HomeMy WebLinkAbout025 - 03/01/2016 - AUTHORIZING THE SALE OF CITY-OWNED PROPERTY AT 1506 WEST HORSETOOTH ROAD, FORT COLLINS, COLORADO, TO ` 1
ORDINANCE NO. 025, 2016
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE SALE OF CITY-OWNED PROPERTY AT
1506 WEST HORSETOOTH ROAD, FORT COLLINS, COLORADO,
TO THE HOUSING AUTHORITY OF THE CITY OF FORT COLLINS
WHEREAS, the City is the owner of the real property located at 1506 West Horsetooth
Road, Fort Collins, Colorado, as more particularly.described on Exhibit "A", attached and
incorporated herein by reference (the "Property"); and
WHEREAS, the Property was purchased in 2003 as part of the City's Affordable
Housing Land Bank Program (the "Program"), pursuant to Sections 23-350 to 23-355 of the City
Code (the "Land Bank Ordinance"); and
WHEREAS, the purpose of the Program is to help affordable housing providers secure
sites for future affordable housing development throughout the City by purchasing sites that will
likely appreciate in the future while they are less expensive, and holding them for five to fifteen
years; and
WHEREAS, the Land Bank Ordinance sets criteria for acquiring land for the Program,
and places limits on how the City can dispose of Program properties, including that:
• any sale must be to a housing provider legally bound to the City to provide rental housing
for households at or below 50% of area median income ("AMI") for Fort Collins, or
homeownership housing for households below 60% of AMI;
• the land cannot be sold for speculation, appreciation, development of nonresidential uses,
or development of market-rate housing;
• the property must remain affordable in perpetuity, and if it is ever not used for affordable
housing the City must have the right recover title to the property;
• the land may not be sold by the City for more than 90% of its fair market value as
determined by the City; and
• the proceeds from the sale of any Program property must be returned to the affordable
housing trust fund to be used for additional property acquisitions for the Program; and
WHEREAS, in November 2015, based on the City .Council's expressed interest in
developing one or more of the Program properties, the City issued a Request for Proposals
("RFP") to find a qualified development team to construct an affordable housing development on
the Property in accordance with the requirements of the Program (the "Project"); and
WHEREAS, after reviewing the three proposals received by the City, the.City selected
the Housing Authority of the City of Fort Collins ("FCHA") as its development partner for the
Project; and
WHEREAS, FCHA provided three approximate purchase prices,for the Horsetooth
Property based on the income levels of the eventual renters of homes in the development; and
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WHEREAS, all three options would provide units for households at 30% of AMI and
below, which is the City's highest affordable housing need; and
WHEREAS, two of the purchase options cap the income of residents at 50% of AMI as
required by the City Code, but would require additional grant funding from the City to complete;
and i
WHEREAS, the third option ("Option 3") would allow FCHA to pay the City more for
the land and would not require additional City grant funding, but would require more flexibility
in the AMI levels of residents by including some housing for residents at 60% of AMI; and
WHEREAS, Option 3, which is FCHA's preferred option, would require an amendment
to the City Code to increase the AMI limit for rental households from 50% of AMI to 60% of
AMI; and
WHEREAS, City staff also supports Option 3 because it still provides housing at an
average income level of 50% of AMI, preserving the original intent of the Program, but also
gives FCHA flexibility to provide a more economically diverse community while maximizing
the amount that FCHA can pay the City for the Horsetooth Property, returning more capital to
the Program; and
WHEREAS, on January 26, 2016, the City Council adopted Resolution 2016-008
expressing the Council's support for the Project, including a willingness to amend the Land Bank
Ordinance to adjust the affordability requirements if necessary, and stating a present intent to
convey the Property to FCHA subject to the Council's authorization by ordinance as required by
the City Code; and
WHEREAS, City staff and FCHA have negotiated a proposed Agreement of Purchase
and Sale of Real Property for the Property, a copy of which is attached hereto as Exhibit "B" and
incorporated herein by reference (the "Agreement"); and
WHEREAS, under the Agreement FCHA would pay up to $1,107,000 for the Property
with the understanding that the City and FCHA may agree to reduce this amount based on
changes to the design for the Project, increases in construction pricing and/or_ changes in interest
rates; and
WHEREAS, any reduction in price that exceeds ten percent of the purchase price
($110,700)would be subject to further approval by the City Council; and
WHEREAS, there are two existing residential leases on the Property that FCHA would
assume if FCHA acquires the Property before the leases expire in October, 2016; and
WHEREAS, the City would reserve from the sale to FCHA existing utility and right-of-
way alignments on the Property; and
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WHEREAS, FCHA's use of the Property would also be limited by deed restrictions
based on the requirements of the Land Bank Ordinance, including that:
• use of the Property shall be restricted to rental housing for households at or below
50% AMI for Fort Collins or at such higher level as may-be permitted.by amendment
of the Land Bank Ordinance;
• FCHA will be required to commence development of all housing within 24 months of
closing on the Property, and obtain building permits for the construction of all such
housing units within 48 months of closing; if all such building permits have not been
obtained within such time period, then title to that portion of the Property for which
building permits have not been issued shall revert to the City, unless otherwise agreed
by the City Manager upon a finding that FCHA has exerted a good faith and diligent
effort in pursuing the Project but has suffered delays caused by unforeseen
circumstances not reasonably within the control of FCHA; and
• if the Property is ever not used for affordable housing, then the City may re-enter and
recover title to the Property; and
WHEREAS, under the Agreement the sale of the Property would be contingent on FCHA
obtaining all required regulatory.approvals for the Development, including an amendment to the
City Code allowing Land Bank parcels to be developed for rental -housing affordable to
households at 60% AMI as long as the overall affordability for the Development is still at or
below 50% of AMI, and providing proof reasonably satisfactory to the City that FCHA can
obtain the necessary financing to construct the Project according to an approved plan for
development; and
WHEREAS, staff intends to bring forward an ordinance for the City Council's
consideration in March amending the Land Bank Ordinance to permit rental housing affordable
to households at 60%AMI; and
WHEREAS, Section 23-111(a) of the City Code provides that the City Council is
Authorized to sell, convey or otherwise dispose of real property owned by the City; provided the
Council first finds by ordinance that such sale or other disposition is in the best interest of the
City.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS as follows:
Section 1. That the City Council hereby makes and adopts the determinations and
findings contained in the recitals set forth above.
