City of Colorado Springs Logo
File #: 23-291    Version: 1 Name:
Type: Resolution Status: Mayor's Office
File created: 5/24/2023 In control: City Council
On agenda: 6/27/2023 Final action: 6/27/2023
Title: A RESOLUTION AUTHORIZING A PUBLIC IMPROVEMENT INTERGOVERNMENTAL AGREEMENT WITH PEAK METROPOLITAN DISTRICT NO. 3 Presenter: Troy Stover, Business Park Development Director, Colorado Springs Airport
Attachments: 1. RESOLUTION Intergovernmental Agreement Peak Metropolitan District No. 3.pdf, 2. Attachment 1 - Executed Development Agreement.pdf, 3. Attachment 2 - Facilities Acquisition and Payment Agreement (Construction Agreement).pdf, 4. Attachment 3 - Executed Escrow Agreement.pdf, 5. Resolution Exhibit 1 - Intergovernmental Agreement Peak Metropolitan District No. 3.pdf, 6. Resolution Exhibit 2 - AVAILABILITY OF FUNDS and STEP.pdf, 7. Resolution Exhibit 2 - Availability of Funds Step-in (Ex B).pdf, 8. Resolution Exhibit 2 - Availability of Funds Step-in (Ex C).pdf, 9. Presentation IGA for Project Raptor 2023 06 27.pdf, 10. Signed Resolution No. 88-23.pdf
Related files: 23-126

Title
A RESOLUTION AUTHORIZING A PUBLIC IMPROVEMENT INTERGOVERNMENTAL AGREEMENT WITH PEAK METROPOLITAN DISTRICT NO. 3

Presenter:
Troy Stover, Business Park Development Director, Colorado Springs Airport
Body
Summary:
This matter concerns a proposed Public Improvement Intergovernmental Agreement (the "IGA") with Peak Metropolitan District No. 3 (the "District") and also a related Availability of Funds and Step-in Rights Agreement ("Step-in Rights Agreement") among the Airport, District, and a property purchaser in Peak Innovation Park. These agreements concern the construction of infrastructure in Peak Innovation Park.

Background:
City Council passed Resolution 35-23, which approved the Airport's sale of surplus City property, being 12.693 acres, more or less, situated south of Milton E. Proby Parkway in Peak Innovation Park (the "Property"). As a part of the sale, the Airport was required to negotiate a "Development Agreement" with the Property buyer concerning the Airport's construction of infrastructure. The Property is in a new section of Peak Innovation Park, and the required infrastructure, serving the Property and other real estate, is estimated to cost approximately $14 million.

Although the infrastructure construction is an Airport obligation under the Development Agreement, the construction is actually financed and undertaken by the District through a Facilities Acquisition and Payment Agreement (construction agreement) with UFCS Airport, LLC. The IGA, and associated Step-In Rights Agreement, will permit the Property buyer to complete the infrastructure construction in the event of a default in the construction obligations. Moreover, these agreements will provide certain financial assurances through the District necessary to release the Airport from financial assurances it has provided under an Escrow Agreement. The IGA will also serve as a blueprint for continuing construction contracting by the District on Airport property for...

Click here for full text



The City of Colorado Springs is committed to making its websites accessible to the widest possible audience. We are constantly working to increase the accessibility and usability of our online technology. We strive to maintain conformance to Web Content Accessibility Guidelines (WCAG) 2.1 as well as U.S. Federal Government Section 508 Guidelines. The City of Colorado Springs will be evaluating this site on a regular basis, and it will continue to evolve and improve over time as new technologies emerge. Documents created by third parties may not meet all accessibility criteria. If you experience difficulty accessing the information contained within this webpage, please contact the Office of Accessibility at 719-385-5169.