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HomeMy WebLinkAbout1985-13 Setting Forth the Intent to Issue Industrial Development Revenue Bonds to Finance a Project for Vail Holdings1~i STATE OF COLORADO COUNTY OF EAGLE TOWN OF VAIL The Town Council of the Town of Vail, Colorado met in public, regular session in full conformity witY},~he law and with the ordinances and rules of said Council at 7~C~South Front- age Road, Vail, Colorado on Tuesday,~f~,{,~, J, 1985 at the hour of 7:30 p.m. Upon roll call, the following were found to be present, constituting a quorum: Present: Mayor:Paul Johnston Mayor Pro-Tem:Kent Rose Other Councilmembers:Din Corcorar. Gordan Pierce N~~ ~:ar~:.w.. Staufer Gail Wahriich-Lowenthal Absent :e~u. T1 jl H 1~ constituting all the members of the Town Council. There were also present: Town Manager:Ron Phillips Town Clerk :Brandmeyer Tocan Attorney:Larry Eskwith introduced the following resolution, the text of wh~ch is as follows: RESOLUTION NO- 7,~11~,,~^ Q~ Q~ A RESOLUTION SETTING FORTH THE INTENT OF THE TOWN OF VAIL, COLORADO TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS TO FINANCE A PROJECT FOR VAIL HOLDINGS WHEREAS, the Town of Vail, Colorado the Town") is a municipal corporation duly organized and existing as a home rule town under Article XX of the Constitution of the State of Colo- rado and under the Charter of the Town; and WHEREAS, representatives of Vail Holdings, a Colorado general partnership the Partnership"), have met with officials of the Town and have advised the Town of the Partnership's interest in purchasing and renovating an existing hotel the Project") within the Town, subject to the willingness of the Town to finance a portion of the cost of such acquisition and renovation as an industrial development band project pursuant to the Colorado County and Municipality Development Revenue Band Act, constituting Article 3, Title 29, Colorado Revised Statutes, as amended the Act"); and WHEREAS, the Tawn has considered the Partnership's proposal and has concluded that the Project will be economically beneficial to the Town and its inhabitants and that the Town wishes to proceed with the financing of the cost of the Project, NOW, THEREFORE,. BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: 1. In order to induce the Partnership to acquire and renovate the Project, the Town shall take all steps necessary or 2, advisable pursuant to the Act to effect the issuance of indus- trial development bonds in the maximum aggregate amount of 10,000,000 or such lesser amount as shall be mutually agreed upon to finance the cost of the acquisition and renovation of the Project. 2. No costs are to be borne by the Town in connection with this transaction. Priar to the execution of the necessary financing documents as shall be mutually agreed upon in con- nection with the Project and the bonds, such documents will be subject to authorization by ordinance of the Town Council pur- suant to law. 3. The agreements of the Town set forth above are ex- pressly canditioned upon the ability and willingness of the Town to issue the bonds as tax-exempt obligations under the Federal income tax Laws existing on the date of the issuance of the bonds. Nothing contained in this resolution shall be construed as re- quiring the Town to issue the bonds and the decision to is;~e the bonds shall be in the complete discretion of the Town. With- out limiting the generality of the foregoing, the willingness of the Town to issue the bonds is expressly. conditioned upon the following: a) Compliance by the Partnership and the Project with any criteria established or industrial development revenue bond guidelines and application procedures adopted by the Town subsequent to the adoption of this resolution; b) Payment by the Partnership of any industrial development revenue bond issuance fee imposed by the Town subsequent to the adoption of this resolution; c} Approval by the Town of the plans for the reno- vation of the Project; and d) Approval by the Town of the operator of the Pro- ject. 3- PASSED by the Town Council on J, 1985. r' i Ma SEAL]4~ Attest: Town Cler Whereupon Councilmember moved that said resolution be passed and adopted. Councilmember Vl~~[?~ seconded the motion. The question being upon the pa~age and adoption of said resolution, the roll was called with the fol- lowing result: Those Voting Yes:Paul Johnston Kent Rose Dan Corcoran C..11 i:i"i f"'e Gordon Pierce Herman Staufer Gail Wahrlich-Lowenthal Those Voting No: Those Absent :ti~GC~~iu. r~ ~ The presiding officer thereupon declared that Councilmembers having voted in favor thereof, the motion was carried and the resolution duly and finally passed and adopted. 4- Thereupon, the Town Council considered other business and took other action not concerning the industrial development revenue bonds. There being no further business to come before the Town Council, on motion duly made and unanimously carried, the meeting adjourned. 7 n J Mayar SEAL] Attest: Town Clerk 5- 4 STATE OF COLORADO COUNTY OF EAGLE SS. TOWN OF VAIL I, Fpm Brandmeyer, Town Clerk of the Town of Vail, Colorado the Town"), do hereby certify. 1. The foregoing pages numbered i through 5, inclusive, constitute a full and correct copy of the record of the proceedings taken by the Town Council of the Town at a regular meeting thereof held on L 1985, so far as said proceedings relate to a resolution, a copy of which is therein set forth. 2. Said copy of said resolution as contained in said proceedings is a full, true and correct copy of the original of said resolution as passed and adopted by the Town Council at said meeting, and the original of said resolution has been duly authenticated by the signatures of the Mayor and myself as Clerk of the Town. 3. The Mayor and other members of the Town Council were present at said meeting and the members of the Town Council voted on the passage and adoption of said resolution as in said proceedings set forth. 1N WITNESS WHEREOF, I have hereunto set my hand and the seal of the Town this day of 1985. 1 ~Q 1 • ~[J~i Town Clerk SEAL] S_