HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 05/06/1999 - SECOND READING OF ORDINANCE NO. 57, 1999, AUTHORIZ AGENDA ITEM SUMMARY ITEM NUMBER: 16
DATE: May 4, 1999
FORT COLLINS CITY COUNCIL STAFF: Ron Mills/
Mark Sears
SUBJECT:
Second Reading of Ordinance No. 57, 1999, Authorizing the Mayor to Execute a Deed of
Conveyance for the Sale of 945 East Prospect and Appropriating the Proceeds as Unanticipated
Revenue in the Capital Projects Fund to Be Used to Construct a Right Turn Lane at the
Prospect/Lemay Intersection.
RECOMMENDATION:
Staff recommends adoption of the Ordinance on Second Reading.
EXECUTIVE SUMMARY:
Ordinance No. 57, 1999, which was unanimously adopted on First Reading on April 20, 1999,
authorizes the Mayor to execute a Deed of Conveyance for the sale of this property in exchange for
the right turn lane right-of-way and$89,000. The City will use the$89,000 to construct a right turn
lane at the southwest corner of the Prospect/Lemay intersection.
AGENDA ITEM SUMMARY ITEM NUMBER: 21
DATE: April20, 1999
FORT COLLINS CITY COUNCIL STAFF: Ron Mills/
Mark Sears
SUBJECT:
First Reading of Ordinance No. 57, 1999,Authorizing the Mayor to Execute a Deed of Conveyance
for the Sale of 945 East Prospect and Appropriating the Proceeds as Unanticipated Revenue in the
Capital Projects Fund to Be Used to Construct a Right Tom Lane at the Prospect/Lemay Intersection.
RECOMMENDATION:
Staff recommends adoption of the C7rdinanc'e on F irst eading
FINANCIAL IMPACT:
Revenue from the sale of City property located at 945 East Prospect Road will be appropriated in
the Choices 95 Capital Projects Fund and used to construct a right turn lane at the southwest corner
of the Lemay/Prospect interse taon""11
EXECUTIVE SUMMARY:
The City purchased 945 East Prospect for $41,000 in late 1991 as part of the Prospect/Lemay
Intersection Project. The projectP=w completed wi e e tiomrof the southwest corner due to
the high cost of relocating th exaco ads static om�r e decision was made to delay
construction of this corner anti t redeeed,thus lowering th construction costs for the right turn
lane. This decision has proven advantageous/as-Rite Aid-i now proposing to redevelop the
southwest corner where the Texaco Station is located.Staffhas negotiated an agreement under which
the City would convey 945 East Prospect, and would in return receive the appropriate right-of-way
for the turn lane, and a payment of $89,000, which is the difference between the value of the
respective properties. As part of the development process, the developer will be responsible for
dedicating additional right-of-way and for making street improvements in relation to its project.
Approval of this Ordinance would authorize the Mayor to execute a Deed of Conveyance for the sale
of this property in exchange for the right turn lane right-of-way and$89,000. The City will use the
41 $89,000 to construct a right turn lane at the southwest comer of the Prospect/Lemay intersection.