HomeMy WebLinkAbout089 - 09/01/1992 - AUTHORIZING THE SALE OF 420 NORTH LOOMIS TO FORT COLLINS HOUSING AUTHORITY ORDINANCE NO. 89 , 1992
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE SALE OF A RESIDENCE LOCATED
AT 420 NORTH LOOMIS TO THE FORT COLLINS
HOUSING AUTHORITY
WHEREAS, the City of Fort Collins ("the City") is currently the owner of
an undivided one-half (1/2) interest in that certain real property commonly known
as 420 North Loomis, Fort Collins, Colorado (hereinafter "the Property") ; and
WHEREAS, the City acquired its ownership interest in the Property pursuant
to a court order in a public nuisance and property forfeiture action filed in the
Larimer County District Court, Case No. 91CV838, ("the Forfeiture Action") ; and
WHEREAS, the Forfeiture Action was commenced against Delores Lena Lopez,
the previous owner of the City's undivided one-half (1/2) interest in the
Property, as a result of her use of the Property for certain criminal activities;
and
WHEREAS, the other undivided one-half (1/2) interest to the Property is
currently owned by Robert D. Lopez, the former husband of Delores Lena Lopez;
and
WHEREAS, the City and Mr. Lopez, as Sellers, and the Fort Collins Housing
Authority ("the Housing Authority") , as Purchaser, have entered into an Agreement
of Purchase and Sale of Real Property dated July 29, 1992 ("the Purchase
Agreement") , to sell the Property to the Housing Authority; and
WHEREAS, the Purchase Agreement provides that the Property will be sold to
the Housing Authority on the basis of an appraised value of $37,500, and with the
City's agreement to waive its share of its net equity from the sale of the
Property in favor of the Housing Authority as a donation to tie Housing Authority
for the public purpose of providing additional low-cost housing to the community;
and
WHEREAS, the Purchase Agreement is contingent upon City Council approval ;
and
WHEREAS, Section 23-114 of the Code of the City of Fort Collins authorizes
the City Council to sell , convey or otherwise dispose of any and all interests
in real property owned in the name of the City, provided that the Council first
finds, by ordinance, that the sale or other disposition is in the best interests
of the City.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS
as follows:
Section 1 . That the proposed sale of the City's undivided one-half (1/2)
interest in the Property to the Housing Authority is in the best interests of the
City and that the City's donation to the Housing Authority of the City's share
of the equity from the proposed sale of the Property will serve the public
purpose of providing additional low-cost housing to the community.
Section 2. That the Purchase Agreement and its terms are hereby approved.
Section 3. That the Mayor be, and hereby is, authorized to execute any and
all legal instruments as are necessary for the City to convey the Property to the
Housing Authority.
Introduced, considered favorably on first reading, and ordered published
this 18th day of August, A.D. 1992, and to be presented for final passage on the
1st day of September, A.D. 1992.
Mayor
ATTEST
City Clerk • A .
Passed and adopted on final reading this 1st day of September, A.D. 1992.
Mayor V �
ATTEST:
City Clerk