HomeMy WebLinkAbout1981-06 Approving a Sports Facility Project and Bonds for Vail Associates IncY'
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RESOLUTION N0. 6
Series of 1981)
H RESOLUTION APPROVING A SPORTS FACILIi'Y
PROJECT AND BONDS FOR VAiL ASSt~CIATES, TNC.,
bIAKING FINDINGS AMID AUTfIORIZ'NG BOND FINANCING
IN CONNECTION THEREWITH ~'~ND AU'THORIZING
REPRESENTATIVES OF THE ~1~OWN TO TAKE ACTION
INCIDENTAL THERETO.
WHEREAS, Vail Associates, Inc. (the "Company"} has requested
the Town of Vail, Colorado, for assistance with financing for a
project {the "Project") consisting of certain sports and recre-
ation facilities and related equipment for the Vail Mountain resort
area to be located within the Town or within three (3) miles thereof,
as more fully described in a letter of the Company dated February 12 ,
19$1, submitted to this meeting (a copy of which shall be filed with
the records of the Town); and,
WHEREAS, the Town desires to encourage the Company to proceed
with. the Project in order to further the purposes of the County and
Municipality Development Revenue Bond Act {the "Act") and the purposes
set forth in Ordinance No. 17, Series of 1975, enacted October 7, 19'75,
as supplemented and amended;
NOW, THEREFORE, BE IT RESOLVED, BY THE TOVdN COUNCIL OF THE TOWN
OF VAIL, COLORADO, AS FOLLOWS:
Section 1. Approval of the Project; Findings,. Based upon the
representations made and information supplied by the Company, the
Town hereby approves the Project and makes the following findings
in connection therewith:
A. The Project constitutes a "project" for purposes of the
Act in that it consists of properties, other than inventories, raw
materials and other working capita]., suitable or to be used for or
in connection with sports and recreational facilities available for
use by members of the general public, to be owned and operated by a
commercial. enterprise; and
B. The Project will promote the public purposes of the
Act and the safety, welfare, convenience and prosperity of the
inhabitants of Colorado by promoting industry and developing trade
thxou.gh tYaP ind~~cement of the Company to maintain and expand its
cperatio~zs, mitigG.ting a threat of 'anemplayment a.nd securing and
maintaining ~. balanced and stable economy in Colorado.
Section 2. Authorization of Band Financing. The Company's
letter proposal is hereby approved. The Town will issue its sports
Facility Revenue Bonds or Notes for the financing of the Project up
to a maximum aggregate principal amount of $ 6,000,000, such Bonds
or Notes (a) to be issued in compliance with the act, {b} to be
subject to such terms and conditions as the Company and the Town
Council, by ordinance, shall approve, and (c) not to pledge the
faith and credit or taxing power of the Town, but to be special,
limited obligations of the Town, payable solely from the revenues
of the Town derived from the payments to be made by the Company in
respect of the financing of the Project.
Section 3. Authorization of Town Representatives To Take
Incidental Action. The Mayor, Town Manager and Finance Director
of the Town or any of them are hereby authorized and directed to
take all action necessary to accomplish the purposes of this
resolution, including the acceptance and delivery of the Company's
letter proposal and the negotiation of agreements in connection with
the f ~.nancing of the Project .
Section 4. Effective Date. This resolution shall take effect
immediately upon its adoption.
INTRODC3CED, READ, APPROVED AND ADOPTED, this 17th day of
February, 1.981.
b~ayor~ ~~
ATTEST:
r Li v{,
Town Clerk
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