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.
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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.
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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]
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