ORDINANCE

By on March 20, 2020

ORDINANCE
RELATING TO THE REDEVELOPMENT, LEASING AND SALE OF A METROPOLITAN REDEVELOPMENT PROJECT AND THE ISSUANCE OF METROPOLITAN REDEVELOPMENT REVENUE BONDS PAYABLE FROM RENTAL PAYMENTS THEREFOR; APPROVING THE METROPOLITAN REDEVELOPMENT APPLICATION ENTITLED “1716 CENTRAL AVENUE, LLC METROPOLITAN REDEVELOPMENT BOND APPLICATION”; AUTHORIZING THE ACQUISITION OF LAND AND EXISTING IMPROVEMENTS AND CONSTRUCTION OF A BUILDING WITHIN THE HISTORIC CENTRAL METROPOLITAN REDEVELOPMENT AREA; AUTHORIZING THE DISPOSITION BY LEASE AND SALE OF THE CITY’S INTEREST IN SUCH PROJECT TO 1716 CENTRAL AVENUE, LLC, ITS SUCCESSORS AND ASSIGNS; AUTHORIZING THE ISSUANCE AND SALE OF THE CITY OF ALBUQUERQUE, NEW MEXICO METROPOLITAN REDEVELOPMENT REVENUE BONDS (THE FRANZ PROJECT), SERIES 2020 IN THE MAXIMUM PRINCIPAL AMOUNT OF $10,000,000 TO PROVIDE FUNDS TO FINANCE A PORTION OF THE COSTS OF THE CONSTRUCTION OF THE PROJECT; AUTHORIZING THE EXECUTION AND DELIVERY OF AN INDENTURE, LEASE AGREEMENT, BOND PURCHASE AGREEMENT, THE BONDS, AND OTHER DOCUMENTS IN CONNECTION WITH THE ISSUANCE OF THE BONDS AND THE PROJECT; MAKING CERTAIN DETERMINATIONS AND FINDINGS RELATING TO THE BONDS AND THE PROJECT; RATIFYING CERTAIN ACTIONS TAKEN PREVIOUSLY; AND REPEALING ALL ACTIONS INCONSISTENT WITH THIS ORDINANCE.
HCS Pub. March 20, 2020

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