HomeMy WebLinkAbout1992-067-04/21/1992-ASSESSMENT APPEAL BOARD OF EQUALIZATION DDA OLD TOWN PARTNERS II OLD TOWN PROPERTIES RESOLUTION 92-67
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE CITY ATTORNEY TO INTERVENE ON BEHALF
OF THE CITY IN THE APPEAL FILED BY OLD TOWN PARTNERS II
WITH THE STATE BOARD OF ASSESSMENT APPEALS APPEALING THE
DECISION OF THE COUNTY BOARD OF EQUALIZATION DENYING A
REDUCTION IN ASSESSED VALUATION FOR CERTAIN
OLD TOWN PROPERTIES
WHEREAS, in 1991 , Old Town Partners II ("Owner") , the Owner of certain real
properties located in the City of Fort Collins within that area known as "Old
Town" and more particularly described on Exhibit A attached hereto and
incorporated herein by this reference ("the Properties") , petitioned the County
Board of Equalization to reduce the assessed valuation of the Properties below
that set by the Larimer County Assessor, who had established an actual valuation
of Four Million Two Hundred One Thousand Five Hundred Dollars ($4,201 ,500.00) for
the Properties; and
WHEREAS, on August 13, 1991, such petition was denied and subsequently the
Owner filed an appeal of such denial to the State Board of Assessment Appeals,
which appeal is still pending, although a hearing date thereon has not been set;
and
WHEREAS, the Properties are located within the boundaries of the DDA, and
improvements in excess of Eight Million Dollars ($8,000,000.00) on the Properties
("the Project") were financed through the issuance by the City of Fort Collins
("the City") of DDA tax increment bonds in the amount of Eight Million Eight
Hundred Eighty-five Thousand Dollars ($8,885,000.00) ("the Bonds") , which Bonds
were to be repaid in part through the increment added to the tax rolls on account
of the Project; and
WHEREAS, in connection with the development and financing of the Project,
the Owner's predecessor, Old Town Associates, Ltd. ("the Previous Owner") ,
entered into agreements with the DDA wherein the Previous Owner agreed to
construct new improvements to the Properties at a cost of not less than Eight
Million One Hundred Five Thousand Eight Hundred Forty-eight Dollars
($8, 105,848.00) and further agreed to certify its costs at not less than that
amount to the Larimer County Assessor and to consent to establishing the assessed
value of such improvements based upon such cost; and
WHEREAS, under both the State Administrative Procedures Act and the rules
of the Board of Assessment Appeals, a person who may be affected or aggrieved by
agency action may, in the Board's discretion, be admitted as a party; and
WHEREAS, the City Council considers it to be in the best interests of the
City to intervene in the proceedings to be held before the State Board of
Assessment Appeals; and
WHEREAS, the DDA has filed a similar motion to intervene in such
proceedings; and
WHEREAS, the City and the DDA are desirous of sharing the costs of such
intervention; and
WHEREAS, Article II , Section 16, of the City Charter provides that the
Council may, be ordinance or resolution, enter into cooperative or joint
activities with other governmental bodies; and
WHEREAS, there have been ongoing settlement negotiations between and among
the City, the DDA and the Owner, which negotiations may result in a settlement
agreement which would obviate the need for the City's intervention in the appeal ;
and
WHEREAS, the Council further desires to authorize the City Manager to
continue such negotiations and, if possible, settle this dispute upon such terms
and conditions as are in the best interests of the City.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS
as follows:
Section 1 . That the City Attorney be, and he hereby is, authorized to file,
on behalf of the City, a motion to intervene in the pending appeal of the Owner
before the Board of Assessment Appeals as a respondent in such action and, if
such motion is granted, to take appropriate action to protect the City's
interests in such action, including retaining the services of a qualified
appraiser.
Section 2. That, if the City is permitted to intervene, the Mayor be, and
hereby is, authorized to enter into an intergovernmental agreement with the DDA
to equally divide the costs of retaining the services of a qualified appraiser
and such other costs, exclusive of attorneys' fees, which may be incurred by the
parties in intervening in the above-mentioned proceedings, with the City's share
of costs not to exceed a total of Ten Thousand Dollars ($10,000.00) .
Section 3. That the City Manager be, and he hereby is, authorized to
negotiate a settlement of the dispute that exists between the City and the Owner
regarding the actual valuation of the Properties upon such terms and conditions
as are in the best interests of the City.
Passed and adopted at a regular meeting of the Council of the City of Fort
Collins held this 21st day of April , A.D. 1992.
Ma or
ATTEST:
City Clerk
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EXHIBIT A
Parcel Number Address Owner
97123-07-004 23-25 Old Town Square Old Town Partners II
97123-07-023 15-21 Old Town Square Old Town Partners II
97123-08-010 7 Old Town Square Old Town Partners II
97123-08-013 1-5 Old Town Square Old Town Partners II
97123-08-018 it Old Town Square Old Town Partners II
97123-08-025 13 Old Town Square Old Town Partners II