Loading...
HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 06/19/2001 - SECOND READING OF ORDINANCE NO. 97, 2001, AUTHORIZ AGENDA ITEM SUMMARY ITEM NUMBER: 9 DATE: June 19, 2001 FORT COLLINS CITY COUNCIL FROM:• Alan Krcmarik SUBJECT: Second Reading of Ordinance No. 97, 2001, Authorizing the Sale of Real Property to Tidal Wave Car Wash, LLC RECOMMENDATION: Staff recommends adoption of the Ordinance on Second Reading. EXECUTIVE SUMMARY: Responding to the rapid growth of the early 1980s, the City established partnerships with several development companies and issued special improvement district bonds to make public improvements in several areas of the City. The eventual owners of the properties were to pay off the bonds through special assessments. In the mid to late 1980s, the City experienced a sharp drop in demand for housing units and many of the development companies decided to not to pay the special assessments. The City continued to make payments on the bonds with funds transferred from the General Fund. The City also proceeded to foreclose on the property and eventually received title to the properties. The two parcels in Ordinance No. 97, 2001, (the City parcel and the Johnson parcel) comprise a 0.87-acre property located at the northwest corner of JFK Parkway and the Troutman. The buyer has offered a payment that will pay the City a net amount of $82,602.52, substantially higher than the amount estimated ($37,900) in the 1993- feasibility study. This Ordinance, which was unanimously adopted on June 5, 2001, authorizes the sale of the City's ownership interests in the properties, which is legally two separate parcels represented by two separate sales agreements. AGENDA ITEM SUMMARY ITEM NUMBER: 11 DATE: FORT COLLINS CITY COUNCIL STAFF: June 5, 2001 Krcmarik SUBJECT: First Reading of Ordinance No. 97, 2001, Authorizing the Sale of Real Property to Tidal Wave Car Wash, LLC RECOMMENDATION: Staff recommends adoption of the Ordinance on First Reading. FINANCIAL IMPACT: The City will receive a net payment of $82;6f?252_for its ierests in the properties. This is substantially higher than the estimate ($37,900) provided in'the 1993 feasibility study. The proceeds from the sale will be deposited in the Spedk Twprovement District #84 fund, which will eventually flow back to the General Fund as repayiaettfs for monies advanced in prior years to cover debt service on the Distrr� � EXECUTIVE SUMMAlk Responding to the rapid growth of the early 1980s, the City established partnerships with several development companies and issued special' improvement district bonds to make public improvements in several areas of the City. The eventual owners of the properties were to pay off the bonds through special assessments. In the mid to late 1980s, the City experienced a sharp drop in demand for housing units and many of the development companies decided to not to pay the special assessments. The.City continued to make payments on the bonds with funds transferred from the General Fund. The City also proceeded to foreclose on the property and eventually received title to the properties. The two parcels in Ordinance No. 97, 2001, (the City parcel and the Johnson parcel) comprise a 0.87-acre property located at the northwest corner of JFK Parkway and the Troutman. The buyer has offered a payment that will pay the City a net amount of $82,602.52, substantially higher than the amount estimated ($37,900) in the 1993- feasibility study. The Ordinance authorizes the sale of the City's ownership interests in the properties, which is legally two separate parcels represented by two separate sales agreements.