HomeMy WebLinkAboutURA RES 2011-01RESOLUTION NO. 2011-01
A RESOLUTION OF THE URBAN RENEWAL AGENCY OF THE CITY OF
CALDWELL, IDAHO AUTHORIZING AMENDMENT OF THE TERMS OF A PURCHASE
AND SALE AGREEMENT WITH CP -I, LLC; AUTHORIZING THE ACQUISITION OF REAL
PROPERTY FROM THE CITY OF CALDWELL, IDAHO; SETTING FORTH CERTAIN
FINDINGS IN SUPPORT HEREOF; AUTHORIZING NECESSARY CONTRACTS;
AUTHORIZING THE CHAIRMAN TO EXECUTE DOCUMENTS NECESSARY TO
COMPLETE TRANSACTIONS ON BEHALF OF THE AGENCY; AND PROVIDING FOR
THIS RESOLUTION TO BE EFFECTIVE UPON ITS PASSAGE AND APPROVAL.
RECITALS:
1. WHEREAS, The City of Caldwell ("City") is a duly organized municipal corporation of the
State of Idaho; and
2. WHEREAS, The Urban Renewal Agency of the City of Caldwell, Idaho ("Agency") is an urban
renewal agency of the State of Idaho duly established pursuant to the Idaho Urban Renewal Law of
1965, Idaho Code § 50-2001, et seq.; and
4. WHEREAS, Pursuant to Idaho Code § 50-2008, Agency has prepared a Plan for the renewal of
the Caldwell East Urban Renewal Area (the "Plan"); and
5. WHEREAS, The Caldwell City Council adopted and approved the Plan in accordance with
Idaho law by enactment of Ordinance No. 2260 on December 21, 1998 and has similarly adopted by
ordinance in accordance with Idaho law every amendment thereto; and
6. WHEREAS, The Plan, as has from time to time been amended, provides for the renewal and
redevelopment of downtown Caldwell and the "day -lighting" and revitalization of Indian Creek between
South 5"` Avenue and South 10th Avenue in downtown Caldwell; and
7. WHEREAS, The Plan is advanced by the development of a catalyst project that will demonstrate
redevelopment, enhance the downtown Caldwell area, make it more attractive for private development
and investment and bring customers for existing businesses to the downtown area; and
8. WHEREAS, The catalyst project is a building to house the educational operations of the
Treasure Valley Community College in downtown Caldwell located at 205 South 6`h Avenue, Caldwell,
Canyon County, Idaho ("Subject Property"); and
9. WHEREAS, the Subject Property is located within the area described in the Plan for urban
revitalization; and
9. WHEREAS, CP -1, LLC ("CP -1"), an Idaho limited liability company, has nearly completed
construction of the building and currently holds title to the building and the Subject Property; and
CALDWELL URBAN RENEWAL AGENCY RESOLUTION NO. 2011 -01
10. WHEREAS, By that certain Purchase and Sale Agreement dated January 26, 2010, CP -1 has
contracted to sell the Subject Property to the Agency; and
11. WHEREAS, It is advantageous to the City to acquire the Subject Property from CP -1 subject to the
contractual rights of the Agency so that 1) City, may sell the Subject Property to the Agency upon terms
favorable to the City and the Agency, and 2) pursue its interest in the advancing the Plan with the Agency
through the lender -creditor relationship; and
12. WHEREAS, The City is authorized by Idaho Code § 50-301 to contract and be contracted with;
acquire, hold, lease, and convey property, real and personal; erect buildings or structures of any kind
needful for the uses or purposes of the city; and exercise all powers and perform all functions of local
self-government in city affairs as are not specifically prohibited by or in conflict with the general laws or
the constitution of the state of Idaho; and
13. WHEREAS, The City wishes to purchase and acquire the building and Subject Property from CP -1
and has negotiated a contractual Purchase and Sale Agreement for that purpose; and
14. WHEREAS, To facilitate the City's purchase of the Subject Property it is desirable for the Agency
to amend its existing contract with CP -1, LLC and the Agency has negotiated that certain Addendum 1 to
the Purchase and Sale Agreement for that purpose which is attached hereto as Exhibit "A" and incorporated
herein by this reference; and; and
15. WHEREAS, The City wishes to, after acquiring title to the Subject Property, sell the building and
Subject Property to Agency and has negotiated a contactual Purchase and Sale Agreement for that purpose
which is attached hereto as Exhibit "B" and incorporated herein by this reference; and
16. WHEREAS, Pursuant to Idaho Code § 50-2015, the City is authorized to, with or without
consideration, sell or convey any of its interest in any property to an urban renewal agency, to do any and
all things necessary to aid or cooperate in the planning or carrying out of an urban renewal plan and related
activities, to enter into agreements with an urban renewal agency, and to cause public buildings and public
facilities, including education facilities, to be furnished; and
17. WHEREAS, pursuant to Idaho Code § 50-2015(b), any sale or agreement described in § 50-2015,
may be made by the City "without appraisal, public notice, advertisement or public bidding"; and
18. WHEREAS, the City is authorized by Idaho Code § 50-1404 to sell real property on contract for a
period not exceeding ten (10) years, with a return to the City as determined by the City Council, and with
the City retaining title thereto until full payment has been made; and
19. WHEREAS, Pursuant to Idaho Code § 50-2010, Agency is authorized to acquire by negotiation any
interest in real property, such as the Subject Property, from City; and
20. WHEREAS, Pursuant to Idaho Code § 50-2007(a), Agency is authorized to make and execute
contracts and other instruments necessary or convenient to the exercise of its powers; and
CALDWELL URBAN RENEWAL AGENCY RESOLUTION NO. 7-0 11 -0 1
21. WHEREAS, Pursuant to Idaho Code § 50-2007(c), Agency is authorized to acquire by purchase any
real property together with any improvements thereon, to hold said real property, and to mortgage, pledge,
hypothecate or otherwise encumber said real property; and
22. WHEREAS, Pursuant to Idaho Code § 50-2007([), Agency is authorized to borrow money and to
apply for and accept loans, grants, contributions and any other form of financial assistance from any source,
public or private, for the purposes of the Idaho Urban Renewal Law; and
23. WHEREAS, While the City retains title to any real property sold on contract to the Agency, the
provisions of any contracts or agreements referred to in Idaho Code § 50-2015(a), if any, shall inure to the
benefit and may be enforced by the City.
NOW, THEREFORE, BE IT RESOLVED BY THE URBAN RENEWAL AGENCY OF THE
CITY OF CALDWELL, IDAHO:
Section 1: The Agency hereby adopts the foregoing Recitals as findings of fact and
conclusions of law.
Section 2: The Agency hereby approves the contract attached hereto as Exhibit "A" and
authorizes the Chairman to execute said contract, together with any other reasonable and customary
documents associated with the real estate transaction described therein, in his official capacity, on behalf
of the Agency.
Section 3: The Agency hereby approves the contract attached hereto as Exhibit "B" and
authorizes the Chairman to execute said contract, together with any other reasonable and customary
documents associated with the real estate transaction described therein, in his official capacity, on behalf
of the Agency.
Section 4: The Agency and its representatives are hereby authorized and directed to take all
steps necessary and convenient to implement the purposes of this Resolution.
Section 5: This Resolution shall be in full force and effect immediately upon its passage and
approval.
,ASSED BY THE URBAN RENEWAL AGENCY OF THE CITY OF CALDWELL, IDAHO
this day of October, 2010.
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CALDWELL URBAN RENEWAL AGENCY RESOLUTION NO. 2 0J t- U 1