Resolution 1983-02 - Laserfiche WebLink

Home Browse Search

MEMORANDUM OF AGREEMENT This Memorandum of Agreement is between the City of Louisville, Colorado (the "City"), and Louisville Medical Asso- ciates, a general partnership under the laws of the State of Colorado (the "User"). 1. Preliminary Statement. Among the matters of mutual inducement which have resulted in the execution of this Agreement are the following: ( a) . The City is a municipal corporation in the State of Colorado, a body politic and corporate, author- ized and empowered by Title 29, Article 3, of the Colorado Revised Statutes 1973, as amended (the "Act"), to issue industrial development revenue bonds to finance one or more projects, including any land, building or other improvement and all real or personal properties suitable or used for or in connection with any manufac- turing, industrial, commercial, agricultural or business 'enterprise, upon such terms and conditions as the City Council of tre City of Louisville (the "City Council") deems advisable. . (b) In order to increase employment and in order to promote industry and develop trade and other economic activity within the City of Louisville, State of Colorado: ( 1 ) the User proposes to acquire and develop land located within the corporate boundaries of the City, in the Aspen Greens Subdivision, on South Boulder Road, as a site for, and to construct and equip thereon, an office facility consisting of one or more buildings, and all necessary and appurtenant improvements, for use as a medical center and as professional offices (the "Project"), ( 2 ) pursuant to a Loan Agreement between City and User (the "Loan Agreement"), the City will loan the proceeds of its industrial development revenue bonds (the ,. Bonds ,. ) to the User to finance the Project, and ( 3 ) the User will make loan repayments under said Agreement sufficient to pay the principal of, premiums, if any, and interest on the Bonds. ( C ) The City has indicated its willingness to proceed with the issuance of its Bond s In one or more series, as provided by the Act, to finance the Project and has advised the User that, subject to due compliance with all requirements of law, the obtaining of all necessary consents and approvals, and the happening of all acts, conditions, and things required precedent to such financing, the City, pursuant to the Act, will issue the Bonds in a principal amount sufficient to pay the costs of such acquisition, construction, improve- ment, and equipment of the Project, the funding of any necessary reserves, and the expenses of issuance and - 13 -