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<br /> .L <br /> ,.~ <br /> ORDINANCE NO. 872 <br /> ~,-. <br /> AN ORDINANCE APPROVING A LEASE-PURCHASE AGREEMENT AND <br /> A LEASE OF PROPERTY AS SECURITY FOR THE FINANCING OF <br /> THE CONSTRUCTION OF THE CITY SHOPS FACILITY. <br /> WHEREAS, the City of Louisville desires to enter in to a <br />Lease-Purchase Agreement wi th Security Pacific relative to <br />construction of the new City shops facility; and, <br /> WHEREAS, Security Pacific requires some type of security <br />for payment on the Lease-Purchase Agreement, specifically the right <br />to take possession of the premises upon default by the City; and, <br /> WHEREAS, a lease of the property would be required for such <br />security and said lease-purchase and lease must be adopted by an <br />ordinance of the City Council. <br /> NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE <br />CITY OF LOUISVILLE, COLORADO: <br /> Section l. That the Mayor and City Clerk are hereby <br />authorized to execute the Lease-Purchase Agreement and Lease <br />Agreement attached to th i s Ordinance as Exhibit "A" which leases the <br />land where the new City shops project is being constructed in the <br />event of default by the City of Louisville under the Municipal Lease <br />and Option Agreement entered into between Security Pacific Capital <br />Markets Group as Lessor and the City of Louisville as Lessee for the <br />construction of a central shops building facility for housing <br />vehicles for repairs and maintenance located at 1600 Empire Road, <br />Louisville, Colorado. <br />