HomeMy WebLinkAbout034 - 04/05/2016 - AMENDING SECTION 23-354 OF CITY CODE REGARDING INCOME TARGETS FOR THE LAND BANK PROGRAMORDINANCE NO. 034, 2016
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AMENDING SECTION 23-354 OF THE CODE OF THE CITY OF FORT COLLINS
REGARDING INCOME TARGETS FOR THE LAND BANK PROGRAM
WHEREAS, on April 17, 2001, the City Council adopted Ordinance No. 048, 2001,
enacting Article XIII of Chapter 23 of the City Code (Sections 23-350.to 355) regarding land
banking; and
WHEREAS, the purpose of the land bank program is to enable to the City to acquire,
hold and sell real property to assist housing providers in providing affordable rental and
homeownership housing for low-income residents; and
WHEREAS, Section 23-354 of the City Code currently requires that land bank property
be conveyed only to a housing provider legally bound to the City to provide rental housing for
households at or below 50% of area median income ("AMI") and/or homeownership housing for
households at or below 60% of AMI; and
WHEREAS, in December 2015, the City issued a request for proposals to find a
developer for the City's land bank property on West Horsetooth Road (the "Property"); and
WHEREAS, through that process the City selected the Housing Authority of the City of
Fort Collins ("FCHA") to purchase and develop the Property; and
WHEREAS, FCHA's preferred option for development of the Property, which is also the
option City staff recommends, would include rental housing at 60% of AMI, although the
average affordability level across the entire development would still be less than 50% of AMI;
and
WHEREAS, on January 26, 2016, the City Council adopted Resolution. 2016-008
expressing the Council's support for FCHA's proposed project, including a willingness to amend
the City Code to adjust the rental housing affordability requirements if necessary, and stating an
intent to convey the Property to FCHA subject to the Council's authorization by ordinance; and
WHEREAS, on March 1, 2016, the City Council adopted Ordinance No. 025, 2016,
authorizing the conveyance of the Property to FCHA; and
WHEREAS, the City Council now wishes to amend Section 23-354 of the City Code to
adjust the affordability requirements for rental housing developed on land-banked properties.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS as follows:
Section 1. That the City Council hereby makes and adopts the determinations and
findings contained in the recitals set forth above.
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Section 2. That Section 23-354 of the Code of the City of Fort Collins is hereby
amended as follows:
Sec. 23-354. Disposition of land bank property.
In addition to the criteria established for the disposition of property in Article IV of this
Chapter, no property acquired pursuant to this Article shall be sold by the City except in
accordance with the following criteria:
1) Any disposition/sale of such property shall be to a housing provider legally
bound to the City under the terms of such sale to provide, as the sole development
purpose, "affordable housing", defined as:
a. rental housing for households at or below fifty (50) percent of AMI, except
that rental housing may be provided for households at up to sixty (60) percent
of AMI so long as the average affordability of all rental housing developed on
such property shall not exceed fifty (50) percent of AMI, and/or
b. homeownership housing for households at or below sixty (60) percent of
AMI.
Such sale shall not be made to any person for the purpose of land speculation or
appreciation or for the development of nonresidential uses or the provision of market
rate housing.
Introduced, considered favorably on first reading, and ordered published this 15th day of
March, A.D. 2016, and to be presented for final passage on the 5th day of April, A.D. 2016.
Mayor
ATTEST:
pF FpR.
CO
City Clerk
GL I2AD
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Passed and adopted on final reading on the 5th day of April, A.D. 2016.
FoR.
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SEA
ayor
ATTEST: cOLORP O
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City Clerk
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