HomeMy WebLinkAboutMINUTES-10/30/1976-SpecialOctober 30, 1976
COUNCIL OF THE CITY OF FORT COLLINS, COLORADO '
Council - Manager Form of Government
Special Meeting - 10:00 A.M.
A special meeting of the Council of the City of Fort Collins was
held on Saturday, October 30, 1976 at 10:00 a.m. in the Council
Chambers in the City of Fort Collins City Hall. Roll call was
answered by Councilmembers Bloom, Bowling, Gray, Reeves, Russell,
Suinn and Wilkinson.
Staff Members Present: Brunton and Lewis.
Also: City Attorney Arthur March Jr.
City Attorney March stated he had received communication from
Tim Hassler, Attorney for Pine Ridge Ltd. indicating that the
owners would consider selling the Pine Ridge property to the
City at a price of $450,000. Council has before it the proposed
agreement which has been presented by the sellers that would
contemplate that price for approximately 330 acres of land.
Attorney Tim Hassler stated there is a substantial payment due ,
on the mortgages which encumber the property. The partnership
has had a meeting and had agreed that they were going to exercise
their partial releases and pick up certain pieces of the property
but were not going to continue to make payments on the property.
This offer to the City is $450,000.
Council considered the provisions proposed for one lump sum
payment due December 15, 1976. The attorneys for all parties
concerned requested a recess to confer with their clients regarding
this item.
Mayor Wilkinson granted the recess; upon reconvening the meeting
he -called on Attorney Tim Hassler to report on the outcome of
the conference.
Attorney Hassler stated the mortgagees are willing to sell the
property at $450,000; $100,000 doom, the balance of $350,000
payable at an interest rate of 6% in three equal annual install-
ments.
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Councilman Bowling made a motion, seconded by Councilwoman Gray
to approve the purchase of the Pine Ridge Property with a purchase
price of $450,000 with $100,000 down the balance of $350,000 to
' be made in three equal payments annually, of the unpaid balance
and authorize the City Manager and City Clerk to sign the necessary
agreements and close the transaction.
(Terms would be $10,000 immediately and $90,000 on or before
December 15, 1976 closing time.) Yeas: Councilmembers Bowling,
Gray, Reeves, Russell, Suinn and Wilkinson. Nays: Councilman
Bloom.
Mayor Wilkinson declared the meeting adjourned at 11:10 a.m
ATTEST:
City Clerk
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