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HomeMy WebLinkAbout079 - 07/20/1993 - AUTHORIZING THE SALE OF A TRACT IN THE CUNNINGHAM CORNER PUD TO SHIELDS STREET CORPORATION ORDINANCE NO. 79, 1993 OF THE COUNCIL OF THE CITY OF FORT COLLINS AUTHORIZING THE SALE TO THE SHIELDS STREET CORPORATION OF REAL PROPERTY DESCRIBED AS A TRACT IN THE CUNNINGHAM CORNER PUD WHEREAS, on June 5, 1984, the Council of the City of Fort Collins (the "Council ") authorized the creation of the Cunningham Corner Special Improvement District M82 (the "District") for the purpose of installing street, water, and wastewater improvements within the District; and WHEREAS, on November 4, 1986, assessments were levied on property in the District for the cost of construction of the improvements; and WHEREAS, the owner of a tract designated for commercial use in Cunningham Corner PUD, which is generally described on Exhibit "A" attached hereto and incorporated herein by this reference as (the "Property") , failed to pay the first installment due in October of 1988; and WHEREAS, in accordance with Section 22-97 of the Code of the City of Fort Collins, the Property was advertised and sold by the Larimer County Treasurer at the 1989 tax sale and a tax certificate of purchase was issued to the City; and WHEREAS, the City subsequently obtained a deed in lieu of foreclosure from the owner of the Property; 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 has issued a request for bids seeking buyers for the Property; and WHEREAS, in response thereto, the highest offer received by the City to date is from Shields Street Corporation in the amount of Two Hundred and Sixty Thousand Dollars ($260,000) for the Property; and WHEREAS, the City and Shields Street Corporation have entered into an Agreement of Purchase and Sale of Real Property dated June 28, 1993 ("the Agreement") , pursuant to which the City has agreed to sell the Property to the Shields Street Corporation for Two Hundred and Sixty Thousand Dollars (b260,000) contingent upon Council approving the Agreement by ordinance on second reading on or before July 20, 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 the Property to Shields Street Corporation pursuant to the Agreement for the sum of Two Hundred and Sixty Thousand Dollars ($260,000) is in the best interests of the City and that said amount is the best price obtainable by the City for the Property and represents the fair market value thereof. Section 2. 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 3. That the Agreement is hereby approved by the Council and the Mayor is hereby authorized to execute such deeds and instruments of conveyance as are necessary for the City to sell and convey the Property on the terms and conditions set forth in the Agreement. Introduced, considered favorably on first reading, and ordered published this 6th day of July, A.D. 1993, and to be presented for final assage on t 20th of July, A.D. 1993. or ATTEST: City Clerk Passed and adopted on final reading this 20th day of J D. 19 --Mayor ATTEST: �^ T City Clerk EXHIBIT A 1, Gal Property. The real estate which is the subject matter of this Agreement, is that certain parcel of real property located in the County of Larimer, State of Colorado, which real property is legally described as follows: . PARCEL is A portion of the Southwest Quarter of Section 26, Township 7 North, Range 69 West of the Sixth Principal Meridian, City of Fort Collins, Larimer County, Colorado being described as follows: BEGINNING at the Southwest corner of the Southwest Quarter of said Section 26, and considering the Westerly line of said Southwest Quarter to bear North 00 degrees 27 minutes 27 seconds West with all bearings contained herein relative thereto; thence North along said Westerly line North 00 degrees 27 minutes 27 seconds West, 64.81 feet; thence departing said Westerly line North 89 degrees 32 minutes 33 seconds East, 50.00 feet to the Easterly right of way line of Shields Street and the TRUE POINT OF BEGINNING of this description; thence North along said Easterly line North 00 degrees 27 minutes 27 seconds West, 387.19 Peet; thence departing said Easterly line North 89 degrees 32 minutes 33 seconds East, 167.80 feet; thence North 00 degrees 27 minutes 27 seconds West, 23.25 feet; thence North 89 degrees 32 minutes 33 seconds East, 128.32 feet; thence along a curve to the left having a delta of 44 degrees te an arc of 242.18 feet and a Icing �00 e chord which bearsNorth67 degrees 05 minutes 23 seconds East 236.03 fast; thence south 45 degrees 21 minutes 47 seconds East, 244.21 feet; thence South 44 degrees, 38 minutes 13 seconds West, 223.02 feet; thence South. 00 degrees 17 minutes. 16 seconds East, 186.70 feet tQ the North right of way line of Horsatooth Road; thenamo,gesterly along said Northerly line South 89 degrees 42 minuteae 44� ssconds West, 513.19 feet; thnoekalong a curve to the right having a delta o! 89 degrees 49 minutsex4% seconder a radius of 15 feet, an arc of 23 .52 utes feet seco seconds Waste 18 feet tohord which thePOINT OF BEGINNING Ofrs North 45 degrees 22 this 22 this description. _ convenience StoreeT, say ortion Planned Unit iDev lapin nt,ned in plat o at cunningham: Corner records* January 13, 1986 ,as Reception No. 86002162.