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HomeMy WebLinkAboutMINUTES Town Board 1987-08-11/ZOft1n Of Lorimer County, Colorado, Minutes of a regular Ansoot 11 ' nA7... meeting of the Board of Trustees of the Town of Estes Park, Lorimer County, Colorado. Me°o"o hem in the r"°" x"u in said r"°" of Estes p"a" on the �It4... day of aogoat 'x`D. n. P.7 a^regular meeting hour. Meeting called to order by Mayor H. Bernerd Dannels Present: Mayor H. B. Dannels Trustees: Also Present: Dale G. Hill, Town Administrator Gregory A. White, Town Attorney zoro Clerk o'coouoz Norbert L. Aldrich, David Barker, Mark T. Brown, Milan A. Dickinson, David Habeoker, George J. Rix Minutes of the meeting held July ou, 1987 were submitted and approved. Trustee Rix moved the bills, as presented, be allowed and paid and that the Clerk be authorized to draw warrants for same. (A certified copy of the bills presented and allowed are on file in the Finance office under this date, and made a part of the record of these proceedings by reference tbereto). Trustee ormvu seconded the motion and it passed unanimously. Minutes of the Light a Power Committee meeting held August b, 1987 were read. Trustee Rix moved the miuousa be apprnved' Trustee oauecker seconded the nmtipu and it passed unanimously. Reggie Fowler/Estes Park spoke in support of an Amendment to Special Review Request 87-3 Bed and Breakfast, 441 obiguita Lane. Trustee Aldrich asked if the proposed landscaping would serve as an adequate sight buffer. Planner atamey stated the landscaping plan meets Planning Commission requirements. Trustee Rix moved this Amendment to Special Review Request 87-3 be granted subject to completion of the project by November ls, 1987' Trustee Aldrich seconded the motion and it passed unanimously. Mr' Bill Van Horn presented an ordinance providing for the authorization of a supplemental indenture with regard to the Industrial Development Revenue onuda, Series "o" for the Stanley Village Project. Mr' Van Horn noted that the escrow is backed by a oaau deposit, placing the Town at no risk for this extension requeat' Trustee Aldrich declared u "conflict of interest" and stated he would not participate in di000aaiou or vute' Trustee Brown introduced and Town Attorney White read in full, the following Ordinance and moved it be passed and adopted: Towm OF oorEe PARK, coconAno oaozmnmcn NO. 21-87 oonzos OF 1987 AN ORoImxmco ranvzozmo FOR THE xornoazZxrIom OF A SUPPLEMENTAL INDENTURE WITH DDG88D TO THE znWm OF ogcoa pxan, COLnaxon, I0DO8rRluL DEVELOPMENT REYo0no BONDS, (STA0LOY VILLAGE on0eezmG CENTER eRoz8cz), SaRzoa 19858 IN THE AGGREGATE PRINCIPAL &M0nmT or $4,600,000 Board of Trustees - August 11, 1987 - Page two WHEREAS, The Town of Estes Park, Larimer County, Colorado (the "Town"), is authorized by Title 29, Article 3, Part 1, Colorado Revised Statutes, as amended (the "Act"), to issue revenue bonds for the purpose of financing one or more projects, including any land, building or other improvements and all real or personal properties suitable or used for or in connection with a manufacturing, industrial, commercial, agricultural or business enterprise, and to enter into a loan agreement with a user providing for payment to the Town of revenues sufficient for the payment of the principal of and. interest on the Bonds; and WHEREAS, by a Resolution No. 39-84 duly adopted on November 23, 1984, as extended by Resolution No. 19-85, duly adopted on October 22, 1985, (the "Inducement Resolution"), the Town declared its intention to authorize its industrial development revenue bonds in an aggregate principal amount not to exceed $9,500,000 in accordance with the provisions of the Act for the purpose of paying the cost of financing a retail shopping center at Stanley Village Shopping Center; and WHEREAS, the Town authorized and issued its Town of Estes Park, Larimer County, Colorado, Industrial Development Revenue Bonds, (Stanley Village Shopping Center Project), Series 1985B, in the aggregate principal amount of $4,600,000 (the "Bonds"); and WHEREAS, the proceeds of the Bond issue will be loaned to Stanley Commercial Development, Ltd., a Colorado limited partnership, (the "Partnership") for the acquisition, construction and installation of Phase II of Stanley Village Shopping Center (the "Project") provided the Partnership satisfies certain conditions; and WHEREAS, such conditions require that a Credit Facility, as defined in the Trust Indenture, as supplemented by a First Supplemental Trust Indenture dated as of August 