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HomeMy WebLinkAbout1986-114-07/01/1986-APPROVING THE REPORT FOR THE ARBOR PLAZA SPECIAL IMPROVEMENT DISTRICT NO. 88, DETERMINING PROPORTION c RESOLUTION NO. 86 - 114 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROVING THE REPORT OF THE DIRECTOR OF PUBLIC WORKS FOR THE ARBOR PLAZA SPECIAL IMPROVEMENT DISTRICT NO. 88, DETERMINING THE ESTIMATED AMOUNT OR PROPORTION OF THE TOTAL COST TO BE REIMBURSED TO THE DISTRICT BY THE CITY, THE NUMBER OF INSTALLMENTS, THE INTEREST RATE TO BE CHARGED ON UNPAID INSTALLMENTS, THE PROPERTY TO BE ASSESSED FOR THE IMPROVEMENTS, THE ASSESSMENT METHOD, AND THE DATE WHEN THE COUNCIL WILL HOLD A HEARING AND CONSIDER THE ORDERING BY ORDINANCE OF THE PROPOSED IMPROVEMENTS. WHEREAS, the Council of the City of Fort Collins, Colorado (the "Council" ) has begun proceedings to establish the Arbor Plaza Special Improvement District No. 88 (the "District" ) by the acceptance of the Petition and Waiver dated as of June 17, 1986 (the "Kroh Petition" ) of Kroh Brothers Development Company, a Missouri corporation ( "Kroh" ) , the Petition and Waiver dated as of June 17, 1986 (the "Kensington Petition" ) of Kensington Ltd. , a Colorado limited partnership ( "Kensington" ) and by Resolution No. 86-113 adopted on July 1, 1986 directing the Director of Public Works to prepare and present to the Council a map of the District, plans and specifications of the proposed District improvements, and an estimate of the probable total cost thereof; and WHEREAS, the Director of Public Works, pursuant to said Resolution, has made his report and has presented the plans and specifications, cost estimate, maps and other documents, and approved the same; and WHEREAS, the Council has examined such plans and speci- fications, cost estimate, maps and other documents, and approved the same; and WHEREAS, pursuant to the Kroh Petition and the Kensington Petition, Kroh and Kensington (collectively the "Petitioners") have waived in writing any notice requirements and certain other procedural requirements pursuant to Chapter 16 of the City Code. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS AS FOLLOWS: Section 1. The report, plans and specifications, map and estimate of the probable total cost as prepared by the Director of Public Works, filed with the City Clerk, and pre- sented to the Council on this 1st day of July, 1986, for the District be, and hereby are, accepted, approved and adopted. Section 2. The property to be assessed in the District is described on Exhibit "A" attached hereto and incorporated herein by reference ( the "Property" ) . The improvements to be constructed in the District shall consist generally of street improvements, curb, gutter, sidewalk, landscaping, street light- ing, electrical distribution, traffic signalization, striping, minor irrigation improvements, water distribution system, sani- tary sewer system and storm drainage improvements as more fully described in the Engineering Report for the District on file with the City Clerk (the "Improvements" ) . Section 3. The method of assessment for the cost of the Improvements shall be as set forth in Section 5 hereof. Section 4. The estimated total cost of the Improvements, including without limitation, the cost of acquir- ing, planning, engineering, and constructing the Improvements (but excluding legal and advertising costs, interest during con- struction and until assessments are made by ordinance against the properties benefited, financing and other incidental costs) , as shown by the estimate of probable total cost, as made by the Director of Public Works, is $927,099 . 50 . The estimated amount or proportion of such total cost to be assessed against the prop- erty in the District is $899,514. 50. Section 5. The estimated amount or proportion of such total probable cost of the Improvements to be reimbursed by the City at large to the Petitioner, as hereinafter set forth in this Section 5, is $216,840.50 for street oversizing costs and $27,585.00 for water and sewer oversizing costs (collectively the "City Oversizing Costs") . The City Oversizing Costs constitute the maximum obligation of the City notwithstanding that costs might exceed estimates heretofore submitted, unless appropriation is made therefor . The total actual cost to the District, upon the comple- tion of the Improvements, shall be apportioned in an assessment roll against each lot, tract, or parcel of land to be assessed which assessment roll shall include additional assessments to cover the costs of legal and advertising, interest during con- struction and until assessments are made by ordinance against the