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Home My WebLink AboutCOUNCIL - AGENDA ITEM - 04/01/2003 - RESOLUTION 2003-047 AUTHORIZING AN INTERGOVERNMENT AGENDA ITEM SUMMARY ITEM NUMBER: 21 FORT COLLINS CITY COUNCIL DATE: April 1, 2003 STAFF: Mark Sears SUBJECT: Resolution 2003-047 Authorizing an Intergovernmental Agreement with Larimer County for the Joint Acquisition and Ownership of Approximately 1,540 Acres Known as the Indian Creek Property. RECOMMENDATION: Staff recommends adoption of the Resolution. The Natural Resources Advisory Board's review of this Amendment was scheduled to take place after the publication of agenda materials, and its recommendations will be provided to the Council under separate cover. FINANCIAL IMPACT: The City's share of the acquisition costs for the property will be a minimum of $4,042,500 and a maximum of $5,197,000. Appropriations from acquisitions are available in the 2003 Open Lands Fund budget, representing the City's share of proceeds from the County's Help Preserve Open Spaces Initiative. The Indian Creek property acquisition will likely require two separate closings, to occur sometime after June of this year. EXECUTIVE SUMMARY: The Intergovernmental Agreement (IGA) allows the City and County to partner on the purchase of approximately 1,540 acres of foothills property between the Rimrock Open Space and the Devils Backbone Open Space. This foothill property includes large cottonwoods along Indian Creek, an active golden eagle nest along the rimrock outcrops, and spectacular views. The acquisition of this parcel will allow the County to construct a trail that will connect the Coyote Ridge/Rimrock trail to the Devils Backbone and to Horsetooth Mountain Park. (See attached Map.) The County will be responsible for developing the trails, restoration, and ongoing management and maintenance of the property. BACKGROUND: The City and County have been working together to provide foothills open space between the Devils Backbone Open Space on the south and Horsetooth Mountain Park on the north. To date the City and County have partnered on the acquisition of two foothill properties: Coyote Ridge Natural Area and Rimrock Open Space. The purchase of the Indian Creek property will provide the finishing link that will allow the County to construct a trail from the Devils Backbone north to Horsetooth Mountain Park across Indian Creek and Rimrock Open Spaces. The trail will also DATE: ITEM NUMBER: connect with the Coyote Ridge/Rimrock trail to connect the City-managed Coyote Ridge Natural Area with the Devils Backbone Open Space and Horsetooth Mountain Park. The IGA states that the City will pay 75% of the purchase price of the land acquired and the County 25%. The County has negotiated a purchase agreement with the property owner that provides that the fair market value of the property to be acquired will be determined by an appraisal. The appraisal will be completed in accordance with generally accepted appraisal standards by an appraiser acceptable to the City and the County. The purchase agreement also sets the purchase price at a minimum of $3,500/acre and a maximum of$4,500/acre. Based on this provision, if the appraised value of the property is at or below the $3,500 minimum, the City's minimum share will be $4,042,500 and the County's minimum share would be $1,347,500, for a total purchase price of $5,390,000. If the appraised value is at or above the $4,500/acre maximum, the City's share would be $5,197,000 and the County's share would be $1,732,500, for a total purchase price of$6,929,500. The County intends to acquire the property in two phases. The first closing is targeted for June 2003 and will result in the acquisition of approximately 700 acres for approximately $3 million (the City's share would be approximately $2.25 million). The second closing is targeted for sometime in 2004, and would result in the acquisition of the remaining approximately 800 acres (the City's share would be between $1,792,500 and$2,947,000). The IGA provides for the acquisition, as described above, and further provides that the City will have a 75% undivided interest in the property and the County a 25% undivided interest in the property. The IGA requires that the City and County will work together to