Section 2. That the City Council hereby finds that the conveyance of the Property to
FCHA as provided herein is in the best interests'of the City.
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Section 3. That the Mayor is hereby authorized to execute the Agreement in
substantially the same form as is attached as Exhibit B, as well as such other documents as are
necessary to convey the Property to FCHA on terms and conditions consistent with this
Ordinance, together with such additional terms and conditions as the City .Manager, in
consultation with the City Attorney, determines are necessary or appropriate to protect the
interests of the City, including,but not limited to, any necessary changes to the legal description
of the Property, as long as such changes do riot materially increase the size or change the
character of the property interest to be conveyed.
Section 4. That the City Manager is hereby authorized to negotiate the final purchase
price pursuant to the Agreement and consistent with this Ordinance provided that.such modified
purchase price shall be subject to City Council approval in the event it is an amount lower than
$996,300.
Introduced, considered favorably on first reading, and ordered published this 16th day of
February, A.D. 2016, and to be presented for final passage on the I st day of March, A.D. 2016.
OR
Ca),
Mayor
SEAL :
ATTEST: 0ORNp
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City Clerk
Passed and adopted on final reading on this 1 st day of March, A.D. 2016.
Mayor
ATTEST: oRr Co(
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City Clerk coLORAoo
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EXHIBIT A
Property Legal-Description
PARCEL I:
CONSIDERING THE SOUTH LINE OF SECTION 27, TOWNSHIP 7 NORTH, RANGE 69 WEST OF
THE 6TH P.M., AS BEARING NORTH 89 DEGREES 46' 48" WEST AND WITH ALL BEARINGS
HEREIN RELATIVE THERETO] BEGINNING AT A POINT ON THE NORTH LINE OF THE COUNTY
ROAD RIGHT OF WAY, WHENCE THE SOUTH QUARTER CORNER BEARS SOUTH 00 DEGREES 03'
3511 EAST 30.00 FEET AND AGAIN NORTH 89 DEGREES 46' 48" WEST 30.00 FEET; THENCE
NORTH 00 DEGREES 03' 35" WEST 333.26 FEET; THENCE SOUTH 89 DEGREES 44' 16"
EAST 608.87 FEET; THENCE SOUTH 19 DEGREES 211 WEST 313.53 FEET; THENCE SOUTH 19
DEGREES Olt EAST 3B.73 FEET TO A POINT ON THE NORTH LINE OF THE RIGHT OF-PIAY
OF THE COUNTY ROAD; THENCE ALONG SAID RIGHT OF WAY NORTH 89 DEGREES 46' 48"
WEST 517.26 FEET TO THE POINT OF BEGINNING, COUNTY.OF LARIMER, STATE OF
COLORADO.
PARCEL IIr
CONSIDERING THE SOUTH LINE OF SECTION 27, TOWNSHIP 7 NORTH, RANGE 69 WEST OF
THE 6TH P.M., AS BEARING N 89 DEGREES 46' 4811 WEST AND WITH ALL BEARINGS
HEREIN RELATIVE THERETO) BEGINNING AT A POINT ON THE NORTH LINE OF THE
RIGHT-OF-WAY OF THE COUNTY ROAD WHENCE THE SOUTH QUARTER CORNER OF SAID SECTION
'27 BEARS S 00 DEGREES 03' 35" E 30.00 FEET; THENCE N 00 DEGREES 03- 35" WEST
635.70 FEET; THENCE S 89 DEGREES 44' 16" E 488.73 FEET; THENCE S 17 DEGREES
39' E 172.58 FEET; THENCE S 43 DEGREES 341 E 118.64 FEET; THENCE S 17 DEGREES
15' E 55.18 FEET; THENCE N 89 DEGREES 44' 16" W 608.B7 FEET; THENCE S 00•
DEGREES Oar 3511 E 333.26 FEET; THENCE N 89 DEGREES 46' 48" W 30.00 FEET TO THE
POINT OF BEGINNING, COUNTY OF LARIMER, STATE OF COLORADO.
