HomeMy WebLinkAbout170 - 12/21/1993 - AUTHORIZING THE SALE OF TAX SALE CERTIFICATES OF PURCHASE IN BRITTANY KNOLLS PUD TO EVERITT INVESTME ORDINANCE NO. 170, 1993
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE SALE OF
TO EVERITT INVESTMENTS, INC.
TAX SALE CERTIFICATES OF PURCHASE
FOR LOTS 1 THROUGH 25, INCLUSIVE, BLOCK 1,
AND LOTS I THROUGH 16, INCLUSIVE, BLOCK 2,
BRITTANY KNOLLS PUD, FIRST FILING
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 the Certificates
are to be sold and assigned for less than face value, the Council must authorize
by ordinance such sale and assignment; 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; and
WHEREAS, the City and Everitt Investments, Inc. have entered into an
Agreement of Assignment of Certificate of Purchase, dated December 3, 1993 (the
"Agreement") , pursuant to which the City has agreed to sell the Certificates to
Everitt Investments, Inc. for $185,000, contingent upon 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:
�U
�c rOt1
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 Everitt Investment, Inc.
for the sum of One Hundred Eighty Five Thousand Dollars ($185,000) 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 presented for final passage on the
21st day of December A.D. 1993.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 21st day of December A.D. 1993.
Mayor
ATTEST:
City Clerk