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File #: R-19-118   
Type: Resolution Status: Adopted
File created: 1/7/2019 In control: City Council
Final action: 1/23/2019
Enactment date: Enactment #:
Title: Declaring The Intent Of The City Of Albuquerque, New Mexico, Subject To The Satisfaction Of Certain Conditions, To Issue Metropolitan Redevelopment Bonds In An Aggregate Principal Amount Not To Exceed $26,400,000.00 In Connection With The Acquisition, Construction And Equipping Of The Marriott Springhill Suites Project For The Purpose Of Inducing Urban Hospitality NM, LLC, Or Its Successors And Assigns, To Locate The Project In The City And To Develop The Project In The City As Described In The Project Plan (Benton, by request)
Attachments: 1. R-118.pdf
CITY of ALBUQUERQUE
TWENTY THIRD COUNCIL


COUNCIL BILL NO. R-19-118 ENACTMENT NO. ________________________

SPONSORED BY: Isaac Benton, by request


RESOLUTION
title
Declaring The Intent Of The City Of Albuquerque, New Mexico, Subject To The Satisfaction Of Certain Conditions, To Issue Metropolitan Redevelopment Bonds In An Aggregate Principal Amount Not To Exceed $26,400,000.00 In Connection With The Acquisition, Construction And Equipping Of The Marriott Springhill Suites Project For The Purpose Of Inducing Urban Hospitality NM, LLC, Or Its Successors And Assigns, To Locate The Project In The City And To Develop The Project In The City As Described In The Project Plan (Benton, by request)
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WHEREAS, the City of Albuquerque (the "City"), State of New Mexico (the "State"), is a legally and regularly created, established, organized and existing municipal corporation of the State; and
WHEREAS, pursuant to the Metropolitan Redevelopment Code, Chapter 3, Article 60A, New Mexico Statutes Annotated, 1978 Compilation, as amended (the "Code"), the City Council (the "Council") of the City is authorized to acquire metropolitan redevelopment projects to be located within metropolitan redevelopment areas; and
WHEREAS, the City desires to encourage redevelopment, so as to promote industry and develop trade or other economic activity by inducing profit or non profit corporations and commercial or business enterprises, among others, to locate, expand or remain in metropolitan redevelopment areas, to reduce unemployment and to secure and maintain a balanced and stable economy in such areas and to promote public health, welfare, safety, convenience and prosperity; and
WHEREAS, the City has previously designated the area within which the Project Site (as defined below) and the Project (as defined below) are located as the Sycamore Metropolitan Redevelopment Area; and
WHEREAS, Urban Hospitality NM, LLC, a New Mexico limited liability company (toget...

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