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EXHIBIT B
Draft 2-9-16
AGREEMENT OF PURCHASE AND SALE OF REAL PROPERTY
City Sale of 1506 West Horsetooth Road
THIS AGREEMENT is made and entered into this [7 i�day of , 2016 (the
"Effective Date"), by and between the HOUSING AUTHORITY OF THE CITY OF FORT
COLLINS, a body corporate and politic under the laws of the state of Colorado ("FCHA"), and
THE CITY OF FORT COLLINS, COLORADO, a municipal corporation, ("City").
RECITALS:
A. On April 17, 2001, the Fort Collins City Council adopted Ordinance No. 048,
2001, establishing the City's Land Bank Program at Article XI of Chapter 23 of the City Code
(the "Land Bank Ordinance"). The purpose of the Land Bank Program is to help affordable
housing providers secure sites for future affordable housing development throughout the City by
purchasing sites that would likely appreciate in the future while they were less expensive, and
holding them for five to fifteen years.
B. In November 2015, based on the City Council's expressed interest in developing
one or more of the City's Land Bank properties, the City issued a Request for Proposals to find a
qualified development team to construct an affordable housing development on the Land Bank
property on Horsetooth Road in accordance with the requirements of the Land Bank Ordinance,
and ultimately selected FCHA.
C. -FCHA's preliminary conceptual proposal, dated November 30, 2015
("Proposal"), proposes 96 units of affordable rental housing with one to four bedrooms and
community facilities, with density of 12 units per acre (the "Development").
D. On January 26, 2016, the City Council adopted Resolution 2016-008 expressing
the Council's support for the Development, including a willingness to amend the Land Bank
Ordinance to adjust the affordability requirements if necessary, and stating a present intent to
convey the Horsetooth Road property to FCHA subject to the. Council's authorization by
ordinance as required by the City Code.
E. On March 1, 2016 the City Council adopted Ordinance No. 2016,
authorizing the conveyance of the Property as defined herein.
F. FCHA has completed a Feasibility Analysis, preliminary design for cost
estimates, initiated a market study, and is developing joint state/federal tax credit and
Community Development Block Grant—Disaster Recovery applications for the Development.
NOW, THEREFORE, for good and.valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, City and FCHA agree to be legally bound whereby City agrees
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to convey to FCHA, and FCHA agrees to acquire from City, the Property as defined below on
the terms and conditions set forth in this Agreement.
1. Description of Property. The real property which is the subject matter of this
Agreement consists of two parcels of real-property located in Larimer County, Colorado, which
are legally described on Exhibit A, consisting of one page, attached hereto and incorporated
herein by reference (the "Property"). Unless reserved by the City as described below, the
Property includes all improvements located thereon and all of City's rights, title and interest in
and to all appurtenances thereto, including but not limited to the following:
A. . Appurtenances Generally. The Property shall include any fences,
buildings, landscaping, and other improvements now located thereon,
including all fixtures of a permanent nature. In addition, the Property shall
include all of the City's right, title and interest in and to easements, future
interests and rights to the same belonging and inuring to the benefit of the
Property, and in and to all strips and gores of land lying between the
Property and adjoining property or streets, roads or highways, open or
proposed.
B. _Water Rights. All water, water rights, corporate stock relating to the use
of water, springs, spring rights, wells, well rights, ditches, ditch rights,
reservoir rights, tributary, non-tributary, and not non-tributary water,
appurtenant to, customarily used with or upon, or relating to the use of
water on the Property, and any other water or water rights, owned by the
City and located on or appurtenant to the Property, whether or-not the
same have been adjudicated, including but not limited to three
unadjudicated wells that may not be producing or functioning ("Wells").
C. Taps. All water taps, gas taps, and sewer taps belonging or in any way
appertaining to the Property.
D. Mineral Rights. Any and.all interests in all minerals, ores, and metals of
any kind and character, and all coal, asphaltum, oil, gas, or other like
substances including sand and gravel, and all geothermal resources in, on,
or under the Property and all other mineral rights as are owned by City at
the time of this Agreement.
2. Method of Conveyance.
A. Form of Deed. City will convey the Property to FCHA at Closing, as
defined in paragraph 12 below, by general warranty deed in substantially the form attached as
Exhibit B. The personal property portion of the Property, if any, shall be transferred to FCHA
by City at Closing by bill of sale or other appropriate transfer document, free and clear of all
liens and encumbrances. The wells will be conveyed by quitclaim deed with rio warranties.
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B. Covenant/Possibility of Reverter/Right of Entry. Pursuant to Section 23-
354 of the Code of the City of Fort Collins, the use of the property shall be limited by a covenant
requiring the following:
(1) Use of the Property shall be restricted to rental housing for households
at or below 50% of the Area Median Income (AMI) for Fort Collins or at such higher level as
may be permitted by amendment of the Land Bank Ordinance.
(2) FCHA shall commence development of all housing within 24 months
of Closing, and shall obtain building permits for the construction of all such housing units within
48 months of Closing. If all such building permits have not been obtained within such time
period, then title to that portion of the Property for which building permits have not been issued
shall revert to the City, unless otherwise agreed by the City Manager in accordance with Section
23-354 of the City Code upon a finding that FCHA has exerted a good faith and diligent effort in
pursuing the Development but has suffered delays caused by unforeseen circumstances not
reasonably within the control of FCHA.
(3) If the Property is ever not used for affordable housing, then the City
may re-enter and recover title to the Property.
