HomeMy WebLinkAbout102 - 09/21/1993 - SALE OF TRACT A OF FAIRBROOKE SPECIAL IMPROVEMENT DISTRICT (NO ACTION TAKEN) ORDINANCE NO. 102, 1993 /
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE SALE OF REAL PROPERTY DESCRIBED AS
TRACT A OF FAIRBROOKE SPECIAL IMPROVEMENT DISTRICT
WHEREAS, on October 18, 1983, the Council of the City of Fort ollins (the
"Council ") authorized the creation of the Fairbrooke Special Improv ment 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 leviedn property in the
District for the cost of construction of the improvements and
WHEREAS, the owner of Tract A of Fairbrooke Spec'iil Improvement District
("the Property") failed to pay the first installment d e in October of 1987; and
WHEREAS, in accordance with Section 22-97 of a Code of the City of Fort
Collins, the Property was advertised and sold byte Larimer County Treasurer at
the 1988 tax sale and a tax certificate of purch se was issued to the City; and
WHEREAS, the City subsequently obtained / reasurer's Deed to the Property;
and /
WHEREAS, Section 22-97(d) of the Co a provides, that, if the City is the
owner of property acquired in satisfact' n or discharge of liens represented by
certificates of purchase, it may sell s ch property for the best price obtainable
at public sale or auction or by seal bids or by such other method of sale which
may be approved by the City Council , and
WHEREAS, on May 19, 1992, t e Council adopted a Sales Policy for Property
Acquired Through or in Lieu of ecial Assessment Lien Foreclosure Process ("the
Policy") ; and
WHEREAS, pursuant to a Policy, the City advertised the Property for sale;
and
WHEREAS, in resp se thereto, the City received an acceptable offer from
Colorado Land Source Ltd. , in the amount of Three Hundred Thousand Dollars
($300,000) for the roperty; and
WHEREAS, t City and Colorado Land Source, Ltd. , have entered into an
Agreement of P chase and Sale of Real Property dated August 12, 1993 ("the
Agreement") , rsuant to which the City has agreed to sell the Property to
Colorado Lan Source, Ltd. , for $300,000, contingent, in part, upon Council
approving t e Agreement by ordinance on second reading on or before September 21,
1993; and
W REAS, under Section 23-111(a) of the Code, the Council is authorized to
sell eal property owned in the name of the City, provided it first finds the
sal is in the best interest of the City; and
No Act o vi
To,Kev, 10/5%93
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 Colorado Land Source, Ltd. for
the sum of Three Hundred Thousand Dollars ($300,000) 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 Council upon the
deletion of the contingency contained in Section 22(B) thereof (relating to
approval of the Planning and Zoning Board) , and the Mayor is authorized to
execute such deeds and instruments of conveyance as are necessary for the City
to sell and convey the Property on the remaining terms and conditions set forth
in the Agreement.
Introduced, considered favorably on first reading, and ordered published
this 7th day of September, A.D. 1993, and to be presented for final passage on
the 21st day of September, A.D. 1993.
ayor
ATTEST: k 1 (�
11L
City Clerk �'�
Passed and adopted on final reading this 21st day of September, A.D. 1993.
Mayor
ATTEST:
City Clerk
EXHIBIT A
LEGAL DESCRIPTION
TRACT A, FAIRBROOKE SPECIAL IMPROVEMENT DISTRICT, THE
CITY OF FORT COLLINS, COUNTY OF LARIMER, STATE OF
COLORADO