HomeMy WebLinkAbout118 - 10/19/1993 - AUTHORIZING THE SALE OF TRACT A OF FAIRBROOKE SID AND TAX SALE CERTIFICATES OF PURCHASE FOR LOTS IN ORDINANCE NO. 118, 1993
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE SALE OF REAL PROPERTY DESCRIBE AS
TRACT A OF FAIRBROOKE SID
AND TAX SALE CERTIFICATES OF PURCHAS
FOR LOTS 1 THROUGH 25, INCLUSIVE, BLOP 1,
AND LOTS 1 THROUGH 16, INCLUSIVE, BLOCK 2,
BRITTANY KNOLLS PUD, FIRST YthLe
'NG
WHEREAS, on October 18, 1983, the Council o City of Fort Collins (the
"Council") authorized the creation of the Fairbro,o a Special Improvement District
#79 ("SID #79") for the purpose of installi g street, water, and wastewater
improvements within SID #79; and
WHEREAS, on March 4, 1986, assessmen s were levied on property in SID #79
for the cost of construction of the imp7airbrooke
ements; and
WHEREAS, the owner of Tract A of/ SID ("Tract A") failed to pay
the first installment due in October bf 1987; and
WHEREAS, in accordance with Section 22-97 of the Code of the City of Fort
Collins, Tract A was advertised afld sold by the Larimer County Treasurer at the
1988 tax sale and a tax certi ?ently
to of purchase was issued to the City; and
WHEREAS, the City subse�q obtained a Treasurer's Deed to Tract A; and
WHEREAS, on October �3'1, 1984, the Council authorized the creation of the
Provincetowne/Portner Special Improvement District #81 ("SID #81") and on
February 4, 1986, the Co ncil authorized the creation of the South Lemay Special
Improvement District #86 ("SID #86") for the purpose of installing street, water,
and wastewater improv ments within SID #81 and SID #86; and
WHEREAS, on gust 16, 1988, assessments were levied on property in SID #81
and on September 1988, assessments were levied on property in SID #86 for the
cost of constru ion 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 K lls PUD Filing 1 (the "Lots") ; and
WH EAS, 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 x sale and tax certificates of purchase were issued to the City ("the
Cert' icates") ; and
WHEREAS, Section 23-111(c) of the Code provides that, if the Certificates
a e to be sold and assigned for less than face value, the Council must authorize
by ordinance such sale and assignment; and
TAkQ A 10/5/013
WHEREAS, Section 22-97(d) of the Code provides that, if the City is the
owner of real property acquired in satisfaction or discharge of liens for special
assessments 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
WHEREAS, pursuant to the Policy, the City advertised Tract A for sale; and
WHEREAS, in response thereto, the City received an acceptable offer from
Colorado Land Source, Ltd. in the amount of Three Hundred Thousand Dollars
($300,000) for Tract A; and
WHEREAS, under Section 23-111(a) of the Code, the Council is authorized to
sell any interest in 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 from the 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 received an acceptable offer from Colorado Land Source,
Ltd. in the amount of One Hundred Sixty-eight Thousand Dollars ($168,000) for the
Certificates; 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;
and
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 notice requirements of Section 23-111(c) of the City
Code have been satisfied for the sale of the Certificates.
Section 3. That the sale of the Certificates to Colorado Land Source, Ltd.
for the sum of One Hundred Sixty-Eight Thousand Dollars ($168,000) is in the best
interests of the City and that said amount represents the fair market value of
the certificates.
Section 4. That the proceeds derived by the City from such sales 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
agreements, deeds, and instruments of conveyance as are necessary for the City
to sell and convey Tract A and the Certificates to Colorado Land Source, Ltd. ,
on the terms and conditions described above.
Section 6. That the sum of Nineteen Thousand One Hundred Thirty-six
Dollars ($19,136) is hereby approved for transfer from the Reserve for Special
Assessments into the Special Assessment Bond Fund, to be expended for the payment
of principal and accrued interest on the 1989 Consolidated Special Improvement
District.
Introduced, considered favorably on first reading, and ordered published
this 5th day of October, A.D. 1993, and to be presented for final passage on the
19th day of October, A.D. 1993.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 19th day of October, A.D. 1993.
Mayor
ATTEST:
City Clerk