HomeMy WebLinkAbout1981 Ordinance No. 017•
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ORDINANCE NO. 17
SERIES OF 1981
BY AUTHORITY
COUNCIL BILL NO. 22
INTRODUCED BY COUNCIL
MEMBER BRADSHAW
AN ORDINANCE APPROVING THE LOAN TO THE ENGLEWOOD HOUSING AUTHORITY
BY THE CITY OF ENGLEWOOD IN THE SUM OF $180,000 SECURED BY A DEED
OF TRUST AND DECLARING AN EMERGENCY.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF ENGLEWOOD, COLORADO:
Section 1. That the City of Englewood shall loan to Englewood
Housing Authority the sum of $180,000 at an interest rate of
12.5% per annum to be secured by a deed of trust on that property
the Englewood Housing Authority currently possesses an option
to purchase legally described as:
Lota ·6, 7, 8, 17, 18, 19, 20, 21, 22, 23, 24, including the West
1/2 of vacated alley adjoining Lots 6, 7 and 8 and the East 1(2
of vacated alley adjoining Lots 17 thru 24, which alley was
vacated ~y Ord .~a No. 10, Series 1972, Recorded April 20, 1974
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in Boo~.-!.<i at Page 424, all in Block 6, in Premier Addition'
to Englewood, County ot Arapahoe, State of Colorado, and
That part of the SOutheaat 1/4 Section 34, Township 4 South,
Range 68 West of the 6th P.M. more particularly described as
followua Beginning at the Southwest corner of said Southeast 1/4,
thence Eaat 50 feet1 thence North 25 feet to the Northeast corner
of the intersection of South Broadway and East Hampden. Thence .
North Jr,7.7 feet1 thence East 326 feet to the East line of South
Lincoln, the true poin~ of beginning; thence North along the East
line of South Lincoln 50 feet; thence East 266 . feet to the We&·t
line of South Sherman; thence South along the West line of South
Sherman 50 feet, thence West, parallel with the South line of
said Southeast 1/4, 266 feet to the point of beginning, except
that part lying within the property condemned for street purposes
in instrument recorded in Book 1514 at Page 580, County of Arapahoe,
State of Colorado •
Said loan shall be repaid not later than December 31, 1981.
Should said option not be exercised, the loan shall not be made.
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Section 2. The City Council hereby authorizes the Mayor of the
city of Englewood, the Director of Finance, ex officio City
Clerk-Treasurer, and the City staff to execute those documents
as are necessa ry to carry out the provisions of Section 1 hereof.
Section 3. That the Englewood Housing Authority provides needed
hou.lnq for the City of Englewood and that they have an option to
purchase additional property for said needs, and that the City
Council desires to loan sums to the Englewood Housing Authority
to allow the exercise of an option on or before January 25, 1981,
this beinq necessary for the health, safety and welfare of the
residents of the City of Englewood and therefore declares an
emergency.
Introduced, read in full, and passed on first reading
on the 12th day of January, 1981.
Published ae a Bill for an Ordinance on the 14th day
of January, 1981.
Read by title and passed on final reading on the 19th
day of January, 1981 .
Published by title as Ordinance No.
on the 21st day of January, 1981.
Attest:
17 , Series of 1981,
I, Gary R. Higbee, ex officio City Clerk-Treasurer of the
City of Englewood, Colorado, hereby certify that the above and
foregoing is a true, accurate and complete copy of the Ordinance
passed on final reading and published by title as Ordinance
No. 17 , Series of 1981.
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