C. Reservations by City. City may reserve to itself the following interests:
(1) A Utility Easement over the north 15 feet of the south 42.5 feet of
Parcel I of the Property; and
(2) A Public Right-of-Way over the south 27.5 feet of Parcel I of the
Property.
D. Existing Leases. The Property is currently subject to two existing leases
(the "Leases"): one for 1506A West Horsetooth (house) and one for 1505B West Horsetooth
(garage apartment). The Leases expire on October 31, 2016. If Closing occurs prior to October
31, 2016, the City agrees to assign the Leases to FCHA, and FCHA agrees to assume the Leases
from the City at Closing.
3. Purchase Price. The total purchase price of the Property will be One Million One
Hundred Seven Thousand Dollars ($1,107,000.00), unless reduced by mutual agreement of the
parties based on changes to the design of the project, increases in construction pricing and/or
changes in interest rates. Any reduction in price that exceeds ten percent of the purchase price
($110,700) is subject to approval by the Fort,Collins City Council. The purchase price will be
payable by FCHA to City as follows:
A. No earnest money deposit is required in connection with this transaction,
the mutuality of the promises of the parties hereto being deemed adequate
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consideration.
B. The entire amount of the purchase price, subject to closing costs and
customary prorations, will be payable by FCHA to City in immediately
available funds at Closing.
4. Title Insurance.
A. Within fifteen (15) calendar days following the Effective Date, City will
provide to FCHA a Title Insurance Commitment (the "Title
Commitment") from Land Title Guarantee Company ("Title Company").
The Title Commitment must show title to the Property in City, subject
only to those exceptions shown on Schedule B-2 to the Title Commitment
that are acceptable to.FCHA. City is responsible for the cost of the Title
Commitment and Title Insurance.
B. If the Title Commitment discloses title defects unsatisfactory to FCHA
and subject to which FCHA need not take title, FCHA may give City-
written notice of such defects by the date ten (10) calendar days after
FCHA's receipt of the Title Commitment, and no later than ten (10)
calendar days after notice of any title change. City must attempt in good
faith to cure such defects prior to the date of Closing, at its expense,
without in any other manner affecting the terms of this Agreement.
C. If any instrument or deposit is necessary in order to correct a defect in or
objection to title, the following apply:
(1) Any instrument will be in a form and contain terms and conditions
Title Company may reasonably require so as to be sufficiently
satisfied and omit such defects or objection.
(2) Any deposit will be made with Title Company.
(3) City agrees to execute, acknowledge and deliver any required
instrument and to make any required deposit.
D. If Title Company refuses to omit any title defect or objection prior to
Closing, then FCHA, at its election, has the right to:
(1) accept such title as City is able to convey, without any reduction of
the purchase price; or
(2) rescind this Agreement and, upon such`rescission, this Agreement
.will be null and void and of no further effect, and all parties to this
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Agreement will be released from all obligations hereunder.
E. If City is unable to convey title as provided in this paragraph 4 to FCHA
due to an act or omission of City that is within the authority of City's City
Manager, City is in default and continues to be liable under this
Agreement.
F. Notwithstanding the foregoing,
(1) - any title condition consisting of monetary liens, deeds of trust or
other financial encumbrances against the Property must be
removed by City at or prior to Closing, and City's failure to,cause
the removal of the same will constitute a default by City under this
Agreement; and
(2) in the event City fails to cause the removal of a financial
encumbrance against the Property prior to Closing, FCHA has the
right to pay amounts required to do so at Closing, and to receive a
credit for such payment against the Purchase Price.
5. Legal Description. The parties each acknowledge that a legal description of the
Property is attached to and incorporated by reference into this Agreement, and each
acknowledges having received a copy of any such description. The parties agree that it is their
intent that the referenced legal description describes the Property except as otherwise expressly
provided, and agree to work in good faith and cooperatively to correct technical errors that any
such legal description is determined to contain.
6. Special Taxing Districts. Special taxing districts may be subject to general
obligation indebtedness that is paid by revenues produced from annual tax levies on the taxable
property within such districts. Property owners in such districts may be placed at risk for
increased mill levies and excessive tax burdens to support the servicing of such debt where
circumstances arise resulting in the inability of such a district to discharge such indebtedness
without such an increase in mill levies. FCHA should investigate the debt financing
requirements of the authorized general obligation indebtedness of such districts, existing mill
levies of such district servicing such indebtedness, and the potential for an increase in such mill
levies.
7. Maintenance of the Property/Title. City must keep, or cause to be kept, the
Property in its condition as of the Effective Date until Closing, subject to normal wear-and-tear
and seasonal changes, and agrees not to commit or permit waste thereon. City must not cause or
permit new liens, easements or other encumbrances on the title to the Property, except as
expressly agreed by FCHA in writing.
S. Representations of City. Based on a reasonable inquiry within City's municipal
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organization on behalf of City's City Manager, City represents and warrants to the best of City's
knowledge, as of the Effective Date and as of the Closing, as follows:
A. There is no litigation proceeding, including but not limited to any eminent
domain proceeding,pending (or to City's knowledge threatened) against
o' relating to any part of the Property, nor does City know of or have
reasonable grounds to know of any basis for any such action.
B. City has not received notice of, and to the best of City's knowledge, there
are no violations of any laws, orders, regulations or requirements of any
governmental authority affecting the Property or any part thereof.
