Loading...
HomeMy WebLinkAboutMINUTES-05/14/1991-Adjourned' ADJOURNED MEETING OF THE COUNCIL OF THE CITY OF FORT COLLINS, COLORADO Council -Manager Form of Government May 14, 1990 6:15 p.m. An adjourned Meeting of the Council of the City of Fort Collins was held on Tuesday May 14, 1991, at 6:15 p.m. in the Council Chambers in the City of Fort Collins City Hall. Roll call was answered by the following Councilmembers: Azari, Edwards, Fromme, Kirkpatrick, Maxey andiWinokur. Councilmember Horak arrived at 6:55 p.m. Staff Members Present: Burkett, Davis, Roy. Discussion of the Glacier Park Properties Acquisition Opportunity The following is staff's memorandum on this item. "EXECUTIVE SUMMARY Glacier Park has offered its entire Fort Collins portfolio (with exception of parcels 5,6 & a portion of parcel 7) for sale to the City. Glacier Park is actually selling 215 properties throughout the western United States to Trillium Corporation, a Bellingham, Washington developer of residential, retail, resort and industrial properties. Trillium is however, interested in selling properties, such as the Fort Collins parcels to help finance its overall purchase from Glacier Park. A team which included members from various City departments as well as several outside interests, evaluated each of the parcels based upon criteria which included the potential for short and long-term public use, cost, development constraints and environmental concerns. The attached report summarizes this evaluation, outlines the staff recommendation and indicates the options for financing the acquisition." City Manager Steve Burkett gave a presentation clarifying the staff recommend action to pursue the purchase of parcels 1 and 8. He suggested adjourning into Executive Session after discussion for the purpose of evaluating possible offers and for direction on the negotiations. 1 209 May 14, 1991 Councilmember Edwards gave a brief report on a meeting he attended with the City Manager and Councilmember Horak to discuss potential issues relating to thepurchase of the property. He stated the consensus was to purchase parcels 1 and 8. City Manager Steve Burkett gave a brief overview of a meeting he and members of staff attended with the Housing Authority, Downtown Development Authority and the Downtown Business Association Board of Directors in which purchasing issues and opportunities were reviewed. Councilmember Edwards stated it would not be in the best interest of taxpayers to disclose purchasing strategies to the sellers. Councilmember Maxey spoke of the landmark value of the depot located on parcel 1, stating retaining it in the City's inventory would not be advantageous to the development. City Manager Steve Burkett stated an Environmental Impact Study of the property had been completed and reviewed by the Natural Resources staff. He reported some problems have been identified and noted that any offer of purchase would be contingent on resolving any existing environmental issues. Economic Development Administrator Frank Bruno, reviewed the occupancy rate for the downtown parking garage. ' City Manager Steve Burkett spoke of financing options and reported money in the Building Reserve Fund is currently available and not programmed for other uses. He clarified undesignated reserves in the Conservation Trust Fund were unprogrammed lottery and lotto revenues and borrowed funds would be reimbursed from parking revenues. Alan Krcmarik gave a brief outline of the City's debt relating to the downtown parking garage and reported staff is in the process of compiling a package of revenues to accomplish the potential acquisition. Chip Steiner, Executive Director of the Downtown Development Authority, stated the Downtown Development Authority and the Downtown Business Association passed a resolution which strongly endorsed the City's purchase of the LaPorte lot. Michael LaMair, representing Glacier Park, presented background information on Glacier Park and Burlington Resources, a subsidiary of Burlington Northern. He stated that Glacier Park is in the process of liquidating its properties across the Country and have entered a purchase and sale agreement with the Trillium Corporation. Mr. LaMair said that at this time the properties are being offered exclusively to the City. Ken Hertz, Executive Vice President of Trillium Corporation, outlined Trillium's position on this item and noted the intent is to obtain a fair price for the property. , 210 May 14, 1991 1 Councilmember Horak contended the reason for considering purchase of the property is because of a dramatic increase in the leasing fee. He maintained the City could pursue the leasing of another property to operate a parking lot. Councilmember Edwards made a motion, seconded by Councilmember Azari, to adjourn into Executive Session for the purpose of discussing a potential purchase of real estate and strategy with respect to the pursuit of the potential purchase. Councilmember Horak stated he would not be supporting the motion. The vote on Councilmember Edwards' motion was as follows: Yeas: Councilmembers Azari, Edwards, Fromme, Kirkpatrick, Maxey and Winokur. Nays: Councilmember Horak. THE MOTION CARRIED. The meeting adjourned into Executive Session at 7:10 p.m. At conclusion of the Executive Session, the meeting reconvened at 7:45 p.m. Other Business ' Councilmember Fromme asked if the Ad Hoc Transportation Committee would be created as a permanent committee. Councilmember Azari clarified the issue of a permanent Ad Hoc Transportation Committee is on the Council Workplan agenda. Adjournment The meeting adjourned at 7:47 p.m. Mayor ATTEST: nn City Clerk 211