HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 05/07/2002 - FIRST READING OF ORDINANCE NO. 071, 2002, AUTHORIZ AGENDA ITEM SUMMARY ITEM NUMBER: 18
DATE:
FORT COLLINS CITY COUNCIL May 7, 2002
STAFF: Ralph Camp:-�no
Stewart Ellenberg
SUBJECT:
First Reading of Ordinance No. 071, 2002, Authorizing the Sale of City-Owned Property at 2519
Dorset Court.
RECOMMENDATION:
Staff recommends adoption of the Ordinance on First Reading.
FINANCIAL IMPACT:
Staff is recommending that the City sell the residential property located at 2519 Dorset Court for a
price of$168,000 dollars or more. The net proceeds from the recommended bid outlined below falls
well within the appraisal range for the property.
EXECUTIVE SUMMARY:
After the 1997 flood,the property owner of 2519 Dorset Court filed a lawsuit against the City of Fort
Collins. As part of a mediated settlement agreement, the City obtained title to the property.
During the initial marketing attempt to sell the property, staff contacted the Fort Collins Housing
Authority to see if the Housing Authority was interested in buying it. The Authority was not
interested in purchasing the single-family residence, because the Authority is primarily interested
in multi-family housing stock since its funding is based on a per bedroom basis formula. As a result,
staff began seriously marketing the property in December of 2001 using the City's bid process and
the assistance of the Fort Collins Board of Realtors. In addition, a"For Sale" sign was placed on
the property to attract prospective buyers.
Within the last week, two bids have been received. Staff is recommending that Council accept the
highest bid of $168,000. The bid has no contingencies, and there is no realtor commission. If
Council authorizes staff to proceed with the sale,closing is scheduled to occur 10 days after Second
lip Reading of the Ordinance. Staff will continue to solicit back-up bids to the date of the final reading
of the Ordinance.
• ORDINANCE NO. 071, 2002
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE SALE OF CITY-OWNED PROPERTY
AT 2519 DORSET COURT
WHEREAS,the City of Fort Collins is the owner of that certain real property located in Fort
Collins,Latimer County Colorado,at 2519 Dorset Court,and described as Lot 165,Block 24,Brown
Farm First Filing (the "Property"); and
WHEREAS, the City acquired the Property as part of a litigation settlement, and does not
have a need for this Property; and
WHEREAS, after a bid process to solicit potential offers,the City has received two bids for
this Property; and
WHEREAS, staff is recommending Council accept the highest bid of$168,000, which falls
within the appraised value range of the Property; and
WHEREAS, Section 23-111 of the City Code provides that the City Council is authorized
to sell, convey or otherwise dispose of real property owned by the City, provided the Council first
finds by ordinance that any sale or other disposition of real property owned by the City is in the best
interest of the City of Fort Collins.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, as follows:
Section 1. That the sale of the Property for ONE HUNDRED SIXTY-EIGHT THOUSAND
DOLLARS ($168,000) or more is in the best interest of the City of Fort Collins.
Section 2. That the Mayor is hereby authorized to execute such conveyance documents as
are necessary for the City to sell and convey the Property on the terms and conditions described
above.
Introduced,considered favorably on first reading,and ordered published this 7th day of May,
A.D. 2002, and to be presented for final passage on the 21st day of May, A.D. 2002.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 21st day of May, A.D. 2002.
Mayor
ATTEST:
City Clerk
Sale of 2519 Dorset Court
Location Map
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_ 2519 Dorset Court