HomeMy WebLinkAbout064 - 06/02/1992 - AUTHORIZING THE SALE OF LOTS 1 THROUGH 18 AND TRACT C OF HORSETOOTH COMMONS PUD ORDINANCE NO.64 , 1992
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE SALE OF REAL PROPERTY
DESCRIBED AS LOTS 1 THROUGH 18 AND
TRACT C OF HORSETOOTH COMMONS PUD
WHEREAS, on June 5, 1984, the Council of the City of Fort Collins (the
"Council ") authorized the creation of the Cunningham Corner Special Improvement
District #82 (the "District") for the purpose of installing street, water, sewer,
and storm drainage improvements within the District; and
WHEREAS, on November 4, 1986, assessments were levied on property in the
District for the cost of construction of the improvements; and
WHEREAS, the owner of Lots 1 through 18 and Tract C of Horsetooth Commons
PUD (the "Property") failed to pay the third assessment installment due in
October of 1990; and
WHEREAS, in accordance with Sect. 22-97 of the Code of the City of Fort
Collins the Property was advertised and sold by the Larimer County Treasurer at
the 1991 tax sale and tax certificates of purchase were issued to the City; and
WHEREAS, the owner of the Property executed a deed in lieu of foreclosure
conveying said Property to the City; and
WHEREAS, Section 22-97(d) of the 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 City issued a bid seeking buyers for the Property and received
an acceptable bid from Progressive Living Structures, Inc. in the amount of One
Hundred and Fifteen Thousand Dollars ($115,000) ; and
WHEREAS, under Section 23-111(a) of the 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 interests of the City; and
WHEREAS, Section 22-97(e) of the 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 Lots 1 through 18 and Tract C of Horsetooth
Commons PUD to Progressive Living Structures, Inc, for the sum of $115,000 is in
the best interests of the City.
Section 2. That said amount is the best price obtainable by the City for
the Property.
Section 3. That the proceeds derived by the City from such sale shall be
allocated according to the provisions of Section 22-97(e) of the Code.
Introduced, considered favorably on first reading, and ordered published
this 19th day of May, A.D. 1992, and to be presented for final passage on the 2nd
day of June, A.D. 1992.
Mayor
ATTEST:
�I1 City C1erk -
v Passed and adopted on final reading this 2nd day of June, A.D. 1992.
Mayor
ATTTTE_ST
7M�A01� 1'5� k[1:,
City Clerk ,