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HomeMy WebLinkAbout106 - 08/20/1996 - AUTHORIZING THE SALE OF REAL PROPERTY DESCRIBED AS THE CHERRY CREEK PROPERTY ORDINANCE NO. 106, 1996 OF THE COUNCIL OF THE CITY OF FORT COLLINS AUTHORIZING THE SALE OF REAL PROPERTY DESCRIBED AS THE CHERRY CREEK PROPERTY WHEREAS, in 1982, the Council of the City of Fort Collins ("the Council') authorized the creation of the Boardwalk Special Improvement District No. 77 (Boardwalk SID") for the purpose of acquiring, constructing, and installing of electrical, water and sewer lines and storm drainage, streets, sidewalks, curbs and gutters within the Boardwalk SID; and WHEREAS, in 1984,the Council authorized the creation of the Heart Special Improvement District No. 84 ("Heart SID")for the purpose of acquiring, constructing, and installing street, water, sanitary sewer, storm drainage and irrigation ditch improvements within the Heart SID; and WHEREAS, located within the Boardwalk SID and the Heart SID is approximately 4.07 acres of land known as the Cherry Creek Property which is located at the Southwest corner of Boardwalk Drive and "IYoutman Parkway and which is legally described in Exhibit "A" attached hereto and incorporated herein by reference (`the Property"); and WHEREAS,the owner of the Property failed to pay the Special Improvement Assessments due on the Property; 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 1988 tax sale and a tax certificate of purchase was issued to the City; and WHEREAS, the City subsequently obtained a Treasurer's Deed to 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 WIIEREAS, the City and Lagunitas have entered into an agreement of Purchase and Sale of Real Property dated July 19, 1996, (`the Agreement') setting forth Lagunitas offer to purchase the Property for the total purchase price of$525,000, with the purchase contingent upon the Council approving the Agreement by an ordinance adopted by Council on second reading on or before August 20, 1996; 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 real property acquired through the foreclosure of a special assessment lien is sold. 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 Lagunitas pursuant to the terms of the Agreement is in the best interest of[he City. Section 2. That the Agreement is hereby approved. Section 3. That the proceeds derived by the City from the wile of the Property under the Agreement 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 instruments of conveyance and other documents as are necessary for the City to sell and convey the Property to Lagunitas pursuant to the terms and conditions of the Agreement. Section 5. That the City Manager be, and hereby is, authorized to execute future addenda to the Agreement to extend the closing date under the Agreement if such extension is, in the judgment of the City Manager, reasonably necessary to accomplish the sale of the Property. Introduced and considered favorably on first reading and ordered published this 6th day of August, A.D. 1996, and to be presented for final passage on the of August, 19_94-A-9 1996. j Mayor ATTEST: � City Clerk l� Passed and adopted oil final reading this 20th da August 19 Mayor ATTEST: �LL City Clerk — i f,](HIBIT "A" That portion of the South College Properties Annexation of the City of Fort Collins, Colorado situated in the West 1/2 of Section 36, Township 7 North, Range 69 West of the 6th P.M. , being more particularly described. as follows: Considering the East-West Centerline of said Section 36 as bearing North 89 degrees 57001" E, and with all bearings contained herein relative thereto. Beginning at the Center One-Quarter Corner of said Section 36; thence along the East-West Centerline of Section 36, South 89 degrees 57101" West, 503 . 07 feet; thence South 67 degrees 37137" West, 178. 13 feet, thence South 39 degrees 23134" West, 410. 07 feet; thence South 62 degrees 04112" West 56.33 feet to the true point of beginning. Said point being on a curve concave to the Northeast having a Central Angle of 05 degrees 4413211, a Radius of 640. 00 feet the long chord of which bears North 09 degrees 22142" West 64 .11 feet; thence Northwesterly along the arc of said curve 64 .14 feet; thence tangent from said curve North 06 degrees 301261, West, 120.35 feet to the beginning of a tangent curve concave to the Southwest having a Central Angle of 58 degrees 4615111 , a Radius of 560. 00 feet the long chord of which bears North 35 degrees 531511, West 549. 65 feet; thence Northwesterly along the arc of said curve 574 .51 feet to the West line of the East 1/2 of the NW 1/4 of said Section 36; thence along said West line South 00 degrees 17132" East, 217.72 feet to the West line of the East 1/2 of the SW 1/4 of said Section 36; thence along said West line South 00 degrees 03143" East, 490.74 feet; thence North 83 degrees 06117" East, 252 . 02 feet; thence North 62 degrees 04112" East, 106.99 feet to the true point of beginning; EXCEPT that portion conveyed to the City of Fort Collins by instrument recorded August 22, 1983 in Book 2233 at Page 1787 .