properties benefited, financing and other incidental costs to the District. Assessments shall be levied by an assessing ordi- nance. Such assessments shall be a lien until paid in the sev- eral amounts assessed against each lot, tract or parcel of -2- land. The cost of acquiring, constructing, or otherwise install- ing the Improvements, together with all costs incurred in forma- tion and financing of the District, shall be assessed against those lots, tracts or parcel of lands owned by the Petitioners on a square footage basis with Kensington being assessed for the improvements to Kensington Road, the east one-half of South Mason Street from Kensington Road to the center of Harmony Road and the north one-half of Harmony Road from the center of South Mason Street to the center of South College Avenue. The balance of the improvements shall be assessed against Kroh in a manner such that the assessment per square foot against Lots 1 and 3, Arbor Place P.U.D. , shall be one-half the amount of the assessment per square foot against the balance of the property within the District owned by Kroh. The total of all aggregated assessments shall be sufficient to cover the portion of the total cost of the Improvements to be defrayed by special assessments. The Council acknowledges that as of the date hereof, the City does not have sufficient monies in its street oversizing fund to pay the street oversizing portion of the City' s Oversizing Costs. In lieu of paying all of the City' s Street Oversizing Costs, the City and Petitioners agree that the amount of the City' s street oversizing fees for the property within the District need not be paid but shall be deemed a credit against the City' s Street Oversizing Costs. At the time of construction, the City shall pay the water and sewer oversizing costs from the water and sewer oversizing fund upon receipt and verification of an itemized invoice from the Construction Manager for the project. Any remaining City Oversizing Costs shall be reimbursed to the Petitioner by the City at such time as monies are available in the street oversizing fund or from other sources as may be designated by the City. Such reimbursement shall be used to redeem an equivalent amount of bonds at the earliest possible date. Section 6. After any such tract or parcel is divided into smaller parcels or other property interests, the assessment against such tract or parcel shall be reallocated, so that the assessment against each such smaller parcel or other property interest shall bear the same ratio to the original assessment against such tract or parcel as the proportionate interest in such smaller parcel or other property interest bears to the interest in sellable land in such original tract or parcel as so divided into smaller parcels or other property interests. The entire unpaid principal of any assessment or reallocated assess- ment, as the case may be, together with interest accruing thereon to the next assessment interest payment date, except to the extent that interest on the bonds to be issued by the City for the District has been capitalized through such date, shall be immediately due and payable by the seller or transferor thereof prior to the sale or transfer of any tract or parcel, or portion -3- thereof if such tract or parcel shall have been divided as afore- said, unless the purchaser or transferee thereof shall acknow- ledge, in writing, receipt of notice that the seller or trans- feror is not paying such assessment or reallocated assessment in full prior to such sale or transfer and that such assessment or reallocated assessment against such tract or parcel, or portion thereof as the case may be, shall continue to be a lien thereon. Section 7 . Said assessments shall be payable in not more than fifteen (15) equal annual installments with interest on the unpaid installments to be the same as the interest rate paya- ble on the District bonds, which interest rate shall not exceed 18% per annum. Section 8. On the 1st day of July, 1986, at the hour of 6: 30 p.m. or as soon thereafter as the matter may be heard in the Council Chambers of the City Hall, City of Fort Collins, Colorado, the Council will consider the ordering by Ordinance of the proposed improvements and hear all complaints and objections that may be made and filed in writing concerning the proposed improvements by the owners of any real estate to be assessed, and any other interested persons. Section 9. The Petitioner has waived all notice requirements pursuant to Chapter 16 of the City Code. Passed and adopted at a regular meeting of the Council held this 1st day of July, 1986. May ATTEST:(`_ ' City Clerk . S -4- EXHIBIT "A" A. Iots 