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Home My WebLink AboutCOUNCIL - AGENDA ITEM - 05/21/2002 - SECOND READING OF ORDINANCE NO. 071, 2002, AUTHORI AGENDA ITEM SUMMARY ITEM NUMBER: 12 DATE: May 21, 2002 FORT COLLINS CITY COUNCIL Ralph Campano FROM: Stewart Ellenberg SUBJECT: Second Reading of Ordinance No. 071,2002,Authorizing the Sale of City-Owned Property at 2519 Dorset Court. t RECOMMENDATION: i Staff recommends adoption of the Ordinance on Second Reading. i i EXECUTIVE SUMMARY: i After the 1997 flood,the property owner of 2519 Dorset Court filed a lawsuit against the City of Fort Collins. As part of a mediated settlement agreement, the City obtained title to the property. During the initial marketing attempt to sell the property, staff contacted the Fort Collins Housing Authority to see if the Housing Authority was interested in buying it. The Authority was not interested in purchasing the single-family residence, because the Authority is primarily interested in multi-family housing stock since its funding is based on a per bedroom basis formula. As a result, staff began seriously marketing the property in December of 2001 using the City's bid process and the assistance of the Fort Collins Board of Realtors. In addition, a"For Sale" sign was placed on the property to attract prospective buyers. Ordinance No. 071, 2002, was unanimously adopted on First Reading on May 7, 2002, authorizing the sale of city-owned property at 2519 Dorset Court. AGENDA ITEM SUMMARY ITEM NUMBER: 18 FORT COLLINS CITY COUNCIL DATE: May 7, 2002STAFF: Ralph Campano Stewart Ellenberg SUBJECT: First Reading of Ordinance No. 071, 2002, Authorizing the Sale of City-Owned Property at 2519 Dorset Court. RECOMMENDATION: Staff recommends adoption o e Or i ce o PtReay FINANCIAL IMPACT: Staff is recommending that the City sell the residential property located at 2519 Dorset Court for a price of$168,000 dollars or more. The net proceeds from the recommended bid outlined below falls well within the appraisal range pr P Y EXECUTIVE SUMMARY: After the 1997 flood,the property owner of 2519 Dorset Court filed a lawsuit against the City of Fort Collins. As part of a mediated settlement a eement the Cit obtained title to the property. During the initial marketing mpt to II the o staf ntacted the Fort Collins Housing Authority to see if the Housi Aut o w in rested f ying it. The Authority was not interested in purchasing the single- amily residence, ecause t e Authority is primarily interested in multi-family housing stock since its funding is based on a per bedroom basis formula. As a result, staff began seriously marketing the property in December of 2001 using the City's bid process and the assistance of the Fort Collins Board of Realtors. In addition, a"For Sale" sign was placed on the property to attract prospective buyers. Within the last week, two bids have been received. Staff is recommending that Council accept the highest bid of $168,000. The bid has no contingencies, and there is no realtor commission. If Council authorizes staff to proceed with the sale,closing is scheduled to occur 10 days after Second Reading of the Ordinance. Staff will continue to solicit back-up bids to the date of the final reading of the Ordinance.