13, 1986, (the "Original Indenture") between the Town and Central Bank of Denver, a banking corporation, in Denver, Colorado (the "Trustee"), be delivered to the Trustee prior to the Conversion •STATE OF COLORADO COUNTY OF LARIMER ) ss. TOWN OF ESTES PARK The Board of Trustess of the Town of Estes Park, Larimer County, Colorado, met in regular session, in full conformity with law and the ordinances and rules of the Town, at the Municipal Building, 170 MacGregor, in Estes Park, Colorado on Tuesday, August 11, 1987, at 7:30 p.m. The following members were present, constituting a quorum: Mayor: H. Bernerd Dannels Trustees: Norbert L. Aldrich Mark T. Brown David Habecker George J. Hix Milan A. Dickinson David Barker Among those also present: Town Clerk Pro-Tem: Monte L. Vavra Town Attorney: Gregory A. White Town Manager: Dale G. Hill Absent: None Board of Trustees - August 11, 1987 - Page three The meeting was called to order. Thereupon, the following proceedings, among others, were had and taken: Trustee Brown introduced and moved the adoption of the following Ordinance which was read by title, with copies being distributed in written form to all members of the Board and made available to the members of the public in attendance. The Town Clerk Pro-Tem noted that Trustee Aldrich had filed a letter with the Board of Trustees stating that he had a potential conflict of interest with respect to such ordinance and would abstain from the discussion and vote on said ordinance. Date, defined in the Original Indenture as September 1, 1987; and WHEREAS, the Partnership is unable to deliver said Credit Facility within the time period specified due to (i) the difficulties in obtaining such a Credit Facility under present economic conditions in institutions which normally provide such Credit Facilities and (ii) the present economic conditions in the State of Colorado; and WHEREAS, the Original Indenture provides for the execution and delivery of supplemental indentures deemed necessary or desirable by the Town for the purposes of modifying, altering, amending, supplementing or rescinding, in any particular, any of the terms or provisions contained in said Original Indenture; and WHEREAS, it is deemed necessary and desirable to authorize a supplemental indenture to extend the period of time specified for the conditions specified to be satisfied and to approve the form and authorize the execution of said supplemental indenture, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK, COLORADO: Section 1. Approvals and Authorizations. The form, terms and provisions of the Third Supplemental Trust Indenture (the "Supplemental Indenture") in the form presented to the Board of Trustees at this meeting are hereby approved. The Mayor and the Clerk Pro-Tem are hereby authorized and directed to execute the Supplemental Indenture and affix the seal of the Town hereto, and further to execute and authenticate such other documents, instruments or certificates as are deemed necessary or desirable by bond counsel in order to effect the intent of this Ordinance. Such document is to be executed in substantially the form hereinabove approved, provided that such document may be completed, corrected or revised as the Mayor of the Town shall approve in order to carry out the purposes of this Ordinance, the Mayor's execution thereof being deemed conclusive of his approval of such completion, correction or revision. Copies of all of the documents shall be delivered, filed and recorded as provided therein. The approval hereby given to the document referred to above includes an approval of such additional details therein as may be necessary and appropriate for their completion, including dates and such modifications thereto, deletions therefrom and additions thereto as may be approved by bond counsel prior to the execution of the documents. The execution of any instrument by the appropriate officers of the Town herein authorized shall be conclusive evidence of the approval by the Town of such instrument in accordance with the terms hereof. Board of Trustees - August 11, 1987 - Page four Section 2. Ratification. A11 actions heretofore taken by the Town and by the officers thereof not inconsistent herewith directed toward the financing of the Project and the issuance and sale of the Bonds are hereby ratified, approved and confirmed. Section 3. Repealer. All acts, orders, ordinances, or parts thereof, taken by the Town and in conflict with this Ordinance are hereby repealed, except that this repealer shall not be