City Council Agenda and Packet 1997 01 14

Home Browse Search

SENT BY:SHERMAN HOWARD 1 -10 -97 ;10:50AM CITY OF .LOUISVILLE, COLORADO RESOLU'T'ION NO. l 997 SERVICES DESK 3036739043;# 4/ 6 A RESOLUTION DECLARING THE INTENT OF THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO TO ISSUE INDUSTRIAL DEVELOPMENT' REVENUE BONDS. WHEREAS, .NTA Leasing, a Texas partnership (the "Company has requested that the City of Louisville, Colorado (the "City issue tux exempt bonds (the "Bonds and loan the proceeds thereof to the Company to finance the costs of a manufacturing facility, including the acquisition of land and the construction and equipment of the facility within the City in the Colorado Tech Center (the "Project to be owned and operated by the Company; and WHEREAS, the City 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, as amended (the "Act and WHEREAS, no costs of thc Project to be paid or reimbursed with proceeds of the Bonds were paid by the Company more than 60 days prior to the date of this Resolution, other than preliminary expenditures (not exceeding 20% of the aggregate issue price of the Bonds) and such preliminary expenditures do not include costs of land acquisition or site preparation or other costs of construction or acquisition of the Project. NOW, THEREFORE. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: Section 1. APPROVAL OF THE PROJECT; FINDINGS. Based upon the information supplied by the Company, the City 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 a manufacturing enterprise (as further defined in the Act). B. The Project will promote the public purposes of the Act and the health, safety, welfare, convenience and prosperity of the inhabitants of the State of Colorado by promoting industry and the development of trade and other economic activity through the inducement of the Company to acquire and construct the Project in the City. Section 2. Dh ARATION OF OFFICIAL TNTENu FIN CAPITAL FXPENDITU 'S. The City hereby approves the Company's request and the issuance of the Bonds for the Project and declares its intention and reasonable expectation to use the proceeds of the Bonds to pay thc costs of the Project and to reimburse thc Company ibr expenditures for costs of the Project to the extent permitted by federal tax regulations and the Act, such Bonds to be issued in compliance