Loading...
HomeMy WebLinkAbout2000-038-02/15/2000-EXTENDING THE TIME PERIOD FOR THE HOUSING AUTHORITY TO EXERCISE A RIGHT OF FIRST REFUSAL TO ACQUIRE RESOLUTION 2000-38 OF THE COUNCIL OF THE CITY OF FORT COLLINS EXTENDING THE TIME PERIOD FOR THE HOUSING AUTHORITY TO EXERCISE A RIGHT OF FIRST REFUSAL TO ACQUIRE CERTAIN CITY PROPERTY WHEREAS,on November 2, 1999,the City Council adopted Resolution 99-133 approving the acquisition of approximately 168 acres of land (the "Property") from Willing Acres Company, the majority of which is to be utilized as a City natural area; and WHEREAS, in Section 5 of said Resolution, the City Council granted the Fort Collins Housing Authority (the "Housing Authority") a first right of refusal,through February 29, 2000,to acquire a portion of said property (the "Development Parcel") from the City for the purpose of utilizing the same, or a portion thereof, for affordable housing, with the understanding that the proceeds of the sale of the development parcel would be deposited by the City into the natural areas portion of the Building Community Choices Fund; and WHEREAS, the Housing Authority wishes to exercise the foregoing right of first refusal; however, additional time is required for the City to identify the portion of the Property that should constitute the Development Parcel and be resold by the City,and additional time is also required for the Housing Authority to determine how the Development Parcel can best be utilized for affordable housing purposes; and WHEREAS,the City Council believes that it would be in best interests of the City to extend the period of time within which the Housing Authority can exercise its first right of refusal. NOW,THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. That the Fort Collins Housing Authority shall have until February 29, 2001, to enter into a binding agreement with the City, upon terms and conditions acceptable to the City Council, for the acquisition of the Development Parcel. Section 2. That, in the event that said agreement has not been approved by the City Council prior to said date, the City Manager shall conduct a process to select a purchaser of the Development Parcel,which process shall emphasize the affordable housing benefits to be generated by the proposals received, and shall make a recommendation to the Council regarding the sale of the Development Parcel to a third party other than the Housing Authority for development purposes, which agreement shall include the terms and conditions of the proposed sale. Section 3. That if the City has not closed on the sale of the Development Parcel to the Housing Authority or some other third party on or before December 31,2001,the City Manager shall present to the Council an ordinance authorizing the transfer of appropriations from such City funds as shall be determined to be appropriate at that time, into the natural areas portion of the Building Community Choices Fund,in an amount equal to the proportional share of the total acquisition cost that is attributable to the Development Parcel, together with interest thereon from the date of the acquisition of the Property. Section 4. That any provisions of Resolution 99-133 that are inconsistent with the provisions of this Resolution are hereby superseded and shall be of no further force and effect. Passed and adopted at a regular meeting of the City Council held this 15th day of February, A.D. 2000. Mayor ATTEST: City Clerk ,