construed so as to revive any act, order, ordinance, or part thereof heretofore repealed. Section 4. Severability. If any part or parts of this Ordinance are for any reason held to be invalid, such decision shall not affect the validity of the remaining portions hereof. The Board hereby declares that it would have passed this Ordinance and each part or parts hereof, irrespective of the fact that any one part or parts be declared invalid. Section 5. Direction to Take Action. The appropriate officers and members of the Board of Trustees are hereby authorized and directed to take all other actions necessary or appropriate to effectuate the provisions of this Ordinance, including, but not limited to, the execution of such certificates and affidavits as may reasonably be required. Section 6. Emergency, Recording and Authentication. The Board of Trustees herewith finds, determines and designates that this Ordinance is necessary for the immediate preservation of public peace, health and safety in view of the potentially undesirable effect on the Town's economy;, an emergency is declared to exist; and this Ordinance shall take effect and be in force immediately after its passage, adoption and signature 1 of the Mayor. This Ordinanceimmediately on its passage, shall be numbered and recorded in the official records of the Town keep for that purpose and shall be authenticated by the signatures of the Mayor and Town Clerk Pro-Tem. This Ordinance shall be published in a legal newspaper of general circulation in the Town. INTRODUCED, READ APPROVED, ADOPTED AND ORDERED PUBLISHED, this llth day of August, 1987. (S E A L) Mayor ATTESTED Town Clerk Pro-Tem Board of Trustees - August 11, 1987 - Page five TOWN OF ESTES PARK, COLORADO and CENTRAL BANK OF DENVER, A BANKING CORPORATION as TRUSTEE THIRD SUPPLEMENTAL TRUST INDENTURE This instrument is a third supplement to that Trust Indenture dated as of December 1, 1985 with reference to $4,600,000 Town of Estes Park, Colorado Industrial Development Revenue Bonds (Stanley Village Shopping Center Project) Series 1985B THIRD SUPPLEMENTAL TRUST INDENTURE THIS THIRD SUPPLEMENTAL TRUST INDENTURE (the "Supplemental Indenture") is made and entered into as of August 11, 1987 1987, between the Town of Estes Park, Colorado (the "Issuer"), a political subdivision duly created, organized and existing under the Constitution and laws of the State of Colorado and Central Bank of Denver, a banking corporation duly organized and existing under the laws of the State of Colorado, as trustee (the "Trustee") and is a third supplement to that Trust Indenture dated as of December 1, 1985 entered into between the same parties (the Trust Indenture, amended and supplemented by the First Supplemental Trust Indenture and the Second Supplemental Trust Indenture, is herein referred to as the "Original Indenture"). All defined terms used herein, as indicated by initial capital letters, shall have the meanings provided in Article I of the Original Indenture. W ITNESSET H: • WHEREAS, pursuant to and in accordance with the provisions of the County and Municipality Development Revenue Bond Act, Article 3 of Title 29, Colorado Revisea Statutes, (the "Act"), by written ordinance of the Board of Trustees of Issuer, and in furtherance of the purposes of the Act, the Issuer has previously proposed to make the Project Loan to the Developer in order to finance the acquisition, construction, equipping and installing of the Project, including any building or other improvement and all real or personal properties suitable or used for or in connection therewith and which constitute commercial or business enterprises and which are functionally related and subordinate to the Project, within the Issuer, and which are to be owned by the Developer; and Board of Trustees - August 11, 1987 - Page six WHEREAS, in order to finance the cost of the Project, the Issuer issued industrial development revenue bonds under the Original Indenture in order to make the Project Loan to the Developer; and WHEREAS, the Developer and the Issuer entered into a Loan Agreement under which the Issuer agreed to make the Project Loan to the Developer in accordance with the provisions of the Loan Agreement and the Original Indenture; and WHEREAS, said provisions required certain conditions be satisfied prior to the Conversion Date, defined in the Original Indenture as September 1, 1987; and WHEREAS, the Developer is unable to satisfy said conditions prior to the Conversion Date as defined; and WHEREAS, Section 12.03 