C. City has the unconditional right and power, subject to the contingencies
described in paragraph 28, to execute and deliver this Agreement and to
consummate the transaction(s) contemplated by this Agreement.
D. City has not received notice of default or breach by City of any of the
covenants, conditions, restrictions, rights-of-way or easements affecting
the Property or any portion thereof; no default or breach now exists or will
exist on the date of Closing; and no event or condition has occurred and is
continuing that, with or without notice and/or the passage of time, will
constitute such a default or breach.
E. City represents that it has provided to FCHA all environmental reports
and, to the extent permitted by law, any other documentation in City's
possession related to City's ownership of the Property.
9. Condition of the Property.
A. FCHA acknowledges and agrees that except as specifically set forth
elsewhere in this Agreement, City has not made,.and does not make, any
representations,warranties, promises, covenants or agreements of any
kind or nature, whether express or implied, oral or.written, concerning or
with respect to:
(1) the value, nature, quality or condition of the Property;
(2) suitability of the Property for any uses contemplated by FCHA; or
(3) compliance of or by the Property or its operation with any laws,
rules, ordinances or regulations of any applicable governmental authority,
including, without limitation, any such laws, rules ordinances or
regulations concerning environmental protection, pollution or land use.
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B. By closing, FCHA will be acknowledging that FCHA has been given the
opportunity to inspect the Property, and that with the exception of any
representations or warranties specifically set forth in this Agreement,
FCHA is relying solely on its own investigation of the Property. FCHA
furthermore acknowledges that its acquisition of the Property shall be on
an"AS IS basis" without further improvement or remediation by City, and
any claims against City in connection with any representations or '
warranties (except those specifically set forth elsewhere in this Agreement
and except any warranties of title contained in the deed to be delivered at
Closing) are hereby released and waived by FCHA.
10. Inspection. FCHA or any designee of FCHA has the right to make inspections of
the physical condition of the Property and the improvements located thereon at FCHA's expense.
These inspections may include, but are not limited to, environmental assessments and inspections
regarding compliance with any building or fire code, environmental protection, pollution or land
use or zoning laws, rules or regulations, including;but not limited to any laws relating to the
disposal or existence of any hazardous substance or other regulated substance in or on the
Property. If FCHA does not provide to City written notice of any unsatisfactory condition,as
determined at FCHA's sole discretion, signed by an authorized representative of FCHA, at least
thirty (30) days prior to Closing, FCHA waives any objection to the physical condition of the
Property and the improvements located thereon as of that date. If FCHA provides written notice
of any unsatisfactory condition, signed by an authorized representative of FCHA, to City at least
thirty (30) days prior to Closing, and City does not cure such conditions prior to Closing, this
Agreement may be terminated at the option of FCHA. Upon such termination, all payments and
things of value received hereunder by City must be returned to FCHA. FCHA is responsible and
will pay for any damage that occurs to the Property and the improvements located thereon as a
result of these inspections.
11. Development Process.
A. FCHA shall prepare preliminary conceptual designs for the development of the ,
Property, including site plans and elevations, but not including detailed engineering drawings
(the"Preliminary Conceptual Designs"). These Preliminary Conceptual Designs shall be
completed and submitted to the City within forty-five (45) days of the Effective Date.
B. Upon receipt of the Preliminary Conceptual Designs from FCHA, the City shall
conduct a conceptual design review with FCHA. The City and FCHA shall act reasonably and in
good faith to agree on the final conceptual design for the Development (the "Final Conceptual
Design") within ten (10) working days of submission of the Preliminary Conceptual Designs.
C. FCHA shall prepare all plans and submittals necessary to present a complete
Project Development Plan ("PDP")to the City's Planning Department for development review.
FCHA shall make all necessary submittals for development review of the PDP within one-
hundred twenty (120) days of the date the parties reach agreement on the Final Conceptual
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Design. FCHA shall then diligently pursue development approval of the project to completion.
FCHA is responsible for all development applications and for paying all related fees as a part of
the development review process and no fees shall be waived by the City unless such waiver is
authorized by City Code. The City shall cooperate with FCHA in its pursuit of any necessary
governmental approvals and permits, including without limitation,the granting of easements and
encroachment permits necessary for the completion of the development, provided that FCHA
complies with all related governmental, Iegislative and administrative requirements.
D. If during the course of the design and development review processes the City
reasonably believes that any material aspect of FCHA's PDP does not comply with applicable
legal and regulatory requirements or deviates substantially and fundamentally from the Final
Conceptual Design (taking into account changes made at the request,of the City or in response to
input from neighbors and other stakeholders), the City shall provide FCHA with written notice
and an itemized list or description of such deviations Upon receipt of such notice, (i) FCHA
shall diligently pursue correction of such items in an expeditious manner to bring the PDP into
compliance with applicable legal and regulatory requirements; and/or (ii) FCHA and the City
shall act reasonably and in good faith to agree on such reasonable changes in the PDP as may be
reasonably necessary to bring the PDP into substantial compliance with the Final Conceptual
Design.