1 and 3, Arbor Plaza P.U.D., City of Fort Oollins, Q mty of IArimer, state of QAorado. B. A tract of land located in the NE1/4 of Section 2. T6N, R69W of the 6th P.M., County of Larimr. State of Colorado, described as follows: Commencing at the Northeast Corner of said Section 2. thence S00'47'00'M. 995.83 feet along the East line of the NE1/4 of said Section 2 to the Northeast Corner of that tract of land conveyed to Poudre Valley Rural Electric Association. Inc. as described in Warranty Deed recorded in Book 1451 at Page 378 of the records of Lariaer County, Colorado; thence N88'52'00'W. 46.71 feet along the North line of that tract of land as described in said Book 1451 at Page 378 to the Westerly right-of-wa� line of U.S. Highway No. 287 (South College Avenue); thence continuing M88 52'00'W. 10.00 feet along the North line of that, tract of land as described in said Book 1451 at Page 378; thence N00'62'00'E. 174.S9 feet to the TRUE POINT OF BEGINNING; Thence N89'08'000W, 153.S9 feet; Thence NDO'62'00'E. 72.99 feet; Thence N46'37'00'E. 43.06 feet; Thence Easterly. 76.12 feet along the arc of a curve concave to the North to a P�ooint tangent. said are having a radius of 294.00 feet, a central angle of 14'38'25' and being subtended by a chord that bears $81'48'47'E. 74.92 feet; Thence S89'08'00'E. 28.43 feet to a Point of curve to the right; Thence Southeasterly. 31.42 feet along the arc of said curve to a Point tangent, said arc having a radius of 20.00 feetg a central angle of 90*001000 and being subtended by a chord that bears S44'08'00'E. 28.28 feet; Thence SOO'52'OD'W. 73.49 feet to the TRUE POINT OF BEGINNING. Area ■ 0.329 acres, more or less. C. A TRACT OF LAND LOCATED IN THE ME1/4 OF THE NE1/4 OF SECTION 2. T6N, R69M OF THE 6TH P.M., COUNTY OF LARIMER, STATE OF COLORADO. DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER OF SAID SECTION 2, FROM WHICH THE El/4 CORNER OF SAID SECTION 2 BEARS S0O'47100'W, (BASIS OF BEARING) THENCE S89'56'49"W, 150.20 FEET ALONG THE NORTH LINE OF THE NE1/4 OF SAID SECTION 2 TO THE WESTERLY RIGHT-OF-WAY LINE OF U.S. HIGHWAY NO. 287 (COLLEGE AVENUE); THENCE SDO'09111"E, 30.00 FEET ALONG THE WESTERLY RIGHT-OF-MAY LINE OF SAID U.S. HIGHWAY 00. 287; THENCE $48'13'11"E, 44.98 FEET ALONG THE WESTERLY RIGHT-OF-MAT LINE OF SAID U.S. HIGHWAY NO. 287 TO THE TRUE POINT OF BEGINNING; THENCE 589'66'49'W, 368.20 FEET TO A POINT OF CURVE TO THE LEFT; THENCE SOUTHWESTERLY, 31.42 FEET ALONG THE ARC OF SAID CURVE TO A POINT TANGENT, SAID ARC HAVING A RADIUS OF 20.00 FEET, A CENTRAL ANGLE OF 90'00100' AND BEING SUBTENDED BY A CHORD THAT BEARS S44'66'49"W, 28.28 FEET; THENCE S00003111"E. 100.00 FEET TO A POINT OF CURVE TO THE LEFT; THENCE SOUTHEASTERLY, 122.56 FEET ALONG THE ARC OF SAID CURVE TO A POINT TANGENT, SAID ARC HAVING A RADIUS OF 211.00 FEET, A CENTRAL ANGLE OF 33'16'49" AND BEING SUBTENDED BY A CHORD THAT BEARS S16041 '35"E, 120.84 FEET; THENCE S33'20100'E9 311.00 FEET TO A POINT OF CURVE TO THE LEFT; THENCE SOUTHEASTERLY, 220.10 FEET ALONG THE ARC OF SAID CURVE TO A POINT TANGENT, SAID ARC HAVING A RADIUS OF 226.00 FEET, A CENTRAL ANGLE OF 55'48'00" AND BEING SUBTENDED BY A CHORD THAT BEARS S61'14100"E, 211.50 FEET; THENCE S89'08'00"E, 28.43 FEET TO A POINT OF CURVE TO THE LEFT; THENCE NORTHEASTERLY, 31.42 FEET ALONG THE ARC OF SAID CURVE TO A POINT TANGENT, SAID ARC HAVING A RADIUS OF 20.00 FEET, A CENTRAL ANGLE OF 90'00'00' AND BEING SUBTENDED BY A CHORD THAT BEARS W45'52'00-E. 28.28 FEET; THENCE NDO'S21000E. l99.13 FEET; THENCE MO0002'00'E. 229.06 FEET TO THE WESTERLY RIGHT-OF-WAY LINE OF SAID U.S. HIGHWAY NO. 287; THENCE N48'13'11'W. 75.52 FEET ALONG THE WESTERLY RIGHT-OF-WAY LINE OF SAID U.S. HIGHWAY N0. 2B1 TO THE TRUE POINT OF BEGINNING. AREA ■ 4.664 ACRES, NDRE OR LESS. D. A tract of land located in the SE 1/4 of Section 35, T7N, R69W, of the 6th P.M. , Lorimer County, Colorado, being more particularly described as follows: Considering the south line of the SE 1/4 of said Section 35 as bearing N 09. 53' 00" and with all bearings contained herein relative thereto: Commencing at the SE Corner of said Section 35, thence along the said south line, N 89. $3' 00" W, 150.20 feet; thence, N 000 02' 00" E, 30. 00 feet to a point on the north right-of-way, N89" 53' 00" W, 418.95 feet; thence, N 010 00' 00" E, 501.03 feet; thence S 89. 53' 13" E, (510.73 feet platted) , 510.34 feet measured to the west right-of-way of U.S. Highway #287; thence along the said right-of-way of the following courses: S 00. O1' 00" W, 399. 64 feet; thence, S 45. 04 ' 30" W, 141.26 feet; thence, S 00. 02' 00" W, 1.40 Feet to the True Point of Beginning. The above described tract contains 5.801 acres.