of the Original Indenture provides that the Issuer and the Trustee may execute and deliver a supplemental indenture deemed necessary or desirable by the Issuer for the purposes of modifying, altering, amending, supplementing or rescinding, in any particular, any of the terms or provisions contained in the Original Indenture; and WHEREAS, the Issuer deemed in Ordinance 21-87 approved on August 11, 1987 that a supplemental indenture to amend the Conversion Date was necessary and desirable; and WHEREAS, pursuant to 12.03(b) the Issuer has requested the Trustee enter into a supplemental indenture and the Trustee has given notice of the proposed supplemental indenture by Mail to all Owners of Outstanding Bonds; and WHEREAS, the Owners of all of the Bonds Outstanding have consented to and approved the execution and delivery of a supplemental indenture amending the Conversion Date to September 1, 1988. NOW, THEREFORE, THIS SUPPLEMENTAL TRUST INDENTURE WITNESSETH: All of the terms, conditions, definitions, and other provisions of the Original Indenture are incorporated herein by reference, and except as modified herein, all provisions in the Original Indenture are hereby ratified and confirmed by the Issuer and the Trustee. Such terms, conditions, definitions, and other provisions are supplemented by the following provision: ARTICLE I DEFINITIONS SECTION 1.01. Definitions. The term "Conversion Date" in Article I of the Original Indenture is amended in its entirety to read: "Conversion Date" means September 1, 1988. ARTICLE II THE BONDS SECTION 2.02. Interest on the Bonds. The date "August 31, 1987" in Section 2.02(b) of the Original Indenture is amended to "August 31, 1988." Board of Trustees - August 11, 1987 - Page seven ARTICLE II SUPPLEMENTAL INDENTURES SECTION 2.01 Supplemental Indentures Requiring Owner Consent. This Supplemental Indenture is issued pursuant to Section 12.03 of the Original Indenture. The Owners of all Bonds Outstanding have consented to and approved the execution and delivery by the Issuer and the Trustee of this Supplemental Indenture as evidenced by the signatures on the consents attached hereto as Exhibit A. IN WITNESS WHEREOF, the Town of Estes Park, Colorado has caused this Supplemental Indenture to be executed by its Mayor and its official seal to be impressed hereon, and Central Bank of Denver, has caused this Supplemental Indenture to be executed in its behalf by one of its authorized officers and its corporate seal to be impressed hereon, all as of the day and year first above written. [SEAL] Attest: Town Clerk Pro-Tem [SEAL] Attest: Title: Asst. Secretary TOWN OF ESTES PARK, COLORADO By Mayor CENTRAL BANK OF DENVER, a banking corporation By Authorized Officer Trustee Hix seconded the motion and it passed by the following votes: Those voting "Yes" - Trustees Barker, Brown, Dickinson, Habecker, Hix. Those voting "No" - None. Those "Abstaining" - Trustee Aldrich. Whereupon Mayor Dannels declared said ordinance duly adopted and ordered it numbered 21-87 and published according to law. Upon requirement of the title company and per Mr. Rosener's request for clear title, Trustee Hix introduced and Town Attorney White read in full, the following Ordinance and moved it be passed and adopted: AN ORDINANCE AMENDING EASEMENTS AND RIGHTS -OF -WAY FOR LOTS 20, 21, AND 22 LAKEVIEW TRACTS, TOWN OF ESTES PARK, COLORADO Trustee Aldrich seconded the motion and it passed by the following votes: Those voting "Yes" - Trustees Aldrich, Barker, Brown, Dickinson, Habecker, Hix. Those voting "No" - None. Whereupon Mayor Dannels declared said ordinance duly adopted and ordered it numbered 22-87 and published according to law. Board of Trustees - August 11, 1987 - Page eight Trustee Hix moved that agendas for Town Board meetings be closed by Thursday noon, with the exception of emergency items. Trustee Dickinson seconded the motion and it passed unanimously. Mayor Dannels noted that due to scheduling conflicts, the September 22nd Town Board meeting will be held September 29th and the October 27th meeting will most likely be held November 3rd. Trustee Aldrich moved the Mayor declare a public hearing before the Planning Commission and that an ordinance be drafted amending the zoning code to repeal the $2,000.00 parking fee. Trustee Hix seconded the motion and it passed by the following votes: Those voting "Yes" - Trustees Aldrich, Barker, Dickinson, Habecker, Hix. Those voting "No" - Trustee Brown. There being no further business, the meeting adjourned. Recording Secretary