E. FCHA is solely responsible for all expenses incurred in preparing for the
development of the Property, including but not limited to preparing the market
analysis/feasibility study and the designs, any environmental reviews, vibration studies, noise
analyses, etc., and/or costs incurred in the development review process. The City shall have no
obligation to reimburse, share in or support FCHA in covering any costs incurred by it as maybe
necessary to perform its obligations under this Agreement. Further, the City shall have no
obligation to reimburse, share in, or assist FCHA in covering any costs incurred by FCHA under
this Agreement if this Agreement is terminated as provided herein, except that if FCHA
terminates the Agreement because of an uncured default by the City, FCHA does not waive its
potential claims for damages.
12. Closing. The parties agree to close this transaction within thirty (30) days of the
satisfaction of all contingencies listed in paragraph 28, at Land Title Guarantee Company, Fort
Collins, Colorado, or at such other reasonable time, date or location as the parties may mutually
agree ("Closing"). If the parties cannot agree on the date and time of closing, the closing shall be
held on the last business day that is within 30 days of the satisfaction of all contingencies listed
in paragraph 28 at 2:00 pm Mountain Time.
13. Possession. City will deliver possession of the Property to FCHA at Closing.
14. Proration. Real property taxes and assessments and similar expenses, in
accordance with local practice, will be prorated as of the date of the Closing, to the extent such
taxes, assessments and expenses apply to City.
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15. Remedies on Default. If any obligation hereunder is not performed as herein
provided, the remedies are:
A. If City is in default, FCHA may terminate this Agreement and recover
direct damages as may be proper. FCHA expressly waives the remedies of
specific performance and additional damages.
B. If FCHA is in default, City may terminate this Agreement and may
recover such damages as may be proper, or City may elect to treat this
Agreement as being in full force and effect, and City will have the right to
an action for specific performance or damages, or both.
16. Notices. Any notice or other communication given by either party to the other
relating to this Agreement must be hand delivered; sent by a commercial carrier; or sent by mail,
addressed to'the party at its respective address as set forth below. The notice or other
communication will be effective on the date it is delivered or on the third business day after
being sent, whichever comes first.
If to FCHA: i
Fort Collins Housing Authority
1715 W. Mountain Ave.
Fort Collins, CO 80521
With a copy to:
James A Martell, Esq.
300 S. Howes Street
Fort Collins, CO 80521
If to City:
Real Estate Services Manager
City of Fort Collins
Mailing Address:
P.O. Box 580
Fort Collins, CO 80522-0580
Hand Delivery:
117 North Mason St. '
Fort Collins, CO 80524
With a copy to:
City Attorney's Office
City of Fort Collins
Mailing Address:
P.O. Box 580
Fort Collins, CO 80522-0580
UT Form Version 3/16/07 - 9 -
I
Hand Delivery:
300 LaPorte Avenue
Fort Collins, CO 80521
17. Assignment. This Agreement must not be assigned by either of the parties hereto
without the prior written consent of the other party.
18. Risk of Loss. City shall bear all risk of loss with respect to the Property up to the
date title is transferred in accordance with this Agreement. In the event of damage to any portion
of the Property by fire or other casualty prior to the Closing which damage either'affects 5% of
the usable facilities on the Property or reduces the value of the Property by 5%, then this
Agreement may be terminated at the option of FCHA. This option shall be exercised, if at all, by
FCHA's written notice thereof to City within thirty (30) calendar days after receipt of written
notice of such fire or other casualty. Upon the exercise of such option to terminate, this
Agreement shall become null and void, and neither party shall have any further liability or
obligations hereunder, except as otherwise provided in this Agreement. Closing may be delayed
for up to thirty(30) calendar days for FCHA to decide whether to exercise this option.
19. Lead-Based Paint. Unless exempt, if the improvements, if any, on the Property
include one or more residential dwellings for which a building permit was issued prior to January
1, 1978, this Agreement shall be void unless a completed Lead-Based Paint Disclosure (Sales)
form is signed by City and the required real estate professionals, if any, which shall have
occurred prior to the parties signing this Agreement.
20. Recommendation of Legal and Tax Counsel. By signing this document,FCHA
acknowledges that FCHA has been advised that this Agreement has important legal
consequences and has received the recommendation to consider the examination of title and
consultation with legal and tax or other counsel before signing this Agreement.
21. Entire Agreement, Modification. This Agreement constitutes the entire contract
between the parties relating to the conveyance of the Property, and any prior agreements
pertaining thereto, whether oral or written, have been merged and integrated into this Agreement.
No subsequent modification of any of the terms of this Agreement will be valid, binding upon
the parties,'or enforceable unless made in writing and signed by the parties.
22. Headings. Paragraph headings are used for convenience of reference and in no
way define, limit or prescribe the scope or intent of any provision under this Agreement.
23. Construction. Words of the masculine gender include the feminine and neuter
gender and when the sentence so indicates, words of the neuter gender refer to any gender.
Words in the singular include the plural and vice versa. Definitions of defined terms-are
intended to apply throughout this Agreement. This Agreement is to be construed according to its
fair meaning, and as if prepared by all parties, and is deemed to be and contain the entire
understanding and agreement between the parties.
RET Form Version 3/16/07 - 10 -
r
1 �
24. Time is of the Essence. It is agreed that time is of the essence of this Agreement
and each and every provision.
25. BindingEffect. This Agreement is binding upon and inures to the benefit of the
parties their respective successors and assigns.
