HomeMy WebLinkAbout1985-15 Setting Forth the Intent of the TOV to Issue Industrial Development Revenue Bonds to Finance a Project for the Greystoke Partnershipfir--,
RESOLUTION NO- 1~
Series of 1985
A RESOLUTION SETTING FORTH THE INTENT OF THE TOWN OF
VAIL, COLORADO TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE
BONDS TO FINANCE A PROJECT FOR 7'}(f GR~YSTOK~ PARTUERS~lIP.
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
Colorado and under the Charter of the Town; and
WHEREAS, representatives of Russ Pitto the Owner") have
met with officials of the Town and have advised the Town of the
Owner's interest in constructing a hotel, retail facilities,
a conference center and a parking structure the Project")
within the Town, subject to the willingness of the Town to
finance all or a portion of the cost of the Project as an
industrial development bond project pursuant to the Colorado
County and Municipality Development Revenue Band Act, consti-
tuting Article 3, Title 29, Colorado Revised Statutes, as amended
the Act"); and
WHEREAS, the Town has considered the Owner's proposal and
has concluded that the Project will, be economically beneficial
to the Tawn 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 Owner to construct the Project,
the Town shall take all steps necessary or advisable pursuant
to the Act to effect the issuance of industrial development
bonds, in one or more series, in the maximum aggregate amount
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of 30,000,000 or such lesser amount as shall be mutually agreed
upon to finance the cast of all or a portion of the Project.
2. No costs are to be borne by the Town in connection with
thl5 transaction. Prior to the execution of the necessary
financing documents as shall be mutually agreed upon in connection
with the Project and the bonds, such documents will be subject
to authorization by ordinance of the Town Council pursuant to law.
3. The agreements of the Town set forth above are expressly
conditioned 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
requiring the Town to issue the bonds and the decision to issue
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 Owner and the Project with
any criteria established ar industrial development
revenue band guidelines and application procedures
adopted by the Town subsequent to the adoption of this
resolution;
b) Payment by the Owner of any industrial
development revenue bond issuance fee imposed by the
Town subsequent to the adoption of this resolution; and
c} Approval by the Town of the plans for the
construction of the Project.
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PASSED by the Town Council on aN 21~s.~1985.
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Attest:
Town Clerk
Whereupon Councilmember K2yrt TZo~Se moved that said
resolution be passed and adopted. Councilmember aan Concanan
seconded the motion. The question being upon the passage and
adoption of said resolution, the roll was called with the
following result:
Those Voting Yes:Paul Johnston
Kent Rose
Dan Corcoran
Colleen Kline
Gordon Pierce - a6a.tcu.ned
He~~«ann-~tattf~r
Gail Wahrlich-Lowenthal-ab~.tcu.vice
Those Voting No:Arnv~o
Those Absent:up r,nnH~ C~,~,~on
The presiding officer thereupon declared that nr~r. f41
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 businessandtookotheractionnotconcerningtheindustrialdevelopmentrevenuebonds.
There being no further business to come before theTownCouncil, on motion duly made and unanimously carried, themeetingadjourned.
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Attest;
Town Clerk a~
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STATE OF COLORADO
COUNTY OF EAGLE 5s.
TOWN OF VAIL
I, Pamela A. Brandmeyer, Town Clerk of the Town of Vail,
Colorado the Town"}, do hereby certify:
1. The foregoing pages numbered 1 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 Mu~t,~,~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 5 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.
IN WITNESS WHEREOF, I have hereunto set my hand and the
seal of the Town this 21,~~ day of t.~QU 1985.
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Town Clerk
Beall
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