HomeMy WebLinkAbout165 - 12/21/1993 - AUTHORIZING THE SALE OF TRACTS G & H OF FAIRBROOKE SID TO NEBARADO CONSTRUCTION ORDINANCE NO. 165, 1993
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE SALE TO NEBARADO CONSTRUCTION, INC.
OF REAL PROPERTY DESCRIBED AS
TRACTS G & H 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
#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 Tracts G & H of Fairbrooke SID ("Tracts G & H") 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, Tracts G & H 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
and WHEREAS, the City subsequently obtained a Treasurer's Deed to Tracts G & H;
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
WHEREAS, pursuant to the Policy, the City advertised Tracts G & H for sale;
and
WHEREAS, in response thereto, the City has received an acceptable offer from
Nebarado Construction, Inc. in the amount of One Hundred Thousand Dollars
($100,000) for Tracts G & H; and
WHEREAS, the City and Nebarado Construction, Inc. have entered into an
Agreement of Purchase and Sale of Real Property dated November 30, 1993 ("the
Agreement") , pursuant to which the City has agreed to sell Tracts G & H to
Nebarado Construction, Inc. for $100,000, 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 Tracts G & H to Nebarado Construction, Inc.
for the sum of One Hundred Thousand U.S. Dollars ($100,000) is in the best
interests of the City and that said amount is the best price obtainable by the
City for Tracts G & H 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 Tracts G & H 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 presented for final passage on the
21st day of December A.D. 1993.
C
ATTEST: Mayor
i��
City Clerk
Passed and adopted on final reading this 21st day December, A. 993.
ayor ef
ATTEST:
02U- City Cle