HomeMy WebLinkAbout077 - 07/19/2005 - AUTHORIZING THE SALE OF CITY-OWNED PROPERTY CONSISTING OF A PORTION OF BLOCK 33, FORT COLLINS, COLOR ORDINANCE NO. 077, 2005
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE SALE OF CITY-OWNED PROPERTY
CONSISTING OF A PORTION OF BLOCK 33, FORT COLLINS, COLORADO,
TO PENNY FLATS, LLC.
WHEREAS,the City of Fort Collins is the owner of that certain real property located in Fort
Collins, Larimer County, Colorado, described as Block 33; and
WHEREAS, the City acquired Block 33 over time with the intention of having it available
for future public use; and
WHEREAS, a new Civic Center Plan adopted in 1997 called for residential development of
Block 33; and
WHEREAS, the Land Use Code permits residential mixed-use development in the zone
district applied to Block 33; and
WHEREAS, in July 2004, the City Council adopted Resolution 2004-081 setting out a
process for selling Block 33 to a private developer ready, willing and able to develop the Block in
rigorous conformity with the City's comprehensive plan; and
WHEREAS,through use of a Request for Proposals process,the City solicited proposals and
selected Coburn Development, Inc. ("Coburn"), to develop a proposed project for Block 33; and
WHEREAS, Coburn is proposing that the City sell certain portions of Block 33 referred to
below as the "Property" and more particularly described as Lots 1-8 and Lots 13-16,Block 33,City
of Fort Collins, County of Latimer, State of Colorado to Penny Flats, LLC, a company comprised
of the owners of Coburn and other possible investors, in phases, for a total purchase price of
$1,624,000, plus interest at seven percent per year on any unpaid portion; and
WHEREAS, as part of its agreement with the City, Coburn shall be required to develop the
Property in accordance with the proposal approved by the City,to comply with the requirements of
the City's development review process, and provide assurances that the "pedestrian spine" linking
Block 33 with the rest of the Civic Center will be completed; and
WHEREAS, Section 23-111 of the City Code provides that the City Council is authorized
to sell, convey or otherwise dispose of real property owned by the City, provided the Council first
finds by ordinance that any sale or other disposition of real property owned by the City is in the best
interest of the City of Fort Collins.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, as follows:
Section 1. That the sale of the Property for ONE MILLION SIX HUNDRED TWENTY
FOUR THOUSAND DOLLARS($1,624,000.00)plus seven percent interest on any unpaid balance
is in the best interest of the City of Fort Collins.
Section 2. That the Mayor is hereby authorized to execute such conveyance documents as
are necessary for the City to sell and convey the Property consistent with the terms and conditions
described above.
Introduced,considered favorably on first reading,and ordered published this 5th day of July,
A.D. 2005, and to be presented for final passage on the 19th d f July, A.D. 2005.
May +
ATTEST:
City Clerk
Passed and adopted on final reading this 19th day of July, A.D. 2005.
May
ATTEST:
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City Clerk