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HomeMy WebLinkAbout1985-212-11/05/1985-APPROVING THE REPORT OF THE DIRECTOR OF FINANCE FOR GREENBRIAR SPECIAL IMPROVEMENT DISTRICT NO. 87 A RESOLUTION 85- 212 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROVING THE REPORT OF THE DIRECTOR OF PUBLIC WORKS ON THE ESTIMATES, COSTS, AND ASSESS- MENTS FOR THE GREENBRIAR SPECIAL IMPROVEMENT DISTRICT NO. 87, APPROVING THE DETAILS AND SPECIFICATIONS FOR SUCH PROPOSED DISTRICT, DETERMINING THE AMOUNT OR PROPORTION OF THE TOTAL COST TO BE PAID BY A METHOD OTHER THAN ASSESSMENT AGAINST PROPERTY IN THE DISTRICT, THE NUMBER OF INSTALLMENTS, AND THE. TIME WITHIN WHICH THE COST OF THE IMPROVEMENTS ASSESSED AGAINST THE PROPERTY IN THE DISTRICT WILL BE PAYABLE, THE RATE OF INTEREST TO BE CHARGED ON UNPAID INSTALLMENTS, THE PROPERTY TO BE ASSESSED FOR THE IMPROVEMENTS, THE METHOD OF MAKING SUCH ASSESSMENTS, 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 Greenbriar Special Improvement District No . 87 (the "District" ) by the acceptance of the Petition of the affected property owner in the area, First Interstate Bank of Fort Collins, N.A. , the ( "Petitioner" ) , and by Resolution of the Council adopted on the 5th day of November, 1985, 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 estimate of probable total cost thereof; and WHEREAS, the Director of Public works, pursuant to said Resolution, has made his report and has presented the details and specifications for the proposed District to the Council on the 5th day of November, 1985; and WHEREAS, the Council has examined such report, estimate of costs, maps and other documents, and does hereby approve and accept the same; and WHEREAS, the Petitioner has waived all notice requirements and certain other procedural requirements pursuant to Chapter 16 of the Code. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE. CITY OF FORT COLLINS: oection 1 . That 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 presented to the Council on this 5th day of November , 1985, for the District, be and the same�F'iereby are, accepted , approved , and adopted. Section 2. That the improvements to be constructed in said District shall consist generally of street, curb and gutter, sidewalk, street lighting, water line, sanitary sewer line, storm drainage, and landscaping improvements (the "Improvements" ) , said Improvements being more specifically described in Resolution 85-211 and in the District Engineerinq Report on file with the City Clerk. Section 3. That the property to be assessed in the District, is set ort on Exhibit "A" attached hereto and incorporated herein by reference (the "Property" ) . Section 4. That the method of assessment for the cost of the Improvements shall be as set forth on Exhibit "B" attached hereto and by this reference made a part hereof. Section 5. That the estimated total cost of the Improvements in th District , including, without limitation , the cost of planning, engineering, constructing, or otherwise acquiring the Improvements; ( and excludinq legal and advertising costs , interest during construction, and until assessments are made by ordinance against the properties benefited and other costs to the District) as shown by the estimate of probable total cost, approved by the Director of Public Works , is $1 ,673,828. The amount or proportion of the estimated total cost to be paid by the City at large and not by special assessments is $254,303. The foregoing shall constitute the maximum obligation of the City, notwithstanding that costs might exceed estimates heretofore submitted, unless appropriation is made therefor. The balance of the total cost in the District ( i .e. , esti- mated at $1 ,419, 525 ) upon the satisfactory completion of the Improvements shall be apportioned in an assessment roll aqainst each -lot, tract , or parcel of land to be assessed in accordance with Exhibit "B" attached hereto, which assessment roll shall include additional assessments to cover the costs of legal and advertising, interest during construction and until assessments are made by ordinance against the properties benefited , and other incidental costs of the District. Assessments shall be levied by an assessing ordinance. Such assessments shall be a lien until paid in the respective amounts assessed aqainst each lot , tract, or parcel of land. 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. -2- 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 such assessment or reallocated assessment, 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 have 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 such tract or parcel , or portion thereof, if such tract or parcel shall have been divided as aforesaid , unless the purchaser or transferee thereof shall acknowledge , in writing, receipt of notice that the seller or transferor 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 the interest on the unpaid installments to be the same as the interest rate payable on the bonds which interest rate shall not exceed eighteen percent ( 18% ) per annum. Section 8. That on the 5th day of November , 1985, at the hour of 630 p.m, or as soon ti—ereafter 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. That the Petitioner in said District has waived all notice requirements pursuant to Chapter 16 of the Code of the City of Fort Collins . -3- PASSED AND ADOPTED at a regular meeting of the Council of the City of Fort Collins this 5th day yyof /�November, 1985.