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Home My WebLink AboutCOUNCIL - AGENDA ITEM - 03/20/2007 - RESOLUTION 2007-027 AUTHORIZING THE LEASE BACK TO ITEM NUMBER: 19 AGENDA ITEM SUMMARY DATE: March 20, 2007 FORT COLLINS CITY COUNCIL STAFF: Mark Sears Wally Cameron SUBJECT Resolution 2007-027 Authorizing the Lease Back to the Seller of the Residence on Ranch Property to be Purchased as an Addition to Coyote Ridge Natural Area for Up to One Year. RECOMMENDATION Staff recommends the adoption of the Resolution. The Land Conservation and Stewardship Board unanimously recommended adoption of the Resolution at its February 14, 2007 meeting. FINANCIAL IMPACT The lease of the residence to the seller of the Property could recover as much as $18,000 of the acquisition costs,depending on the termination date ofthe lease. The purchase price for the Property is $1,100,000, including all improvements valued at $434,500 on a 3 acre parcel. 37 acres of the Property is subject to a non-development Conservation Easement, valued at$240,500. 35 acres of unencumbered land is valued at$425,000. $665,500 in Certificates of Participation(COPS)funding will be used to purchase everything but the improvements on the three acres, due to the lease of the residence on the three acres. EXECUTIVE SUMMARY Natural Areas and Real Estate staff have negotiated the purchase of the Coyote Ridge Stables property, including all improvements, from Robin Jones. To allow Mr. Jones time to find and purchase a suitable substitute residence, the seller has requested that the City lease the existing residence and surrounding three acres to Jones for up to one year, as a condition of the sale. BACKGROUND Acquisition of the Coyote Ranch Stables will remove the last remaining "in-holding" within the Coyote Ridge Natural Area and the Community Separator along South Taft Hill Road, preserving a spectacular view shed and wildlife habitat for the future. March 20, 2007 -2- Item No. 19 Natural Areas staff intends to remove all structures and reclaim this horse property to its natural short grass prairie condition as soon as possible within staff and budget constraints. Staff has not yet determined its recommendation for future use and programming of the existing residence. ATTACHMENTS 1. Coyote Ridge Stables Property Vicinity Map. 2. Coyote Ridge Stables Property. 3. Excerpt of Land Conservation and Stewardship Board Minutes - February 14, 2007. Coyote Ridge Stables Property Vicinity Map CATHY FROMM W HARMONYARD s E HARMONY RD PRAIRIE 'MASON ST HORSETOOTH NATU RAL AREA RESERVOIR RIMROC AREA EN SPA REDTAI G TU EA tL w n Q O J V) w 2 _ 0 W Lu ATU ARE y �0 LARI ME R U U 9Q38E COUNTY c/) LANDFILL CATHY FROMME PRAIRIE FRANZ NATURAL AREA 7 FARM HAZALEUS F IRIE SPRING CANYON NATURAL DOG MEADOW RIDGELINE COVENANT AREA NATURAL AREA w W TRILBY RD E TRILBY RD HAZELHURST CONSERVATION 4 EASEMENT MACEWEN CONSERVATION EASEMENT PELICAN MARSH r NATURAL AREA 6? C LINA MARI COYOTE RIDGE 4ATU RAL A RIM ROCK NATURAL AREA CONSERVATION EASEMENT Z O U RIMROCK U OPEN SPACE N LONG Q DEVIL'S VIEW BACKBONE FARM = OPEN SPACE PRAIRIE RIDGE _ NATURAL AREA U) Legend N - City of Fort Collins Natural Area Larimer County, State, or CSU Natural Area Citvof F Conservation Easement Held by City or County Leased Property 0 0 . 25 0 . 5 'I Genprayhir. In henna tim County or City Open Lands Coyote Ridge Stables Property Miles Coyote Ridge Stables Property Coyote Ridge NA Trailhead rn t . # IN If e � a Property yy rt;arka r .` r r r Subject x f to Lease 11 N Legend citvotF 0 85 170 340 Gengrayhie lnhmmH[m Coyote Ridge Stables Property Feet lun¢o ATTACHMENT Excerpts of Minutes Land Conservation and Stewardship Advisory Board February 14, 2007 Item: Temporary Lease to Seller of Residence on 75 acre Coyote Ridge Stables Property to be Purchased for Natural Area Program—Presenter: Mark Sears • Sears: The attached memorandum outlines the purchase of the Robin Jones property. Natural Areas and Real Estate staff have negotiated the purchase of the Coyote Ridge Stables property, including all improvements, from Robin Jones. The purchase price for the property is $1,100,000. • McLane: Is the City going to get it? • Sears: We do not have it under contract; however I heard from the seller's attorney today that he did not see any problem with our purchase agreement and the seller is motivated to sell. We anticipate having it under contract within next week. The one aspect we are bringing to you this evening is that we would like to allow Mr. Jones time to find and purchase a suitable substitute property, the purchase agreement includes the lease of the existing Jones residence for up to one year. This allows us to close quickly. • Stokes: Acquisition of the Coyote Ranch Stables will remove the last remaining"in- holding"within the Coyote Ridge Natural Area and the community separator along South Taft Hill Road, preserving a spectacular view shed and wildlife habitat for the future. Sears referenced the Jones property map handed out to the Board at the beginning of the discussion. Michelle Brown made a motion. Land Conservation and Stewardship Board recommends that Council approve the temporary lease for one year of the existing residence to Robin Jones, Seller, located at 8161 South County Road 19 (South Taft Hill Road), Fort Collins, Colorado. Second by Linda Stanley. It was unanimously approve by all. RESOLUTION 2007-027 OF THE COUNCIL OF THE CITY OF FORT COLLINS AUTHORIZING THE LEASE BACK TO THE SELLER OF THE RESIDENCE ON RANCH PROPERTY TO BE PURCHASED AS AN ADDITION TO COYOTE RIDGE NATURAL AREA FOR UP TO ONE YEAR WHEREAS,the City ofFort Collins has negotiated a purchase and sale agreement to acquire Coyote Ridge Stables, a 75-acre property adjacent to Coyote Ridge Natural Area, for eventual addition to Coyote Ridge Natural Area(the"Purchase Property"); and WHEREAS,a condition ofthe purchase and sale agreement for the Purchase Property,is that the City lease back to the Seller, for a period of up to one year, a three-acre portion of the Property that contains the existing residence (the "Leased Premises"), for residential housing only, in order for the Seller to have time to find a substitute residence; and WHEREAS, the Leased Premises are more specifically described on Exhibit A, attached hereto and incorporated herein by this reference; and WHEREAS, staff has proposed a monthly lease rate of $1,000 for each of the initial 4 months of the lease, $1,500 for each of the next 4 months of the lease, and $2,000 for each of the last 4 months of the lease; and WHEREAS, City staff has negotiated a lease agreement, a copy of which, dated March 14, 2007, is on file in the Office of the City Clerk and available for inspection,by which the City would lease the Leased Premises; and WHEREAS,the Land Conservation and Stewardship Board unanimously recommended that the Council authorize the proposed lease at its February 14, 2007, regular meeting; and WHEREAS, under Section 23-114 of the Code of the City of Fort Collins, the Council is authorized to approve the lease any and all interests in real property owned in the name of the City for a period of two years or less by Resolution,provided that Council first finds that the lease is in for the benefit of the citizens of Fort Collins and will be in the best interests of the City. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. That the Council hereby finds that leasing the Leased Premises pursuant to the terms set forth herein is in the best interests for the City of Fort Collins. Section 2. That the City Manager is hereby authorized to execute an agreement to lease the Leased Premises consistent with the terms of this Resolution, together with such terms and conditions as the City Manager, in consultation with the City Attorney, determines to be necessary or appropriate to protect the interests of the City, including any necessary corrections to the legal descriptions shown thereon that do not result in a material increase or change in character of the intended lease property. Passed and adopted at a regular meeting of the Council of the City of Fort Collins this 20th day of March, A.D. 2007. Mayor ATTEST: City Clerk EXHIBIT A A 2.98 acre tract with improvements described as: A TRACT OF LAND IN THE NORTHEAST QUARTER OF SECTION 21, TOWNSHIP 6 NORTH, RANGE 69 WEST OF THE SIXTH PRINCIPAL MERIDIAN, LARIMER COUNTY, COLORADO, DESCRIBED AS FOLLOWS: CONSIDERING THE NORTHERLY LINE OF THE NORTHEAST QUARTER OF SECTION 21 AS BEARING SOUTH 89 DEGREES 10 MINUTES 15 SECONDS EAST FROM SOLAR OBSERVATION; SAID LINE BEING MONUMENTED BY A 3/4 INCH REBAR AT THE NORTH QUARTER CORNER AND A 3/4 INCH REBAR WITH A 2-1/2 INCH ALUMINUM CAP IN A MONUMENT BOX AT THE NORTHEAST CORNER; FROM THE NORTHEAST CORNER OF SECTION 21; THENCE NORTH 89 DEGREES 10 MINUTES 15 SECONDS WEST ALONG THE NORTHERLY LINE OF THE NORTHEAST QUARTER 1245.22 FEET; THENCE SOUTH 00 DEGREES 08 MINUTES 30 SECONDS EAST 1315.09 FEET; THENCE SOUTH 89 DEGREES 55 MINUTES 50 SECONDS WEST 886.73 FEET TO THE POINT OF BEGINNING; THENCE CONTINUE SOUTH 89 DEGREES 55 MINUTES 50 SECONDS WEST 360.00 FEET; THENCE NORTH 00 DEGREES 04 MINUTES 10 SECONDS WEST 360.00 FEET, PARALLEL WITH THE WESTERLY LINE OF THE NORTHEAST QUARTER; THENCE SOUTH 89 DEGREES 10 MINUTES 15 SECONDS EAST 360.00 FEET; THENCE SOUTH 00 DEGREES 07 MINUTES 32 SECONDS EAST 354.34 FEET TO THE POINT OF BEGINNING, COUNTY OF LARIMER, STATE OF COLORADO.