26. Litigation Expenses. In the event any party defaults in any of its covenants or
obligations and a party not in default commences and substantially prevails in any legal or
equitable action against the defaulting party, the defaulting party expressly agrees to pay all
reasonable expenses of the litigation, including a reasonable sum for attorneys' fees or similar
costs of legal representation.
27. Brokers. City and FCHA each represent and warrant to the other that such party
has not employed, retained or consulted any broker, agent or other real estate professional with
respect to,the Property. To the extent permitted by law, FCHA and City each indemnify and
hold the other harmless from and against all claims, demands, causes of action, debts, liabilities,
judgments and damages, including, without limitation, any related litigation expenses, that may
be asserted or recovered against the other on account of any breach of this representation and
warranty.
28. Contingencies. This Agreement is hereby made expressly contingent upon the'
following:
A. FCHA obtaining all required regulatory approvals for the Development, including
if necessary, an amendment to the City Code allowing Land Bank parcels to be developed for
rental housing affordable to households at 60% AMI as long as the overall affordability for the
Development is still at or below 50% of AMI. ,
B. FCHA providing proof reasonably satisfactory to the City that FCHA can obtain
the necessary financing to construct the Development according to the approved Project
Development Plan.
29. Authority. Each person executing this Agreement represents and warrants that he
or she is duly authorized to execute this Agreement in his or her individual or representative
capacity as indicated.
30.. Counterpart and Facsimile Signatures. This Agreement may be executed in two
or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same Agreement. Signatures may be delivered by facsimile copy.
Facsimile signatures are binding on the parties as if they were originals
31. Recording. FCHA may record this Agreement in the real property records of the
Larimer County Clerk and Recorder.
RET Form Version 3116/07
32. Governing LawNenue. The parties intend and agree that this Agreement is to be.
construed and enforced according to the laws of Colorado, and that venue in any proceeding
related to the subject matter of this Agreement will be in Larimer County, Colorado.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as
of the date and year first above written.
HOUSING AUTHORITY OF THE CITY OF
FORT COLLINS
a body corporate and politic under the laws
of the state of Colorado
Date: By:
STATE OF COLORADO )
ss
COUNTY OF )
The foregoing instrument was . acknowledged before me this day
of , 2016, by as for the
Housing Authority of the City of Fort Collins.
Witness my hand and official seal.
My Commission expires:
Notary Public
PET Form Version 3/16107 - 12 -
CITY:
THE .CITY.OF FORT COLLINS, COLORADO
a Municipal Corporation
Date: By:
Wade O. Troxell, Mayor
ATTEST:
City Clerk
APPROVED AS TO FORM:
Assistant City Attorney
STATE OF COLORADO )
) ss
COUNTY OF LARIMER )
The foregoing instrument was acknowledged before me this day of
, 2016, by Wade O. Troxell as Mayor and as City
Clerk of the City of Fort Collins.
Witness my hand and official seal.
My Commission expires:
Notary Public
i
UT Form Version 3/16/07 - 13 -
Account q: FTC-003160
Co FORT-COLLINS
Invoice Text
NOTICE IS HEREBY GIVEN that the Fort Collins City Council,on 3
STATE OF COLORADO )
ss: AFFIDAVIT OF PUBLICATION
NOTICE IS HEREBY GIVEN that the COUNTY OF LARIMER )
Fort Collins City Council, on Tuesday,
February 16, 2016, passed and adopted
the following ordinances on first
reading. These ordinances will be Pre-
sented for final passage on March 1,
2016: Andrew Troncoso being duly swom, deposes and says that said is the legal clerk of the Fort
ORDINANCE NO.022,2016 Collins Coloradoan; that the same is a daily newspaper of general circulation and printed and
OF THE COUNCIL OF THE CITY OF published in the City of Fort Collins, in said county and state; that the notice or advertisement, of
FORT COLLINS
APPROPRIATING PRIOR YEAR RE- which the annexed is a true copy,has been published in said daily newspaper for
SERVES IN THE
TRANSPORTATION FUND FOR CON-
SULTING SERVICES ' 1 Day,
RELATED TO INTERSTATE 25 (1-25)
TRAFFIC SOLUTION EFFORTS
ORDINANCE NO.023,2016 that the notice was published in the regular and entire issue of every number of said newspaper
OFORTF
T E COUNCIL OF THE CITY OF during the period and time of publication of said notice, and in the newspaper proper and not in a
APPROPRIATING PRIOR YEAR RE- supplement thereof; that the first publication of said notice was contained in the issue of said
SERVES IN THE GENERAL FUND
FOR newspaper on
THE CITY OF FORT COLLINS 2016
CONTRIBUTION TO THE EMPLOY- I
EES' RETIREMENT HEALTH SAV- Sunday,February 21,2016
INGS PLANS FOR MEMBERS OF
THE POLICE SERVICES COLLEC-
TIVE BARGAINING UNIT ' that the last publication thereof was contained in the issue of said newspaper on
ORDINANCE NO,024,2016
OF THE COUNCIL OF THE CITY OF
FORT COLLINS
Sunday,February 21,2016
ADOPTING THE 2016 AMENDED
CLAPLAN IFIED EMPLOYEES PAY that said Fort Collins Coloradoan has been published continuously and uninterruptedly during the
ORDINANCE NO,025,2016 period of at least six months next prior to the first publication of said notice or advertisement above
OF THE COUNCIL OF THE CITY OF
FORT COLLINS referred to; that said newspaper has been admitted to the United States snails as second-class
AOWNED UTHORIZING H SALE OF CITY- matter under the provisions of the Act of March 3, 1879, or any amendments thereof, and that said
1506 WEST HORSETOOTH ROAD, newspaper is a daily newspaper duly qualified for publishing legal notices and advertisements
FORT COLLINS,COLORADO,
TO THE HOUSING AUTHORITY OF within the meaning ofthe laws ofthe State of Colorado.
