HomeMy WebLinkAboutEPURA RESOLUTION 160RESOLUTION NO.160
A RESOLUTION OF THE ESTES PARK URBAN RENEWAL AUTHORITY
AUTHORIZING THE BORROWING OF FUNDS TO PURCHASE
REAL PROPERTY KNOWN AS LOTS 1 AND 3
STANLEY KNOLL SUBDIVISION OF TRACT 2,
STANLEY ADDITION TO THE
TOWN OF ESTES PARK,COLORADO
WHEREAS,the Estes Park Urban Renewal Authority (EPURA)
adopted Resolution No.158 on March 7,1991 (A Resolution of the
Estes Park Urban Renewal Authority Declaring an Intent to Acquire
Real Property in the Downtown Redevelopment Area and Authorizing
the Staff of the Authority to Initiate Negotiations and Proceedings
for Such Acquisition;and
WHEREAS,the EPUPA adopted Resolution No.159 on March 21,
1991 (A Resolution of the Estes Park Urban Renewal Authority
Approving a Contract for the Purchase of Real Property Known as
Lots 1 and 3,Stanley Knoll Subdivision);and
WHEREAS,the EPURA wishes to initiate a loan of $120,000;and
WHEREAS,the EPURA requested quotations for providing funds to
the Authority and The Estes Park Bank was low bidder to provide
funds.
NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF COMMISSIONERS
OF THE ESTES PARK URBAN RENEWAL AUTHORITY THAT:
1.The Chairman,or in his absence,an Officer of the Board,
is authorized to sign the loan documents for acquisition of two
undeveloped tracts of land known as Lots 1 and 3,Stanley Knoll
Subdivision of Tract 2,Stanley Addition to the Town of Estes Park,
Colorado.
2.The loan value is $120,000 repayable over a five year
period.
3.The property is pledged as collateral for the loan.
4.The Authority hereby designates this loan as a qualified
tax-exempt obligation within the meaning of Section 265 of the
Internal Revenue Code allowing banks,thrift institutions and other
financial institutions to avoid the loss of 100%of any otherwise
available interest deduction in direct proportion to such
institutions’tax-exempt holdings.
5.This loan will be executed contingent upon completion of
the sale of Lot 2,Stanley Knoll Subdivision of Tract 2,Stanley
Addition to the Town of Estes Park,Colorado to Stanley Commercial
Development,Ltd.by United Bank of Boulder Association.
6.The Chairman,or in his absence,an Officer of the Board,
is authorized to execute all required documents necessary to
process the financing of this property acquisition.
ADOPTED this 21st day of March,1991.
ESTES PARK URBAN RENEWAL AUTHORITY
By:____________
ATTEST:
Secretary
ArthurL.AndersonExecutiveDirectorEstesParkUrbanRenewalAuthorityP.O.Box1200EstesPark,Colorado80517DearArt,InresponsetoyourrequestforfinancingTheEstesParkBanksubmitsthefollowingloanof$120,000.00.ontheKnollProperty,quoteforafiveyearAnnualpaymentsof$24,000.00principalplusquarterlyinterestatafixedrateof7.3%forfiveyears.OurbankwouldexpectUrbanRenewaltopledgethe4.11acresascollateralandprovidethebankwithanopinionthattheloanwouldqualifyfortaxfreestatus.Aswithanyloanwewouldrequirethenormalclosingdocumentsforproperloanperfection.Ifyouhaveanyquestionspleasedon’thesitatetocontactme.Sincez-ey,JackG.Haselbush,PresidentJCH/mhenc.ESTABLISHED1908363EASTELKHORNP.O.BOX2270ESTESPARK.COLORADO80517(303)586-4412DENVER573-9060MEMBERFDICC0THEESTESPARKBANi]March18,1991