HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 07/16/2002 - RESOLUTION 2002-069 AUTHORIZING A ONE-YEAR LEASE O AGENDA ITEM SUMMARY ITEM NUMBER: 26
FORT COLLINS CITY COUNCIL DATE: July 16, 2002
STAFF: Ralph Campano
Maurice Head
SUBJECT:
Resolution 2002-069 Authorizing a One-Year Lease of City-Owned Property at 3620 Kechter Road.
RECOMMENDATION:
Staff recommends adoption of the Resolution.
FINANCIAL IMPACT:
Rent collected from this lease will result in at least$16,800 in unanticipated revenue to the Advance
Planning Affordable Housing Program. The tenant will pay all utilities.
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EXECUTIVE SUMMARY:
The City acquired this property as part of the Affordable Housing Land Bank Program (the "Land
Bank Program"). The property is composed of five acres of development land with a single family
dwelling. In accordance with the highest and best use, the City will likely eventually divide the
property into four-acres of development land and a one acre residential property. In the meantime,
the City will lease the residence as a horse property with acreage.
The City has considered dividing the property and selling the one-acre residential property.
However, by leasing the residential portion of the property the City can retain a broader range of
options for development and use of the property for the future. One of the goals of the Land Bank
Program is to hold land for a minimum of five years.
The property is vacant and in need of minor repairs and renovations. Staff will advertise for new
tenants. The proposed new lease would be effective for 12 months from the date of occupancy and
would allow for an additional one-year renewal, at the City's option.
RESOLUTION 2002-069
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING A ONE-YEAR LEASE
OF CITY-OWNED PROPERTY AT
3620 KECHTER ROAD, FORT COLLINS, COLORADO
WHEREAS,in April 2001,the Council adopted Ordinance No.48,2001,amending Chapter
23 of the Code of the City by the addition of a new Article XI entitled "Land Banking"; and
WHEREAS,Ordinance No.48,2001,contains a determination made by the City Council that
the acquisition of real property in order to ensure the property will be available for future
development to provide housing for extremely low and very low income families would be in the
best interests of the citizens of the city; and
WHEREAS, Ordinance No. 48, 2001, further stated that the proposed program for the
banking of real property for the purpose of assisting housing providers in providing housing for
extremely low and very low income families would not negatively impact the local real estate
market, due to the anticipated volume of property purposes the program would entail; and
WHEREAS,as part of the land banking program established pursuant to Ordinance No. 48,
2001, known as the Affordable Housing Land Bank Program(the"Land Bank Program"), the City
of Fort Collins acquired the property at 3620 Kechter Road, in Fort Collins (the"Property"), in late
2001; and
WHEREAS, the City purchased the Property with the expectation that the development of
the Property for affordable housing would not likely occur for an estimated period of five years,
based on the goals of the Land Bank Program to hold land for a minimum of five years; and
WHEREAS,City staff has begun negotiation of a lease of the Property for a term of one year,
with an additional one year renewal term, at the City's option, at a monthly rate of at least 51,400;
and
WHEREAS, under Section 23-114 of the Code of the City of Fort Collins, the Council is
authorized to lease any and all interests in real property owned in the name of the City,provided that
Council first finds that the lease is 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 the lease of the Property at 3620 Kechter
Road under the terms listed above is in the best interests of the City of Fort Collins.
Section 2. That the City Manager is hereby authorized to execute a negotiated Lease
Agreement consistent with the tetras of the Resolution, together with such additional terms and
conditions as the City Manager,in consultation with the City Attorney,determines to be appropriate
to protect the interests of the City.
Passed and adopted at a regular meeting of the City Council held this 16th day of July,2002.
Mayor
ATTEST:
City Clerk
Affordable Housing Lease Site
3620 Kechter Road
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