HomeMy WebLinkAbout166 - 12/21/1993 - AUTHORIZING THE SALE OF TRACT A OF FAIRBROOKE SID TO COLORADO LAND SOURCE, LTD (NO ACTION TAKEN) ORDINANCE NO. 166, 1993
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE SALE TO COLORADO LAND SOURCE, LTD.
OF REAL PROPERTY DESCRIBED
AS TRACT A OF THE FAIRBROOKE SPECIAL IMPROVEMENT DISTRICT.
WHEREAS, on October 18, 1983, the Council of the City of Fort Collins (the
"Council ") authorized the creation of the Fairbrooke Special Improvement District
Improvement District. #79 (the "District") for the purpose of installing street,
water, and wastewater improvements within the District; and
WHEREAS, on March 4, 1986, assessments were levied on property in the
District for the cost of construction of the improvements; and
WHEREAS, the owner of Tract A of Fairbrooke SID ("Tract A") failed to pay
the first installment due in October of 1987; and
WHEREAS, in accordance with Section 22-97 of the Code of the City of Fort
Collins, Tract A of Fairbrooke SID 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 Tract A; 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, on May 19, 1992, the Council adopted a Sales Policy for Property
Acquired Through or in Lieu of Special Assessment Lien Foreclosure Process ("the
Policy") ; and
and WHEREAS, pursuant to the Policy, the City advertised the Property for sale;
WHEREAS, in response thereto, the City has received an acceptable offer from
Colorado Land Source, LTD. in the amount of Three Hundred Thousand Dollars
($300,000) for Tract A; and
WHEREAS, the City and Colorado Land Source, LTD. have entered into an
Agreement of Purchase and Sale of Real Property dated December 3, 1993 ("the
Agreement") , pursuant to which the City has agreed to sell Tract A to Colorado
Land Source, LTD. for $300,000, contingent, in part, upon Council approving the
Agreement by ordinance on second reading on or before December 21, 1993; 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 interest 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 Tract A to Colorado Land Source, LTD. for the
sum of Three Hundred Thousand Dollars ($300,000) is in the best interests of the
City and that said amount is the best price obtainable by the City for Tract A
and represents the fair market value thereof.
Section 2. That the Agreement is hereby approved.
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.
Section 4. That the Mayor be, and hereby is, authorized to execute such
documents as are necessary for the City to sell and convey Tract A on the terms
and conditions set forth in the Agreement.
Introduced and considered favorably on first reading, and ordered published
this 7th day of December A.D. 1993, and to be presented for final passage on the
21st day of December A.D. 1993.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 21st day of December A.D. 1993.
Mayor
ATTEST:
City Clerk