HomeMy WebLinkAbout1988-024-02/09/1988-MODIFY TERMS SOUTHRIDGE GREENS AGREEMENT RESOLUTION 88-24
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE CITY MANAGER TO MODIFY THE
TERMS OF THE SOUTHRIDGE GREENS AGREEMENT
WHEREAS, the City of Fort Collins entered into an agreement entitled
Southridge Greens Agreement, effective June 3, 1986, wherein the City and
other parties agreed to certain terms regarding the management of the
Southridge Greens golf course and the payment to the City of money
therefrom and from the sale of adjoining development property; and
WHEREAS, pursuant to the terms of the Southridge Greens Agreement, the
City is to receive income from the operation of the golf course and
development income, with a limitation that the lots at Southridge Greens in
which the City has an interest will be sold only in the ordinary course of
business and that certain tracts of property would not be sold in bulk
without prior written approval of the City and Foxridge II , a lienholder;
and
WHEREAS, the City has received a request from Columbia Savings, the
senior lienholder, and the developers of the property to permit the sale of
unimproved parcels of property in which the City has a lien interest as a
bulk sale, and in exchange therefor the City will receive consideration in
the form of Fifty Thousand Dollars ($50,000) and one half of assignments to
the City of development related utility and street repay agreements which
are the property of the developer, Bucain Corporation.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
1 . The City Manager is authorized to give consent to Bucain
Corporation to sell any unimproved parcels in bulk located within the
Southridge Greens Subdivisions upon assignment to the City by Bucain
Corporation of one half of any development repay rights which it owns for
any and all public improvements serving the Southridge Greens Subdivisions
and Fifty Thousand Dollars ($50,000) cash.
2. The City Manager is authorized to execute any and all necessary
agreements or documents, to accept assignment of repay agreements owned by
Bucain Corporation for the Southridge Greens Subdivision, and to apply any
money or proceeds received therefrom toward the balance owing to the City
or guaranteed to the City by Bucain Corporation, Clifford J. Buckley and
Bernard L. Cain, Jr. , according to the terms of the Southridge Greens
Agreement dated June 3, 1986.
Passed and adopted at an adjourned meeting of the Council of the City
of Fort Collins held this 9th day of February, A. 1'p8.
C May$f �27�
�EST:*
City Clerk