HomeMy WebLinkAboutMemo - Read Before Packet - 4/20/2021 - Memorandum From Kyle Stannert Re: Hickory Village Mobile Home Park Financial Partnership
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300 LaPorte Ave.
PO Box 580
Fort Collins, CO 80522
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M E M O R A N D U M
DATE: April 19, 2021
TO: Mayor and City Councilmembers
THRU: Darin Atteberry, City Manager
FROM: Kyle Stannert, Deputy City Manager
RE: Hickory Village Mobile Home Park Financial Partnership
Since the April 13, 2021 Work Session, staff have continued to engage with Thistle, a non-profit
affordable housing group, regarding their support of the formation of a Resident Owned
Community (ROC) to submit an offer to purchase the Hickory Village Mobile Home Park. In
addition, staff presented to the Council Finance Committee at their April 19, 2021 meeting to
seek feedback on the question:
Should the City engage in discussions to be a financial partner in support of a potential
purchase of Hickory Village in the event residents move forward with an offer to
purchase the mobile home park?
These conversations have confirmed that there is a potential opportunity for the City to provide
funding assistance in the event the proposed ROC purchase moves forward. General support has
been expressed for a contribution that provides down payment assistance of approximately
$200,000. Funding would contribute to lot rent stabilization or up front out-of-pocket expenses
involved in the purchase. While the opportunity to purchase the park falls under a 90-day
timeline, staff have confirmed that a commitment towards funding prior to the expiration of the
90-day window would be sufficient in order to support the potential purchase.
To accomplish that, the anticipated next steps include:
Continue to track progress on the potential Hickory Village purchase by an ROC.
Present a Resolution expressing support for a contribution of $200,000 and anticipated
source of funding for Council consideration within the next month (targeting May 18,
2021).
If the ROC offer to purchase is accepted, staff would return to Council with an Ordinance
for a mid-cycle appropriation.
Please let us know if you have any additional questions.
/sek