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A RESOLUTION
AUTHORIZING THE SECRETARY/EXECUTIVE DIRECTOR TO ENTER INTO AGREEMENTS NECESSARY TO SECURE FUNDS FOR DEPOSIT WITH THE COURT IN CASE NO. 01CV1482.
WHEREAS, the Lakewood Reinvestment Authority ("LRA") adopted Resolution LRA 2001-3 authorizing the condemnation of the Ground Lease for the Villa Italia Shopping Center; and
WHEREAS, the LRA brought Case No. 01CV1482 to acquire the Ground Lease for
the Villa Italia Shopping Center; and
WHEREAS, on October 11, 2001, the LRA deposited with the District Court the
sum of $3,000,000 to secure possession of the Ground Lease; and
WHEREAS, on October 6, 2002, the District Court granted the LRA's Motion for Entry of Rule and Order upon deposit of an additional $5,000,000; and
WHEREAS, the Redevelopment Agreement between the LRA and Continuum Lakewood Development Company, LLC ("Continuum") requires Continuum to reimburse the LRA for any amounts deposited with the District Court.
NOW, THEREFORE, BE IT RESOLVED by the Lakewood Reinvestment Authority of the City of Lakewood, Colorado, that:
SECTION 1. The Lakewood Reinvestment Authority hereby authorizes the Executive Director of the Lakewood Reinvestment Authority to execute such agreements as may be necessary with governmental entities in the City of Lakewood to borrow sums necessary for the deposit with the District Court pursuant to the District Court's Order of November 6, 2002.
SECTION 2. A note shall secure any amounts borrowed pursuant to Section 1 from
Continuum Lakewood Development Company, LLC, payable not later than March 1,
2003.
INTRODUCED, READ AND ADOPTED by a vote of __ For and __ Against at a special
meeting of the Board of Commissioners of the Lakewood Reinvestment Authority
on November 25, 2002, at 6:15 p.m. at Lakewood Civic Center, 480 South Allison
Parkway, Lakewood, Colorado.
Stephen A. Burkholder, Chair
ATTEST:
Michael J. Rock, Executive Director
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