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HomeMy WebLinkAbout120 - 09/02/1997 - REPEALING ORDINANCE NO. 063, 1997, AND AUTHORIZING THE SALE OF THE REAL PROPERTY KNOWN AS THE JOHNSO ORDINANCE NO. 120, 1997 OF THE COUNCIL OF THE CITY OF FORT COLLINS REPEALING ORDINANCE NO. 63, 1997, AND AUTHORIZING THE SALE OF THE REAL PROPERTY KNOWN AS THE JOHNSON SID PROPERTY TO KAUFMAN AND BROAD MULTI-HOUSING GROUP, INC. WHEREAS, since 1995 the City of Fort Collins has been the owner of the real property commonly known as the Johnson SID Property 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 ("the SID"); and WHEREAS, in 1989 assessments were levied on the Property for the cost of construction of improvements in the SID; and WHEREAS, in 1990 the 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 was issued to the City for the Property; and WHEREAS,in 1995 the City obtained ownership of the Property by way of a Sheriffs Deed received through a judicial foreclosure of the Property; 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 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 received two offers to purchase the Property, one from The Resource Assistance Center ("TRAC") in the amount of three hundred twenty-seven thousand dollars ($327,000) and one from Kaufman and Broad Multi-housing Group, Inc. ("Kaufman and Broad") in the amount of three hundred ninety thousand dollars ($390,000); and WHEREAS, after considering both of these offers, on April 15, 1997, the City Council adopted Ordinance No. 63, 1997, authorizing the sale of the Property to TRAC; and WHEREAS, since the Council authorized the sale of the Property to TRAC, it has become clear that TRAC, which has not yet entered into a written contract with the City concerning this transaction, cannot proceed with its proposed purchase of the Property; and WHEREAS, the Council has determined that it is now in the best interests of the City for Ordinance No. 63, 1997, to be repealed and for the City to accept Kaufinan and Broad's offer to purchase the Property for Three Hundred Ninety Thousand Dollars($390,000); 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 interests 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 as a result of nonpayment of special improvement district assessments. NOW,THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. That Ordinance No. 63, 1997, of the Council of the City of Fort Collins is hereby repealed. Section 2. That the sale of the Property to Kaufman and Broad in the amount of three hundred ninety thousand dollars($390,000)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 3. That the proceeds derived by the City from such sale 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 documents as are necessary for the City to sell and convey the Property to Kaufman and Broad in the amount of three hundred ninety thousand dollars ($390,000) upon such other terms and conditions as are recommended by the City Manager. Introduced, considered favorably on first reading, and ordered published this 5th day of August,A.D. 1997, and to be presented for final passage on the y of September 1997. Mayor ATTEST: S". - City Clem Passed and adopted on final reading this 2nd day of Septemb . 1997. r ATTEST: City Clerk EXHIBIT "A" A TR IN NW 1/4 SW 1/4 36-7-69 DESC: BEG AT A PT WH BEARS E 1133 .56 FT FROM SW COR OF NW 1/4 SW 1/4, N 49 30' W 145 FT, TH ALG ARC OF 833 .06 FT RAD CUR TO R 392 .57 FT, L/C N 36 W 388 .95 FT, N 22 30' W 324 .48 FT, N 33 30' E 80-. 02 FT, N 65 55' E 104.43 FT, S 85 14' E 514 .90 FT, S 00 01' 53" E 775.17 FT, W 190 FT TPOB (CONT 8 .9884 AC M/L) (C33NOOE) ALSO A PORTION OF LAND DESC IN RCPTNrJ 87023537 LESS FT COLLINS RETAIL CENTER PUD, FTC EX 87069402 LESS SUPER BLOCK HOLDING PHASE I, FTC & 86012669 FOR RD; & 88054452; WHICH ABOVE-DESCRIBED REAL PROPERTY IS MORE PARTICULARLY DESCRIBED AS FOLLOWS: A tract of land located in the Southwest Quarter of Section 36, Township 7 North, Range 69 West of the Sixth Principal Meridian, City of Fort Collins, Larimer County, Colorado, being more particularly described as follows: . Considering the West line of the said Southwest Quarter of Section 36 as bearing South 00 degrees 02101" East and with all bearings contained herein relative thereto: Commencing at the West Quarter corner of said Section 36; thence along the said West line, South 00 02101" East 1322 .96 feet to the Southwest corner of the North half of the said Southwest Quarter; thence along the South line of the said North half, North 89 56140" East 1225 . 92 feet to the Easterly Right-of-way of J.F.K. Parkway as dedicated at Reception No. 86012669 , records' of the Clerk and Recorder of the said Larimer County and to the TRUE POINT OF BEGINNING of this description: thence continuing along the said South line of the North half, North 89 56140" East 97 .80 feet to the West boundary of the Plat of Somerset P.U.D. a plat of record with the said Clerk and Recorder; thence along the said West boundary North 00 03143" West 667 .63 feet to the Southerly Right- of-way of Troutman Parkway as dedicated at the said Reception No. 86012669 ; thence along the said Southerly Right-of-way, South 77 34109" West 271. 93 feet; thence continuing along the said Southerly Right-of-way, 33 . 16 feet along the are of a curve concave to the Southeast having a central angle of 95 00100" a radius of 20.00 feet, the long chord of the said curve bears South 30 04'09" West 29 . 49 feet to the said Easterly Right-of-way of J.F.K. Parkway; thence along the said Easterly Right-of-way, South 17 25151" East 611.76 feet to the Point of Beginning.