HomeMy WebLinkAbout2010-012-02/16/2010-AUTHORIZING THE ACQUISITION OF CERTAIN LANDS FOR WATER STORAGE AND NATURAL AREA RESOLUTION 2010-012
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE ACQUISITION OF CERTAIN LANDS FOR
WATER STORAGE AND NATURAL AREA
WHEREAS,Stoner and Company("Stoner")is the owner of approximately 128 acres of land
located at 4308 East County Road 36,Fort Collins,Larimer County, Colorado,as more particularly
described on Exhibit"A", attached and incorporated herein by this reference (the "Property"); and
WHEREAS, the City wishes to purchase the Property for the primary purpose of gravel pit
water storage and also to preserve an open space amenity along the Interstate 25 corridor; and
WHEREAS, on July 30, 2009, the City and Stoner entered into an Agreement of Purchase
and Sale of Real Property(the "Stoner Agreement'), for purchase of the Property, which purchase
was approved by the City Council on August 18, 2009, pursuant to Resolution 2009-081; and
WHEREAS, On October 19, 2009, Stoner notified the City of its desire to terminate the
Stoner Agreement, and on November 2, 2009, by mutual agreement, the Stoner Agreement was
terminated; and
WHEREAS, a company known as Turnkey has now approached the City indicating that it
intends to acquire the Property,and wishes to work with the City on developing the gravel pit water
storage that the City originally wished to acquire; and
WHEREAS City staff has been working with Turnkey on drafting a new agreement (the
"Turnkey Agreement'); and
WHEREAS, a copy of the Turnkey Agreement is on file in the office of the City Clerk;and
WHEREAS,under the terms of the Turnkey Agreement,a company affiliated with Turnkey
known as Riverwalk Fort Collins, LLC would acquire the Property from Stoner, and then increase
the water storage on the Property to approximately 1,500 acre feet in accordance with specifications
to be provided by the City; and
WHEREAS, upon satisfactory completion of the work, including compliance with all
regulatory requirements, the City would purchase the Property for $4,425,000; and
WHEREAS, Riverwalk Fort Collins,LLC intends to retain a permanent drainage easement
across the Property; and
WHEREAS, the cost of the Property would be divided between the Utilities and Natural
Areas funds with Utilities paying $4,125,000 of the purchase price and Natural Areas paying the
remaining $300,000; and
WHEREAS,the funds necessary for acquisition of the Property have been appropriated and
are available for expenditure for that purpose; and
WHEREAS, based on an evaluation of the market value of the Property and the existing
water storage,and of the cost to construct additional storage on the Property,City staff believes the
proposed price for the Property is fair and reasonable, and recommends that the City Council
approve the proposed acquisition; and
WHEREAS,the City Council has determined that the purchase price is fair and reasonable
and that the acquisition of the Property is in the best interests of the City.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the City Council hereby approves the acquisition of the Property, consisting of
approximately 128 acres of land as described on Exhibit "A", for an amount not to exceed
$4,425,000, in accordance with the terms and conditions contained in the Agreement,together with
such additional terms and conditions as the City Manager, in consultation with the City Attorney,
deems necessary and appropriate to protect the interests of the City or to effectuate the purposes of
this Resolution, including, but not limited to, any necessary changes to the legal description of the
Property, so long as such changes do not materially increase the size or change the character of the
Property.
Passed and adopted at a regular meeting oathe o cil of the City of Fort Colli this 16th
day of February A.D. 2010.
Mayo
ATTEST: .
IL
city Clerk
EXHIBIT A
Legal Description
PARCEL A
A PARCEL OF LAND SITUATE IN THE SOUTHWEST QUARTER OF SECTION 3,
TOWNSHIP 6 NORTH,RANGE 68 WEST OF THE 6TH P.M.; COUNTY OF LARIMER,
STATE OF COLORADO; BEING THE SAME TRACT OF LAND AS DESCRIBED IN THE
WARRANTY DEED RECORDED AUGUST 29, 2005 AT RECEPTION NO. 2005-
0672387: AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE WEST QUARTER CORNER OF SAID SECTION 3, AND
CONSIDERING THE WEST LINE OF THE NORTHWEST QUARTER OF SAID SECTION 3
TO HAVE AN ASSUMED BEARING OF N 01044'18" W(NORTH END OF SAID LINE
BEING MARKED BY AN ILLEGIBLE 3-1/4"ALUMINUM CAP IN MONUMENT BOX,
AND SOUTH END OF SAID LINE BEING MARKED BY A 2-1/2"ALUMINUM CAP
STAMPED LS 33193 IN MONUMENT BOX), WITH ALL OTHER BEARINGS RELATIVE
THERETO;
THENCE S 87052'12" E, 2,388.22 FEET TO A POINT ON THE WESTERLY RIGHT OF
WAY LINE OF INTERSTATE 25;
THENCE ALONG SAID RIGHT OF WAY LINE THE FOLLOWING FOUR(4)COURSES:
1. S 02°02'35" E, 2,339.03 FEET;
2. 135.78 FEET ALONG THE ARC OF A NON-TANGENT CURVE TO THE RIGHT,
HAVING A RADIUS OF 11,295.00 FEET,A CENTRAL ANGLE OF 00041-19", AND A
CHORD WHICH BEARS S 01043'14" E,:135.77 FEET;
3. THENCE S 84055'54" W, 574.56 FEET;
4. THENCE S 00055'24" W, 30.00 FEET TO A POINT ON THE SOUTH LINE OF THE
SOUTHWEST QUARTER OF SAID SECTION 3;
THENCE ALONG SAID SOUTH LINE,N 89004'36" W, 1,274.18 FEET;
THENCE N 090 16'32" W, 324.41 FEET;
THENCE N 01046'32" W, 289.41 FEET;
THENCE N 32046'32" W, 144.50 FEET;
THENCE N 23039'02" W, 631.96 FEET;
THENCE N 01 050'02" E, 208.47 FEET;
THENCE N 170 13'48" W, 746.06 FEET;
THENCE N 46009'32" W, 10.66 FEET TO A POINT ON THE WEST LINE OF THE
SOUTHWEST QUARTER OF SAID SECTION 3;
THENCE ALONG SAID WEST LINE,N 01049'14" W, 384.29 FEET TO THE POINT OF
BEGINNING.