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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 2- r~ 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. 3_ t s f-- PASSED by the Town Council on aN 21~s.~1985. yor 5ea1~ 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. 4- r- Thereupon, the Town Council considered other businessandtookotheractionnotconcerningtheindustrialdevelopmentrevenuebonds. There being no further business to come before theTownCouncil, on motion duly made and unanimously carried, themeetingadjourned. r f sEAZ,t Attest; Town Clerk a~ 5- 1 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. r w+v Town Clerk Beall 5-