�,L� �oaCG mil—�s�d7 z/�� avor ATTEST: City Clerk -4- EXHIBIT "A" LEGAL DESCRIPTION OF DISTRICT PROPERTY All of the Replat of Greenbriar Subdivision , City of Fort Collins, County of Larimer, State of Colorado, according to the plat thereof recorded August 15, 1985 at Reception Number 85040230 in the records of the Larimer Countv, Colorado, Clerk and Recorder's office , EXCEPTING Tract "A" thereof; and Tracts "0" and "P" of the plat of Gre'enTriar Subdivision ( "Greenbriar" ) , City of Fort Collins, County of Larimer, State of Colorado, according to the plat thereof recorded April 2, 1979 in Book 1940 at Paae 283 in the records of the Larimer County, Colorado, Clerk and Recorder's office; and also that part of Willox Lane right-of-way dedicated on the Replat of Sandcreek Villaqe P.U.D. , City of Fort Collins, Colorado and on the plat of Greenbriar from Bramblebush Street to Redwood Street, according to the recorded plat thereof; all of the above property being more particularly described as follows : A tract of land situate in the North 1/2 of the North- east 1/4 of Section 1 , Township 7 North , Range 69 West of the 6th P.M. , City of Fort Collins , County of Larimer, State of Colorado which considering the North line of the said Northeast 1/4 as bearing S 890 56 ' 14" E and with all bearings contained herein relative thereto is contained within the boundary lines which beqin at a point on the East line of the said Northeast 1/4 which bears S 000 04 ' 13" E 190.00 feet from the Northeast corner of said Section 1 and runs thence S 00° 04 ' 13" E 1124.24 feet to the Southeast corner of the said North ' 1/2; thence N 89° 50 ' 18" W 2599.75 feet along the South line of said North 1/2 to the Southwest corner of Tract "P" , Greenbriar Subdivision, City of Fort Collins , County of Larimer, State of Colorado, thence N 00° 00 ' 23" W 1309 .75 feet to a point on the North line of the said Northeast 1/4 ; thence S 89° 56 ' 14" E 99. 04 feet; thence -along the Northeasterly line of Willox Lane along the arc of a 355. 89 foot radius curve to the riqht a distance of 308 .92 feet, the long chord of which bears S 510 27 ' 01" E 299. 31 feet and again S 26° 35 ' E 413 . 56 feet; thence along the arc of a 15.00 foot radius curve to the left a distance of 23. 56 feet, the lonq chord of which bears S 71° 35 ' E 21 . 21 feet; thence N 63' 25 ' E 46.85 feet; thence along the arc of a 677. 21 foot radius curve to the left a distance of 357. 54 feet, the long chord of which bears N 48' 17 ' 30" E 353 .40 feet, thence along the arc of a 430.00 foot radius curve to the right a distance of 277.43 feet, the long chord of which bears N 510 39 ' E 272.64 feet; thence N 16° 00 ' 40" W 142.28 feet to a point on the North line of the said Northeast 1/4 ; thence S 89° 56 ' 14" E 1284. 57 feet along the said North line; thence S 470 26 ' 45" E 162.90 feet; thence S 570 23 ' 50" E 148. 66 feet; thence S 890 56 ' 14" E 50. 00 feet to the point of beginning, excepting therefrom Tract "A" of the Replat of Greenbriar Subdivision, City of Fort Collins , County of Larimer, State of Colorado, according to the recorded Plat thereof , and containing an area of 49 .0529 acres more or less. EXHIBIT B District costs , except those to be paid by the City at large , shall be allocated against the property in the District on a net acreage basis determined as follows : ( 1 ) Parcel A Legal Decription: The Replat of Greenbriar Subdivision, City of Fort Collins, County of Larimer, State of Colorado. Parcel A consists of a 17. 75 net acre tract of land zoned and platted for single family residences and a 22 acre tract of land dedicated to the City for development of a park site , for a com- bined total acreage of 39. 75 net acres ( i .e. exclusive of dedi- cated street riqhts-of-way and storm detention areas) or seventy- four percent ( 74% ) of total District net acreaae. The residential lots within the 17. 75 acre .single family residential area of Parcel A shall be assessed seventy-four percent ( 74% ) of the total assessable District cost so that the assessment aqainst each lot assessed shall be equal to that assessment made against each other lot within said single family area. ( 2 ) Parcel B Legal Description : Tracts 0 & P of the Plat of Greenbriar Subdivision, City of Fort Collins , County of Larimer, State of Colorado. Parcel B consists of approximately 13.88 net acres ( i .e . exclusive of dedicated street rights-of-way) of property zoned as Planned Residential equalling twenty-six percent ( 26% ) of total District net acreage . The property located within Parcel B shall be assessed twenty-six percent ( 26% ) of the total assessable District cost so that the assessment against each square foot assessed in Parcel B shall be equal to that assessed against each other square foot in Parcel B.