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HomeMy WebLinkAbout167 - 12/21/1993 - AUTHORIZING THE SALE OF TRACT A OF FAIRBROOKE SID TO WILLIAM L. NEAL AND CHARLOTTE E. JORGENSEN ORDINANCE NO. 167, 1993, OF THE COUNCIL OF THE CITY OF FORT COLLINS AUTHORIZING THE SALE TO WILLIAM L. NEAL AND CHARLOTTE E. JORGENSEN 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 WHEREAS, pursuant to the Policy, the City advertised the Property for sale; and WHEREAS, in response thereto, the City has received an acceptable offer from William L. Neal and Charlotte Jorgensen in the amount of Three Hundred Thirty Thousand Dollars ($330,000) for the Tract A; and WHEREAS, the City and William L. Neal and Charlotte Jorgensen 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 Tract A to William L. Neal and Charlotte Jorgensen for $330,000, 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 William L. Neal and Charlotte Jorgensen for the sum of Three Hundred Thirty Thousand Dollars ($330,000) 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 presente r final passageon the 21st day of December A.D. 1993. ATTEST: Mayor City Clerk Passed and adopted on final reading this 21st day of December A.D. 1993. ayor ATTEST: �S; j City Cle -