develop a management plan for the property on or before December 31, 2005, to be approved by the County Manager and the City Manager. The IGA designates Latimer County as the managing entity for the property, and requires the managing entity to be responsible for management costs related to the property. Revenues generated from the property will be retained by the managing entity to cover management costs and improvements consistent with the management plan. RESOLUTION 2003-047 OF THE COUNCIL OF THE CITY OF FORT COLLINS AUTHORIZING AN INTERGOVERNMENTAL AGREEMENT WITH LARIMER COUNTY FOR THE JOINT ACQUISITION AND OWNERSHIP OF APPROXIMATELY 1,540 ACRES KNOWN AS THE INDIAN CREEK PROPERTY WHEREAS, Latimer County has negotiated to acquire approximately 1,540 acres of foothills property between the Rimrock Open Space and the Devil's Backbone Open Space, which property is a portion of Sections 19, 20, 29, 30 and 31 in Township 6N, Range 69W and a portion of Sections 24 and 25, Township 6 N, Range 70W, in Latimer County, and is shown on Exhibit "A", attached hereto and incorporated herein by this reference (the "Property"); and WHEREAS, the Property includes large cottonwoods along Indian Creek, an active golden eagle nest along the rimrock outcrops, and spectacular views, and the acquisition of the Property will allow the County to construct a trail that will connect the Coyote Ridge/Rimrock trail to the Devil's Backbone Open Space and to Horsetooth Mountain Park; and WHEREAS, the purchase price of the Property will be based upon a professional appraisal, and will be no more than $3,500/acre and no more than $4,500/acre; and WHEREAS, City staff has negotiated with Latimer County an Intergovernmental Agreement regarding the joint acquisition and ownership of the Property, a copy of which, dated March 28, 2003 (the "IGA"), is on file in the office of the City Clerk and available for public inspection; and WHEREAS, the IGA provides that after the County proceeds to acquire the Property, the City would pay to the County an amount equal to 75% of the purchase price, and the County would in return convey to the City an undivided 75% interest in that Property; and WHEREAS, the funds required for the City's maximum purchase price obligation under the IGA, in the amount of $5,197,000, are appropriated and available in the Open Lands Fund for 2003; and WHEREAS, the IGA requires that the City and the County work together to develop a management plan for the Property on or before December 31, 2005, to be approved by the County Manager and the City Manager; and WHEREAS, the IGA further designates Latimer County as the managing entity for the Property, requires the managing entity to be responsible for management costs related to the Property, and allows revenues generated from the Property to be retained by the managing entity to cover management costs and improvements consistent with the management plan; and WHEREAS, the City is authorized to enter into intergovernmental agreements to provide any function, service or facility, such as a grant agreement, as provided in Article 11, Section 16 of the Charter of the City of Fort Collins and Section 29-1-203, C.R.S. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS that the Mayor is hereby authorized to enter into the IGA, upon the terms and conditions described above and such other terms and conditions, or subsequent modifications or amendments, as the City Manager, in consultation with the City Attorney, determines to be necessary and appropriate to protect the interests of the City and effectuate the purposes set forth herein, not otherwise inconsistent with this Resolution. Passed and adopted at a regular meeting of the City Council held this 1st day of April, A.D. 2003. Mayor ATTEST: City Clerk EXHIBIT i&A" Foothills Open Space Protection Vision Pei Ft Collins e...rrx.�r. e.a i ` nn C M1v i � Indian ek it tx f f re Ij a , o S. . Loveland Pretated tmr atria L=dDevdopmmtsbsrs Odw Asa.0 o1'mpaq'mdwaseuoon QImdttudwDe.olopmmt ova =Pme..e.dpebiietmd. M Fmpmed Development /V Mids Ill®C.amm.sdmFisemmb O subdivision, O 6[yIm;b =Riot oRintnefussi p5dseoa35-ae Development N��dw 0.6 0 0.6 Miles Indian Creek Location Map R�mrock t)pea 5Pj' ' 1540 Acres i ri Backbone S Open Spam Indian Creek Property N