HomeMy WebLinkAboutMINUTES Town Board 1984-09-25tnftrn of izstr5 4arft,Larimer County,Colorado,.
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Minutes of egiLar meeting of the Boord of Trustees of the Town of Estes
Pork,Larimer County,Colorado.Meeting held in the Town Hall in 5aid Town of Estes Park
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hour.
Meeting called to order by Mayor
Present:Mayor H.B.Dannels Truslees:Norbert L.Aldrich,
Mark T.Brown,
Byron L.Graves,
George J.Nix,Town AdministratorAlsoPresent:.Paula 11.Laing,
Dale G.Hill Richard A.Wood
Town Attorney
Gregory A.White
Minutes of the regular meeting held September 13,1984 were
submitted and approved.
Trustee Wood moved the bills,as presented,be allowed and paid
and the Clerk be authorized to draw warrants for the same.(A
certified copy of the bills presented and allowed are on file in
the Of fice of the Town Clerk under this date,and made a part of
the record of these proceedings by reference thereto.)Trustee
Aldrich seconded the motion and it passed by the following votes:
Those voting “Yes”Trustees Aldrich,Graves,Nix,Laing and Wood.
Those voting “No”none.
Trustee Nix,Chairman of the Administrative Committee,read the
minutes of a meeting held September 14,1984,and moved the
minutes be approved.Trustee Laing seconded the motion and it
passed unanimously.
Trustee Wood,Chairman of the Stanley Park Committee,read the
minutes of a meeting held September 24,1984,and moved the
minutes be approved.Trustee Hix seconded the motion and it
passed unanimously.
Trustee Hix,Chairman of the Water Committee,read the minutes of
a meeting held Septemben 24,1984,and moved the minutes be
approved.Trustee Aldrich seconded the motion and it passed
unanimously.
The minutes of an Estes Park Planning Commission meeting held
September 18,1984 were submitted.
Mr.Bill Gunn,representing the owner Russ McCahan (Heritage
Development),addressed the Board regarding Industrial Develop
ment Revenue Bonds.Heritage Development is seeking revenue
bonds in the amount of $750,000.00.Trustee Mix stated there was
a possible conflict of interest,therefore,he would not
participate in any discussion or cast a vote.Mr.McCahan stated
r his desire was to purchase and renovate the Ripley Building
located at 145 East Elkhorn Avenue.The completed project will
be a three story,13,000 square foot shopping mall with the
flexibility of having from ten to fourteen gift and specialty
shops.After examining the application,the Town’s auditor felt
the financial proposal was very feasible.The Town has no
financial obligation in approving Industrial Development Revenue
Bonds.The Town’s financial advisor reported there is no need
for concern if the bonds are sold privately.Administrator Hill
read a letter dated September 25,1984 written to Heritage
Development by Barbara Cole,Executive Director,Estes Park Urban
Renewal Authority.The letter stated the Authority favorably
regards the proposed redevelopment.Trustee Wood introduced,and
Board of Trustees —September 25,1984 -Page two
Attorney White read in full,the following resolution and moved
it be passed and adopted:
RESOLUTION 31-84
The Bonds will not be general obligations of the Town.Neither
shall the Bonds,including interest thereon,constitute the debt
or indebtedness of the Town within the meaning of any limitation
of the Constitution or statutes of the State of Colorado,nor
give rise to a pecuniary liability of the Town or a charge
against its general credit or taxing powers.The Bonds shall be
payable solely from and secured by a pledge of revenues derived
from and payable by ZicCahan pursuant to financing agreements with
the Town.
Section 2.No costs or expenses,whether incurred by the
Town or any other party in connection with the issuance of the
Bonds or the preparation of any documents by any legal or
financial consultants retained in connection therewith,shall be
borne by the Town.All such costs or expenses shall be paid from
the proceeds of the Bonds or otherwise borne by McCahan.In
addition to the costs and expenses to be borne by McCahan as
described in the preceding sentences,if the Project is approved
by the Town and the Bonds are issued,McCahan shall pay to the
Town a fee of 1/16 of 1%of the unpaid principal amount of the
Bonds at the end of each bond year.
Section 3.Prior to any execution of a financing agreement,
mortgage,indenture of trust,bDnd purchase agreement or any
other necessary documents and agreements in connection with such
Bonds,the Project shall qualify for all necessary authorization
by the Estes Park Urban Renewal Authority and such documents
and/or agreements shall be submitted to the Town,as required by
the Town for approval,and,if satisfactory to the Town,their
execution shall be authorized by ordinance of the Town Council
pursuant to law.
Section 4.Prior to any further action by the Town Council,
tcCahan shall provide the Town with the opinion of a recognized
Bond Counsel supporting the legality of the financing of the
Project and the utilization of bond proceeds for said Project.
Section 5.Nothing contained in this resolution shall
constitute the debt or indebtedness of the Town within the
meaning of any limitation of the Constitution or statutes of the
State of Colorado,nor give rise to a pecuniary liability of the
Town or a charge against its general credit or taxing powers.
Section 6.All commitments of the Town contained herein are
subject to the condition that within twelve (12)months of the
date hereof,unless otherwise extended by agreement between the
Town and McCahan,the Bonds to be issued pursuant hereto shall be
issued and sold.In the event that said Bonds to be issued
pursuant hereto are not issued within twelve (12)months,the
Town of Estes Park,Colorado shall be under no obligation to
perform any of the terms and conditions contained herein.
