HomeMy WebLinkAbout143 - 10/04/1994 - AUTHORIZING THE SALE OF REAL PROPERTY DESCRIBED AS LOT 1, SOUTH COLLEGE INVESTMENTS SUBDIVISION ORDINANCE NO. 143, 1994
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE SALE OF REAL PROPERTY DESCRIBED AS
LOT 1 , SOUTH COLLEGE INVESTMENTS SUBDIVISION
WHEREAS, on July 7, 1981, the Council of the City of Fort Collins (the
"Council ") authorized the creation of the South Mason Street and Utility
Improvement District #75 ("District #75") for the purpose of installing street
and utility improvements within District #75; and
WHEREAS, on June 17, 1983, assessments were levied on property in District
#75 for the cost of construction of the improvements; and
WHEREAS, on March 3, 1980, the Council authorized the creation of the Storm
Sewer Improvement District #17 ("District #17") for the purpose of constructing
storm sewer improvements within District #17; and
WHEREAS, on October 20, 1981, assessments were levied on property in
District #17 for the cost of construction of the improvements; and
WHEREAS, the owner of Lot 1 , South College Investments Subdivision ("the
Property") failed to pay the installments due in July of 1987; and
WHEREAS, in accordance with Section 22-97 of the Code of the City of Fort
Collins, the Property was advertised and sold by the Larimer County Treasurer at
the 1988 tax sale and tax certificates of purchase were issued to the City; and
WHEREAS, the City subsequently obtained a Treasurer's Deed to the Property;
and
WHEREAS, Section 22-97(d) of the City Code provides, that, if the City is
the owner of property acquired in satisfaction or discharge of liens represented
by certificates of purchase, it may sell such property for the best price
obtainable at public sale or auction or by sealed bids or by such other method
of sale which may be approved by the City Council ; and
WHEREAS, the physical characteristics of the Property made marketing by
conventional means difficult; and
WHEREAS, the City has received an acceptable offer from Roger D. Sears
Family Trust, Janice D. Sears, and Phelps-Tointon, Inc. ("the Purchasers") in the
amount of Eighteen Thousand Five Hundred Dollars ($18,500) for the Property; and
WHEREAS, the City and the Purchasers have entered into an Agreement of
Purchase and Sale of Real Property dated August 23, 1994 ("the Purchase
Agreement") ; and
WHEREAS, the Purchase Agreement was entered into contingent upon Council 's
approval of it by ordinance, which ordinance must be adopted on second reading
on or before October 4, 1994; and
WHEREAS, under the terms of the Purchase Agreement, the City has agreed to
sell and convey the Property to the Purchasers for a total purchase price of
Eighteen Thousand Five Hundred Dollars ($18,500) on the closing date of December
12, 1994; and
WHEREAS, under Section 23-111(a) of the City Code, the Council is authorized
to sell real property owned in the name of the City, provided it first finds the
sale is in the best interest of the City; and
WHEREAS, Section 22-97(e) of the City Code describes the manner in which the
proceeds of sale of real properties should be allocated when the property sold
has been acquired through the foreclosure of a special assessment lien.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS
as follows:
Section 1. That the sale of the Property to the Purchasers for the sum of
Eighteen Thousand Five Hundred U.S. Dollars ($18,500) is in the best interests
of the City and that said amount is the best price obtainable by the City for the
Property and represents the fair market value thereof.
Section 2. That the proceeds derived by the City from such sale shall be
allocated according to the provisions of Section 22-97(e) of the City Code.
Section 3. That the Mayor be, and hereby is, authorized to execute such and
documents of conveyance as are necessary for the City to sell and convey the
Property on the terms and conditions of the Purchase Agreement.
Section 4. That the City Manager be, and hereby is, authorized to enter
into on behalf of the City such addendums to the Purchase Agreement as are
necessary to extend the current closing date under the Purchase Agreement
(December 12, 1994) if the City Manager determines such extension of the closing
date to bp— in the best- interest- of the City-. However, in no eventshall theCity-
Manager enter into any addendum of the Purchase Agreement that extends the
closing date beyond February 10, 1994.
Introduced, considered favorably on first reading, and ordered published
this 20 day of September, A.D. 1994, and to be present final pas n the
4th day of October, A.D. 1994.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 4th day of October, A.D. 1994.
ATTEST:
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