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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 r 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