town Council shall determine, any real or personal property to ar from any person, farm or corporation, public or private, governmental or otherwise; WHEREAS, the governing body of any municipality is authorized to provide far the payment of rentals with respect to any long-term rental or leasehold agreement from a general levy imposed upon personal and real property included within its boundaries and from other available sources of municipal income; WHEREAS, the construction of a transportation facilities building (the "Building") on certain real property owned by the Municipality (the "Property"} (which, together with the Building is hereinafter collectively referred to as the "Project") is necessary, convenient and in furtherance of its governmental and proprietary purposes and is in the best interest of the citizens of the Municipality; i ~~ ' Ord. Page 2 WHEREAS, Boettcher & Company of Denver, Colorado (the "Investor"), has presented a proposal to the Municipality by its proposal (the "Proposal") providing for the financing of the Project in the amount of $1,30.0,000; WHEREAS, the Municipality, as lessee under the Lease herein approved and authorized, will acquire a leasehold interest subject to annual renewal by the Municipality in the Property and the Building constituting the Project; WHEREAS, it is necessary in order to facilitate the construction of the Project to convey fee simple title in and to the Property to the Investor under the terms and provisions of the Real Estate Purchase Agreement and the Varranty Deed herein approved and authorized; and WHEREAS, it is necessary to provide for the approva]. of the Lease, the Escrow Agreement, the Real Estate Purchase Agreement, the Warranty Deed and other instruments and matters required for the financing of the Project, as hereinafter des- cribed; NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, THAT: Section 1. Finding and Determination. The Town Council of the Town of Vail,. Colorado, hereby finds and determines pursuant to the Charter of the Tawn and the Constitution and laws of the State of Colorado, that the acquisition, construction and equipping of the Project under the terms and provisions and for the purposes set Earth in the Lease hereinafter approved and authorized is nec- essary, convenient and in furtherance of the governmental and pro- prietary purposes of the Municipality and is in the best interest of the citizens of the Municipality and the Town Council of the Municipality hereby grants its approval and authorizes the finan- cing of the construction and leasing of the Project in the manner provided herein. Section 2. Approval and Authorization of the Lease. The proposed Building and Property Lease/Purchase Agreement to be dated as of July 1, 1.978, between the Investor, as lessor, and ~ i ,,~ 'Ord. Page 3 the Municipality, as lessee (the "Lease"} in the form attached hereto as Exhibit A and incorporated herein by reference, is in all respects approved, authorized and confirmed and the Mayor is authorized and directed to execute and deliver the Lease in the form and with substantially the same content as set forth in Exhibit A for and on behalf of the Municipality. Section 3. Approval and Authorization of the Escrow Agreement. The proposed Escrow Agreement (the "Escrow Agreement"} to be dated as of July 1, 1978, among a bank to be named, posses- sing fu11 trust powers, as Escrow Agent, the Municipality and the Investor attached hereto as Exhibit B and incorporated herein by reference, is in all respects approved, authorized and confirmed and the Mayor is authorized and directed to execute and deliver the Escrow Agreement in the form and with substantially the same content as Exhibit B for and an behalf of the Municipality. Section 4. Approval and Authorization of Real Estate Purchase Agreement. The Real Estate Purchase Agreement to be dated as of July 1, 1978, in the form attached hereto as Exhibit C, to be executed by the Municipality providing for the convey- ance of fee simple title to the Property on which the Project is to be constructed to the Investor, as lessor under the Lease, is in all respects approved and the Mayor is authorized and directed to execute and deliver the Real Estate Purchase Agree- ment in the form and with substantially the same content as Exhibit C for and on behalf of the Municipality. Section 5. Approval and Authorization of Warranty Deed to the Tnvestor. The Warranty Deed to be dated as of July 1, 1978, in the form attached hereto as Exhibit D, conveying fee simple title in the Property on which the Project is to be constructed to the Tnvestor, lessor under the Lease, is in all respects approved and authorized and the Mayor is authorized and directed to execute the Warranty Deed on behalf of the Munici- pality a.n the form and with substantially the same content as Exhibit D. r~ ,_ _. Qrd. Page 4 Section 6. Authorization of Approval by the Mayor on Behalf of the Municipality of the Final Private Placement Memorandum. A form of the final Private Placement Memorandum to be dated as of the date of its first use by the Investor attached hereto as Exhibit E is hereby approved, authorized and confirmed as to its present form and content and the Mayor is hereby authorized to approve any changes, updates or completions therein necessary to reflect additional information made avail- able between the date of this ordinance and the date of the first use of the final Private Placement Memorandum by the Investor. The approval of the final Private Placement Memorandum by the Mayor shall be the official act of the Municipality and the Investor is hereby authorized, as of the date of such approval, to circulate the same in connection with the financing of the Project . Section 7. Authority to Correct Errors, etc. The Mayor is hereby authorized and directed to make any alterations, changes or additions in the instruments herein approved, author- ized and confirmed necessary to correct errors or omissions therein, to remove ambiguities therefrom, or to conform the same to other provisions of said instruments, to the provisions of this ordinance, or to the provisions of Colorado or Federal law. Section 8. Severability. If any provision of this ordinance (including the Exhibits attached hereto) shall be held invalid, the invalidity of such provision shall not affect any of the other provisions of this ordinance or ,of the Exhibits. It shall not be necessary for said Exhibits to be published in the official paper of the Municipality and all such Exhibits need not be published with any publication of this ordinance, if required, but such Exhibits shall be on file in the office of the Clerk of the Municipality and shall be available for inspection by any interested party. Section 9. Further Authority. The Clerk of the Muni- cipality is hereby authorized to attest to all signatures and acts of any property official of the Municipality, and to place ' Ord. Page 5 the Municipality's seal on any documents authorized, necessary or proper pursuant to this ordinance. The Mayor and other pro- per officials of the Municipality, and each of them, are hereby authorized to execute and deliver for and on behalf of the Mun- icipality any and all additianal certificates, documents and other papers and to perform all other acts they may deem necessary or appropriate in order to implement and carry out the matters herein authorized. INTRODUCED, READ ON FIRST READING, APPROVED, AND ORDERED PUBLISHED ONCE TN FULL, this 20th day of June, 197$, and a public hearing on this ordinance shall be held at the special meeting of the Town Council of the Tawn of Vail, Colorado, an the 30th day of June, 3.97$, at 2:00 P.M. in the Municipal Build- ing of the Town. __ _~ .y f, /,-j~ Mayor l ATTEST: .~ Ili // f~ / ~. Town Glerk ~~~~~ ~~l-l~ INTRODUCED, READ ON SECOND READING, APPROVED AND ORDERED PUBLISHED BY TITLE O[VLY THIS 30th DAY OF JUNE, 1978. ATTEST: ~~ _~2~ _!~~ ~~ TOWN `OLE f~ f r' ~ f MAYOR ~ / ~ a . ,~ ~. b +~ ~. 7 ~_ ~i k ~ F,,r,. 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