HomeMy WebLinkAbout169 - 12/21/1993 - AUTHORIZING THE SALE OF CERTIFICATES OF PURCHASE FOR LOTS 1 THROUGH 25, BLOCK 1, AND LOTS 1 THROUGH ORDINANCE NO. 169, 1993
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE SALE OF CERTIFICATES OF PURCHASE FOR LOTS 1 THROUGH 25,
INCLUSIVE, BLOCK 1, AND LOTS 1 THROUGH 16, INCLUSIVE,
BLOCK 2, BRITTANY KNOLLS PUD, FIRST FILING
TO COLORADO LAND SOURCE, LTD.
WHEREAS, on October 31, 1984, the Council authorized the creation of the
Provincetowne/Portner Special Improvement District #81 ("SID #81") and on
February 4, 1986, the Council authorized the creation of the South Lemay Special
Improvement District #86 ("SID #86") for the purpose of installing street, water,
and wastewater improvements within SID #81 and SID #86; and
WHEREAS, on August 16, 1988, assessments were levied on property in SID #81
and on September 20, 1988, assessments were levied on property in SID #86 for the
cost of construction of the improvements; and
WHEREAS, these assessments were not timely paid by the owner of Lots 1
through 25, inclusive, Block 1, and Lots 1 through 16, inclusive, Block 2,
Brittany Knolls PUD Filing 1 (the "Lots") ; and
WHEREAS, in accordance with Section 22-97 of the Code of the City of Fort
Collins, the Lots were advertised and sold by the Larimer County Treasurer at the
1989 tax sale and tax certificates of purchase were issued to the City ("the
Certificates") ; and
WHEREAS, Section 23-111 (c) of the Code provides that, if certificates of
purchase are to be sold and assigned for less than face value, the Council must,
by ordinance, authorize such sale and assignment and find that it is in the best
interests of the City; and
WHEREAS, under Section 23-111(c) of the Code, the City is to provide notice
to all persons having any interest in the property for which the certificates of
purchase were issued or having any interest in the proceeds of the proposed sale,
which notice is to include written notice to the City's bondholders if such
assignment will , in the judgment of the Financial Officer, impair in any way the
payment of any principal or interest owing on the bonds which are paid with
assessments collected from the property described in the certificates of
purchase; and
WHEREAS, the Financial Officer has determined that the proposed sale of the
Certificates will not, in fact, result in any such impairment of the bondholders'
interests; 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; and
WHEREAS, the City and Colorado Land Source, LTD. have entered into an
Agreement of Purchase and Sale of Real Property dated November 19, 1993, as
amended by an Amendment to Agreement of Purchase and Sale of Real Property dated
December 7, 1993, and an Amendment to Agreement of Purchase and Sale of Real
Property dated December 16, 1993, (the "Agreement") pursuant to which the City
has agreed to sell the Certificates to Colorado Land Source, LTD. , for $201,500
contingent on Council approving the Agreement by ordinance on second reading on
or before December 21, 1993; and
WHEREAS, under Section 23-111(c) of the Code the Council is authorized to
sell the Certificates, provided that certain notice requirements are satisfied.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS
as follows:
Section 1. That the notice requirements of Section 23-111(c) of the City
Code have been satisfied for the sale of the Certificates.
Section 2. That the sale of the Certificates to Colorado Land Source, LTD.
for the sum of Two Hundred One Thousand Five Hundred Dollars ($201,500) is in the
best interests of the City and that said amount represents the fair market value
of the Certificates.
Section 3. That the Agreement is hereby approved.
Section 4. 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 5. That the Mayor be, and hereby is, authorized to execute such
documents as are necessary for the City to sell assign, and convey the
Certificates on the terms and conditions set forth in the Agreement.
Introduced, considered favorably on first reading, and ordered published
this 7th day of December A.D. 1993, and to be presente r final passa on the
21st day of December A.D. 1993.
"
ATTEST: ayor
City Cler
Passed and adopted on final reading this 21st 9f December 993.
ATTEST:
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�,p, City C1