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HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 04/16/2013 - RESOLUTION 2013-033 AUTHORIZING THE ACCEPTANCE OFDATE: April 16, 2013 STAFF: Lindsay Kuntz Rick Richter AGENDA ITEM SUMMARY FORT COLLINS CITY COUNCIL 16 SUBJECT Resolution 2013-033 Authorizing the Acceptance of a Partial Donation of 1.345 Acres of Real Property from Interstate Land Holdings, LLC for Natural Areas Purposes. EXECUTIVE SUMMARY The I-25 / SH 392 Interchange Project required the City to complete wetland mitigation improvements on property adjacent to Fossil Creek Reservoir Natural Area owned by Interstate Land Holdings, LLC. The owner of the property has agreed to convey the property to the City at an amount lower than the market value for the property. The owner has chosen to donate the remaining value of the property to the City. The purpose of this Resolution is to officially document the acceptance of the donation at a lower than market value for the benefit of the owner for tax reporting purposes. BACKGROUND / DISCUSSION The I-25/SH 392 Interchange Project was constructed in 2012. The installation of the interchange improvements resulted in the need for wetland mitigation in areas adjacent to Highway 392. The wetland improvements required the acquisition of approximately 1.345 acres of land from the owner of the property located at the northwest corner of the Interchange, owned by Interstate Land Holdings, LLC. After the mitigation improvements are completed, the property will be owned and maintained by the City’s Natural Areas Department as part of Fossil Creek Reservoir Natural Area. An appraisal of the Interstate Land Holdings property was completed in 2010 as part of the interchange project. The appraisal estimated the market value of the property at $3.49 per square foot. Using this value, the estimated value of the property needed for the wetland mitigation was calculated to be $204,473. The owner of the property has agreed to convey the needed property to the City at a reduced value of $25,000 and donate the remaining value of the property in the amount of $179,473 to the City. FINANCIAL / ECONOMIC IMPACTS The value of the donated property was determined using an appraisal dated September 26, 2010 by CBRE – Valuation & Advisory Services that was prepared during the acquisition phase of the Project. The City Natural Areas Department will be responsible for the maintenance of the donated property as part of Fossil Creek Reservoir Natural Area. ENVIRONMENTAL IMPACTS The acquired property will be maintained by Natural Areas as the adjacent natural area is maintained. STAFF RECOMMENDATION Staff recommends adoption of the Resolution. ATTACHMENTS 1. Location Map RESOLUTION 2013-033 OF THE COUNCIL OF THE CITY OF FORT COLLINS AUTHORIZING THE ACCEPTANCE OF A PARTIAL DONATION OF 1.345 ACRES OF REAL PROPERTY FROM INTERSTATE LAND HOLDING, LLC FOR NATURAL AREAS PURPOSES WHEREAS, Interstate Land Holdings, LLC (“Owner”) is the owner of a parcel of real property approximately 1.345 acres in size, more particularly described on Exhibit “A,” attached and incorporated herein by reference (the “Property”); and WHEREAS, the Property is located adjacent to Fossil Creek Reservoir Natural Area and near the recently reconstructed Interstate 25/State Highway 392 interchange (the “Project”); and WHEREAS, as part of the Project the City needs to make wetland improvements in areas adjacent to Highway 392, and negotiated with the Owner to purchase the Property for wetland improvements; and WHEREAS, upon completion of the wetland improvements, the Property would be owned and maintained by the City’s Natural Areas Department as part of the Fossil Creek Reservoir Natural Area; and WHEREAS, the value of the Property is calculated to be $204,473; and WHEREAS, the Owner has agreed to convey the Property to the City for a reduced price of $25,000, donating to the City the remaining value of the Property in the amount of $179,473, subject to the City Council’s acceptance of the donation. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. That the City Council hereby approves and accepts the donation of a portion of the value of the Property as described herein. Section 2. That the Mayor is hereby authorized to execute such documents as may be necessary to carry out the conveyance of the Property to the City. Passed and adopted at a regular meeting of the Council of the City of Fort Collins this 16th day of April A.D. 2013. Mayor ATTEST: City Clerk RET Form Version 3/16/07 MBG 01/09/2013 - 13 - Exhibit A Property Description Lot 3, Interstate Land Holdings Minor Land Division File No. 12-S3124; Situate in the Southwest Quarter of Section 15, Township 6 North, Range 68 West of the 6th P.M.; County of Larimer, State of Colorado.