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HomeMy WebLinkAbout118 - 10/19/1993 - AUTHORIZING THE SALE OF TRACT A OF FAIRBROOKE SID AND TAX SALE CERTIFICATES OF PURCHASE FOR LOTS IN ORDINANCE NO. 118, 1993 OF THE COUNCIL OF THE CITY OF FORT COLLINS AUTHORIZING THE SALE OF REAL PROPERTY DESCRIBE AS TRACT A OF FAIRBROOKE SID AND TAX SALE CERTIFICATES OF PURCHAS FOR LOTS 1 THROUGH 25, INCLUSIVE, BLOP 1, AND LOTS 1 THROUGH 16, INCLUSIVE, BLOCK 2, BRITTANY KNOLLS PUD, FIRST YthLe 'NG WHEREAS, on October 18, 1983, the Council o City of Fort Collins (the "Council") authorized the creation of the Fairbro,o a Special Improvement District #79 ("SID #79") for the purpose of installi g street, water, and wastewater improvements within SID #79; and WHEREAS, on March 4, 1986, assessmen s were levied on property in SID #79 for the cost of construction of the imp7airbrooke ements; and WHEREAS, the owner of Tract A of/ SID ("Tract A") failed to pay the first installment due in October bf 1987; and WHEREAS, in accordance with Section 22-97 of the Code of the City of Fort Collins, Tract A was advertised afld sold by the Larimer County Treasurer at the 1988 tax sale and a tax certi ?ently to of purchase was issued to the City; and WHEREAS, the City subse�q obtained a Treasurer's Deed to Tract A; and WHEREAS, on October �3'1, 1984, the Council authorized the creation of the Provincetowne/Portner Special Improvement District #81 ("SID #81") and on February 4, 1986, the Co ncil authorized the creation of the South Lemay Special Improvement District #86 ("SID #86") for the purpose of installing street, water, and wastewater improv ments within SID #81 and SID #86; and WHEREAS, on gust 16, 1988, assessments were levied on property in SID #81 and on September 1988, assessments were levied on property in SID #86 for the cost of constru ion 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 K lls PUD Filing 1 (the "Lots") ; and WH EAS, 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 x sale and tax certificates of purchase were issued to the City ("the Cert' icates") ; and WHEREAS, Section 23-111(c) of the Code provides that, if the Certificates a e to be sold and assigned for less than face value, the Council must authorize by ordinance such sale and assignment; and TAkQ A 10/5/013 WHEREAS, Section 22-97(d) of the Code provides that, if the City is the owner of real property acquired in satisfaction or discharge of liens for special assessments 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 advertised Tract A for sale; and WHEREAS, in response thereto, the City received an acceptable offer from Colorado Land Source, Ltd. in the amount of Three Hundred Thousand Dollars ($300,000) for Tract A; and WHEREAS, under Section 23-111(a) of the Code, the Council is authorized to sell any interest in real property owned in the name of the City, provided it first finds the sale is in the best interests of the City; and WHEREAS, Section 22-97(e) of the Code describes the manner in which the proceeds from the 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 received an acceptable offer from Colorado Land Source, Ltd. in the amount of One Hundred Sixty-eight Thousand Dollars ($168,000) for the Certificates; 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; and NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1 . That the sale of Tract A 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 Tract A and represents the fair market value thereof. Section 2. That the notice requirements of Section 23-111(c) of the City Code have been satisfied for the sale of the Certificates. Section 3. That the sale of the Certificates to Colorado Land Source, Ltd. for the sum of One Hundred Sixty-Eight Thousand Dollars ($168,000) is in the best interests of the City and that said amount represents the fair market value of the certificates. Section 4. That the proceeds derived by the City from such sales 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 agreements, deeds, and instruments of conveyance as are necessary for the City to sell and convey Tract A and the Certificates to Colorado Land Source, Ltd. , on the terms and conditions described above. Section 6. That the sum of Nineteen Thousand One Hundred Thirty-six Dollars ($19,136) is hereby approved for transfer from the Reserve for Special Assessments into the Special Assessment Bond Fund, to be expended for the payment of principal and accrued interest on the 1989 Consolidated Special Improvement District. Introduced, considered favorably on first reading, and ordered published this 5th day of October, A.D. 1993, and to be presented for final passage on the 19th day of October, A.D. 1993. Mayor ATTEST: City Clerk Passed and adopted on final reading this 19th day of October, A.D. 1993. Mayor ATTEST: City Clerk