Nothing contained herein shall constitute a warranty or
representation by the Town that the Ponds will receive from the
State of Colorado an allocation of a portion of the private
activity bond lir.it authorized for the State of Colorado pursuant
to Section 621 of the Peficit Reduction of 1984 of the United
States of America.The Town shall use its best efforts,however,
to secure from the State of Colorado such an allocation
authorizing the issuance of the Bonds from the 1984 State of
Colorado Private Activity Bond Limit.
Section 7.All ordinances,orders,bylaws and resolutions,
or parts thereof,in conflict with this resolution are hereby
repealed to the extent of such conflict.This repealer shall not
be construed to revive any order,ordinance,bylaw or resolution,
or part thereof,heretofore repealed.
Section 8.If any section,paragraph,clause,or provision
of this resolution with the exception of any section,paragraph,
clause or provision limiting the Town’s financial obligation
shall for any reason be held to be invalid or unenforceable,the
invalidity or unenforceability of such section,paragraph,clause
or provision shall not affect any of the remaining provisions of
this resolution.
Section 9.This rcsolution shall take effect immediately
upon its introduction and passage.
WHEREAS,representatives of Mccahan—Leino Partners,a
Colorado general partnership to be formed (“NcCahan”)have met
with officials of Estes Park,Colorado (the “Town”),and have
advised the Town of the interest of McCahan in acquiring and
renovating an existing building and converting it to a retail
shopping mall in the Town,subject to the willingness of the Tcwn
to finance the project (the “Project”)as an industrial
development revenue bond project,pursuant to the Colorado County
and Municipality Development Revenue Bond Act constituting
Article 3,Title 29,Colorado Revised Statutes,as amended (the
“Act”)and
Board of Trustees -September 25,1984 -Page three
WHEREAS,McCahan has represented to the Town that the
Project will qualify as a project within the meaning of the Act;
and
WHEREAS,the Project consists of the acquisition and
development of land and an existing building and the renovation,
and conversion of the building to a shopping mall designed to
house retail businesses and manufacturers which will create
additional jobs within the Town;and
WHEREAS,the Board of Trustees has considered the proposal
and has concluded that the economic benefits to be derived
therefrom by the Town will be substantial;and
WHEREAS,the Board of Trustees has determined the Project to
be consistent with the goals and objectives of the Town;and
WHEREAS,the Board of Trustees desires to indicate its
intent to proceed with financing the Project through the issuance
of such revenue bonds.
NOW,THEREFORE,RE IT RESOLVED BY THE BOARD OF TRUSTEES OF
THE TOWN OF ESTES PARE:
Section 1.In order to induce McCahan to locate and
construct the Project within the Town,the Town shall,subject to
the provisions hereof,take all necessary and advisable steps to
effect the issuance of industrial development revenue bonds (the
“Bonds”)pursuant to the Act in the maximum aggregate principal
amount of SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($750,000)or such
lesser amount as shall be determined and agreed upon by Mccahan
and the Town to finance the Project.
Trustee Aldrich seconded the motion and it passed by the follow
ing votes:Those voting “Yes”Trustees Aldrich,Brown,Graves,
Laing,and Wood.Those voting “No”none.Those “Abstaining”
Trustee Hix.
Administrator Hill read a letter dated September 21,1984 submit
ted by William G.Van Horn.Mr.Van Horn formally requested the
Town of Estes Park to dedicate,for roadway purposes,“Outlot G”
of Stanley Hills P.U.D.,First Filing in accordance with the
reservation contained on the plat thereof.Mr.William Yearsley,
representing the Stanley Hills Homeowner’s Association,informed
the Board 81%of the members are opposed to the roadway.The
association also questioned the true ownership of “Outlot G.”
With this additional information,Trustee Wood moved the matter
be taken under advisement.Trustee Brown seconded the motion and
it passed unanimously.
Pursuant to a request submitted by Kanemoto Farms regarding a
Petition for Rezoning of Tracts 92,93,94 and 95,Fall River
Addition,Trustee Hix moved the following public hearing dates be
set:
October 16,1984 -Planning Commission
October 23,1984 —Board of Trustees
Trustee Graves seconded the motion and it passed unanimously.
In a letter dated August 29,1984,charles Phares,chairman,
Estes Park Urban Renewal Authority,requested the Second Amended
Plat of Pine River Subdivision be included within the Urban
Renewal Boundary.Trustee Wood moved to have Town Staff proceed
with the boundary change as requested by the Urban Renewal
Authority.Trustee Hix seconded the motion and it passed
unanimously.
A letter dated September 18,1984 submitted by the Estes Valley
Improvement Association (EVIA),Inc.stating they favor the study
of upgrading Stanley Park and classifying it as a number one
priority was read.
Administrator Hill informed the Board of Trustees the State
Highway Department has approved the traffic loop plan,
Anne Moss stated,that in her opinion,the Board of Trustees were
in a position to gain public amenities and display great influ
ence with regard to issuing Industrial Development Revenue Bonds.
Board of Trustees —September 25,1984 —Page four
Robert M.Lucas,Stanley Hotel,read and hand delivered a letterdatedSeptember25,1984 regarding Industrial Development RevenueBondsforStanleyVillage.
Trustee Laing thanked all citizens who worked on the AspenfestFestivalfortwoverysuccessfulweekends.
There being no further business,the meeting adjourned.
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Mayor
Town Clerk
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