HomeMy WebLinkAbout043 - 05/20/2008 - APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND TO PURCHASE PROPERTY LOCATED AT 225 MAPLE STRE ORDINANCE NO. 043, 2008
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND
TO PURCHASE PROPERTY LOCATED AT 225 MAPLE STREET
WHEREAS, the City owns all of Block 32 in the city, with the exception of the property at
225 Maple Street; and
WHEREAS,the City's Real Estate Services staff has reached an agreement with Haiston Oil
Company to purchase the property at 225 Maple Street, once all environmental hazards have been
resolved to the City's satisfaction, for $1,400,000, subject to the Council's appropriation of the
necessary funds; and
WHEREAS,the City had a Phase I Environmental Site Assessment prepared for this site and,
based on this report, the City will order a Phase II Environmental Site Assessment to determine
whether the issues identified in the Phase I Environmental Site Assessment merit remediation or are
satisfactory to the City prior to the City taking title to the property; and
WHEREAS, an appropriation of $1,465,000 is requested and will be used to pay the
$1,400,000 purchase price and an additional $65,000 for environmental testing, site demolition,
appraisal services, closing costs, and staff time to complete negotiation services; and
WHEREAS,the City received funds in 2007 from aproperty transaction with Colorado State
University,specifically the 25 acre site at the intersection of Prospect Road and I-25,and these funds
were to be used for land purchases; and
WHEREAS,the proceeds received in 2007 are now available in the General Fund prior year
reserves; and
WHEREAS,Article V, Section 9,of the Charter of the City of Fort Collins permits the City
Council to appropriate by ordinance at any time during the fiscal year such funds for expenditure as
may be available from reserves accumulated in prior years,notwithstanding that such reserves were
not previously appropriated.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from General Fund prior year reserves
the sum of ONE MILLION FOUR HUNDRED SIXTY FIVE THOUSAND DOLLARS($1,465,000)
to be used for the purchase of property located at 225 Maple Street.
Introduced,considered favorably on first reading,and ordered published this 6th day of May,
A.D. 2008, and to be presented for final passage on the 20th day May, A.D. 2008.
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Mayor
ATTEST:
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City Clerk
Passed and adopted on final reading on the 20taZ
Mayo
ATTEST: /
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City Clerk rL'