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HomeMy WebLinkAbout044 - 05/07/1996 - AUTHORIZING THE SALE OF REAL PROPERTY KNOWN AS LOT 1, SUPER BLOCK PROPERTY ORDINANCE NO. 44, 1996 OF THE COUNCIL OF THE CITY OF FORT COLLINS AUTHORIZING THE SALE OF REAL PROPERTY KNOWN AS LOT 1, SUPER BLOCK PROPERTY WHEREAS,the City of Fort Collins is currently the owner of certain real property which is known as the Lot 1, Super Block Property, and which is legally described on Exhibit"A," attached hereto and incorporated herein by this reference ("the Property"); and WHEREAS,the Property is and has been located in the Heart Special Improvement District No. 84 ("SID 84"); and WHEREAS, assessments were levied on the Property for the cost of construction of improvements in SID 84; and WHEREAS,the previous owner of the Property failed to pay the assessments when due; 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 to the Property was issued to the City; and WHEREAS, the City subsequently obtained a Sheriff's Deed to the Property by judicially foreclosing upon the City's Tax Certificate of Purchase; and WHEREAS, Section 22-97(d) of the Code provides that if the City is the owner of the Property acquired in satisfaction or discharge of liens represented by tax certificates of purchase, it may sell such property for the best price obtainable at public sale or auction 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 the Property for sale; and WHEREAS, in response thereto, the City has received an acceptable offer from Troutman Office Park Associates,LLC, a Colorado limited liability company, ("Troutman") in the amount of One Hundred Sixty Thousand Dollars ($160,000) for the Property; and WHEREAS, the City and Troutman have entered into an Agreement of Purchase and Sale of Real Property dated April 9, 1996 ("the Agreement"), pursuant to which the City has agreed to sell the Property to Troutman for One Hundred Sixty Thousand Dollars ($160,000) contingent, in part, upon Council approving the Agreement by ordinance on second reading on or before May 7, 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 that it first finds the sale is in the best interest of the City; and WHEREAS,Section 22-97(h)of the Code describes the manner in which the proceeds of sale of real properties shall be allocated when the property sold has been acquired through the foreclosure of a tax certificate of purchase. 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 Troutman for the sum of One Hundred Sixty Thousand Dollars($160,000)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 Agreement is hereby approved. Section 3. That the proceeds derived by the City from the sale of the Property under the Agreement shall be allocated according to the provisions of Section 22-97(h) 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 Troutman 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 of the Agreement if such extension is, in the judgment of the City Manager, reasonably necessary to accomplish the sale of the Property under the Agreement. Introduced, considered favorably on first reading, and ordered published this 16th day of April, A.D. 1996, and to be presented for final passage on the 7tlyday ,otMay, A.D. 1996,, Mayor TTEST: City Clerk Passed and adopted on final reading this 7th day of May, 67b 996. !— c ayor ATTEST: V City Clerk J EXHIBIT "A" J A tract of land located in the Southwest Quarter of Section 36. Township 7 North. Range 69 West'o£ the 6th P.M. . City of Fort Collins, County of Larimer. State of Colorado, being more particularly described as follows: Considering the West line of the North Half of the Southwest Quarter as bearing. North 0 degrees 04' 22" West, and with all bearings contained herein relative thereto: Commencing at the Southwest corner of the Northwest Quarter of the Southwest Quarter of said Section 36; .thence along the West line of the !forth Half o£ the Southwest Quarter. North 0 degrees 04' 22" West. 593 .80 feet: thence. North 89 degrees 55 ' 38" East. 70.00 feet to a point on the North right of way of Troutman Parkway, said point also being on curve concave to the Northeast, having a central angle of 90 degrees 00' 00" , a radius of 20.00 and the chord of which bears , South 45 degrees 04' 22" East. 28.28 feet: thence along said right of way the following four courses and along the arc of said curve 31 .42 feet; thence, North 89 degrees 55 ' 38" East. 302 .09 feet to the point on a curve concave to the North having a central angle of 12 degrees 23 ' 17" a radius of 1025 .00 feet and the chord of which bears, North 83 degrees 44 ' 00" East. 221 . 19 feet; thence along the arc of said curve 221 . 62 feet; thence. North 77 degrees 32 ' 21" East. 61 .66 feet to the POINT OF BEGINNING: thence. North 18 degrees 08' 00" West, 49 .92 feet : thence. North 12 degrees 30' 00" East. 48 .00 feet; thence. North 33 degrees 23 ' 52" East. 6 . 68 feet; thence, South 22 degrees 30' 00" East. 99 .37 feet to a point on the North right of way of Troutman Parkway; thence along said right of way. South 77 degrees 32' 21" West, 37 .44 feet to the Point of Beginning, ALSO KNOWN AS: Lot One (1) SUPER BLOCK HOLDING PHASE I , EXCEPT that portion described in instrument recorded October 5 . 1989 at Reception No. 89045961 , City of Fort Collins , County of Larimer. State of COLORADO. /