THE CITY OF FORT COLLINS
The full text of these ordinances can be
found at htip://fcgov.com7publicnotices
or by calling the City Clerk's Office at
970-221-6515.
1062243
Coloradoan
Feb 21,2016 Legal Clerk
Subscribed and sworn to before me,within the County of Larimer,State of Colorado this
Monday,February 22,2016 LADONNA MARY LAW
NOTARY PUBLIC-STATE OF COLORADO
My Commission expires September 3,2019 My Identification#20154035099
Expires September 3,2019
c
Notary Public
Legal No.0001062243
Delivered to:
CITY OF FC-CLERK-LEGALS
300 LAPORTE AVE Affidavit Prepared
FORT COLLINS,CO 80521 Monday,February 22,2016
11:02 am
titre �
Account 0: FTC-003160
FORT•COLLINS
0_/ / Invoice Text_N NOTICE IS HEREBY GIVEN that the Fort Collins City Council,on 7
STATE OF COLORADO )
)ss: AFFIDAVIT OF PUBLICATION
NOTICE IS HEREBY GIVEN that the COUNTY OF LARIMER )
Fort Collins City Council, on Tuesday,
March 11
2016, passed and adopted the
following ordinances on second reading:
OFDTHE COUNCIL OF INANCE NO.021, 1THE CITY OF Andrew Troncoso ,being duly sworn,deposes and says that said is the legal clerk of the Fort Collins
FORT
AMEND LLINCHAPTER 7 OF THE Coloradoan;that the same is a daily newspaper of general circulation and printed and published in the City of
CODE OF THE Fort Collins,in said county and state;that the notice or advertisement, of which the annexed is a true copy,
CITY OF FORT COLLINS TO UPDATE
AND AMEND has been published in said daily newspaper for
REQUIREMENTS AND PROCEDURES
FOR CITY ELECTIONS
1 Day;
ORDINANCE NO.022,2016
OF THE COUNCIL OF THE CITY OF
FORT COLLINS that the notice was published in the regular and entire issue of eve number of said newspaper durin the
SERVES IN THE
APPROPRIATING PRIOR YEAR RE- P g n' g
TRANSPORTATION FUND FOR CON- period and time of publication Of said notice,and in the newspaper proper and not in a supplement thereof;
SULTING SERVICES that the first publication of said notice was contained in the issue of said newspaper on
RELATED TO INTERSTATE 2S (1.25)
TRAFFIC SOLUTION EFFORTS
ORDINANCE NO.023,2016
OF THE COUNCIL OF THE CITY OF Sunday,March 6,2016
FORT COLLINS
APPROPRIATING PRIOR YEAR RE-
SERVES IN THE GENERAL FUND
FOR that the last publication thereof was contained in the issue of said newspaper on
THE CITY OF FORT COLLINS 2016
CONTRIBUTION TO THE EMPLOY-
EES' RETIREMENT HEALTH SAW Sunday,March 6,2016
INGS PLANS FOR MEMBERS OF
THE POLICE SERVICES COLLEC-
TIVE BARGAINING UNIT that said Fort Collins Coloradoan has been published continuously and uninterruptedly during the period of at
ORDINANCE NO.024,2016 least six months next prior to the first publication of said notice or advertisement above referred to;that said
OF THE COUNCIL OF THE CITY OF newspaper has been admitted to the United States mails as second-class matter under the provisions of the
FORTCOLLINS
ADOPTING THE 20O AMENDED Act of March 3, 1879, or an amendments thereof; and that said newspaper is a daily newspaper duly
CLASSIFIED EMPLOYEES PAY YY
PLAN qualified for publishing legal notices and advertisements within the meaning of the laws of the State of
ORDINANCE NO.025,2016 Colorado.
OF THE COUNCIL OF THE CITY OF
FORT COLLINS
AUTHORIZING THE SALE OF CITY-
OWNED PROPERTY AT
1506 WEST HORSETOOTH ROAD,
FORT COLLINS,COLORADO,
TO THE HOUSING AUTHORITY OF
THE CITY OF FORT COLLINS
The full text of these ordinances can be Legal Clerk
found at hitp:#fcgov.corrdpublicnotices - -
- - -- -- .PHv C1erk'e na•- ..:
18 w■la■■■■ •• ■w■ Subscribed and sworn to before me,within the County of Larimer,State of Colorado this
Monday,March 07,2016 r? 1ADONNA MARY LAMAR
My Commission expires September 3,2019 NOTARY PUBLIC STATE OF COL99
My Identification#20154035099
Expires September 3,2019
Notan,Public
Legal No.0001097209
Delivered to:
CITY OF FC-CLERK-LEGALS
300 LAPORTE AVE Affidavit Prepared
FORT COLLINS,CO 80521 Monday,March 7,2016
10:09 am