HomeMy WebLinkAbout1968 Ordinance No. 027I
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Introduced a• a Bill by councilman Lone.
ORDIDllCB m. 27, SBRIBS OP 1968
All OIDDIAllCB RBPBALIBG ORDDWICB RO. 14, SBRIBS OF 1968,
AllD ORDDINICB 90. 17, SBRIBS OP 1968, AtJ'l'BORIZIBG AID> DIRBC'l'-
IBO nm llA10R AllD CI'l'Y CI.BRIC '1'0 ACCBPl' '1'BB CC8VBYAllCB OP 'l'BAT
RBAL'1'Y DBSCRIBBD IR ORDDIAllCB RO. 5, SBRIBS OP 1968, SUBJBC'l'
'1'0 CBR'l'AD DCmlBaMICBS AS ARB MOU PULLY DBSCRIBBD 'l'BBRBDl,
AllD DllCLUDQ All ......:Y.
-aw, the City of Bnglewood did, pur•uant to the
provi•ion• of People'• Ordinance llo.3, Serie• of 1964, enter
into a LeaH and Option AcJr•-ent, dated Bovaaber 24, 1964,
by rea80ft of the provi•ion• of which the City of Bnglewood
wa• granted th• riCJ)lt to purcha•• the real property and im-
prov ... nt• de8Cribed therein,and
1111BRBA8, •aid Lea•• and Option Agreement wa• amended
by an in•triment dated Decmber 1, 1966, and recorded in Book
1719 at page• 372-376 of the public record• of the Clerk
and Recorder of the county of Arapahoe, and
W&•i'.mAS, pur•uant to the provi•ion• of Ordinance
llo. 5, Serie• of 1968, the Mayor and City Clerk were
authorised to give notice to the pre•ent owner• of the real
••tat• de8Cribed in •aid ordinance of the exerci•• of the
City'• option to purcha•• •aid realty, and
1111BRBAS, by virtue of the provi•ion• of Ordinance
llo. 14, Seri•• of 1968, the Mayor and City Clerk of the City
of Engl.wood were authorized to enter into an agre•ent with
that non-profit corporation known a• Englewood, Colorado
Municipal Building Authority to provide for the conveyance
of •aid realty by the City to •aid non-profit corporation and
the execution of a lea•• between •aid City and non-profit
corporation, and
WllBRBAS, by virture of th• provi•ion• of Ordinance
Bo. 17, Seri•• of 1968, there wa• appropriated the •um of
$985,000 for the purcha•• of •aid realty, which appropriation
provided that th• fund• for the payment of •aid purcha•• price
were to be derived .olely from fund• to be received by the
City of Bngl.wood from •aid non-profit corporation, and
1111BRBAS, th• pr•••nt owner• of •aid realty have
refu•ed to accept •aid purcha•e price to be paid out of the
llOfti•• to be received by the City fran •aid non-profit
corporation, and,
WllBRBAS, th• pre•ent owner• have offered to convey
to the City •aid realty and iaprov-ent• µpon the term• and
condition• hereinafter ••t forth,
9C>W, 'l'BBRJU'ORB, BB IT ORDADIBD BY 'ftlB CITY COtDJCIL
OP nm Cift OP nrGLINOOD,a• follow•a
Section 1. Ordinance Ro. 14, Serie• of 1968 and
Ordinance Ro. 17, Serie• of 1968 are hereby repealed.
lection 2. The Mayor and City Clerk of the City of
BnglMfOOd are hereby authorized and directed to accept a
conveyance of that realty de8Cribed in Ordinance Ro. 5, Series
of 1968, and to cau•• to have paid to the pre•ent owner•
thereof the purchaH price therefor, a• determined by the pro-
vi•iona of th• hereinabove de8Cribed lea•e and option agreement,
upon the following tena• and condition••
A. 'fh• total purcha•e price for •aid realty and
iaprove111eDt• •hall b• $978,361.68.
B. 'fh• purchaH price will be paid by the City
in the following llaftftera
1. 'l'h• City will take title to •aid property
and 111prov ... nt•, aubject to a Pir•t Deed of
'fn•t for th• benefit of ti. Rorthern Tru•t Company,
a• tru•t .. • for the Kar• Retir ... nt Tru•t, and will
reciev• therefor a credit upon the purcha•• price
in th• mount of $868,546.99.
2. 'l'h• City will take title to the •aid realty
and iaprov-nt• aubject to a Second Deed of
Tru•t and •hall receive credit againat the
purcha•• price therefor in the amount of
$50,000, the prcmiaaory note aecured by a
Second Deed of TrU•t call• for no interest
until Jmuary 1, 1968, draw• intereat upon the
principal balance at the rate of 6 1/2" per
annua thereafter and i• fully due and payable
on Karch 31, 1969.
3. 'lb• balance of the parch••• price, being
$59,814.69, will be paid in caah at the time
of cloaing.
c. 'file conveyance to the City •hall be by General
Warranty Deed, aubject only to the two encumbrances
hereinabove en\Derated, the exception• aet forth in
124 of the hereinabove deacribed Leaae and Option
Agre .. ent and that .eaa ... nt conveyed to the City
of Bnglewood by that inatruaent dated December 1,
1966 and recorded in Book 1718 at page• 425-428
of the public record• of the Clerk and Recorder of
the county of Arapahoe.
D. The cloaing of title ahall take place on or
before Auguat 10, 1968 and will be effective •• of
Auguat 1, 1968 •
•
Etion 3. Rothing herein shall be construed to
authorise ~ Mayor or City Clerk to execute or accept any
inatrwaent which would have the effect of obligating the
City of Bngl.wood to •ake any payment upon any pre-exiating
.mt, the payamt of which i• HCured by any Deed of Trust
or other enCUllbrance, th• only authoriiy herein being granted
being the authority to accept the conveyanae subject to such
enCUllbranc••·
Section 4. 'fh• K-.:>r and City Clerk are hereby
authorised ana directed to execute all neceaaary documents
to accaapliah the purpo••• of thi• ordinance and to ef f eot
th• cloaing of title and the conveyance to the City of Englewood
of th• realty herein referred to.
Section S, Since it i• neceaaary to cloae the
title to the realty andiaprovementa hereinabove described and
to accept a conveyance thereof prior to Auguat 10, 1968,
Council hereby declare• that an .. ergency exi•t• necessitating
the illllediate paaaage of thi• ordinance for the preservation
of thepublic ·health, aafety and welfare, by reason of which
t hi• ordinance ~11 beccme effective 1-ediately upon its
final pa••M•·
Introduced, read in full, .pa••ed on fi:,.,•q reading,
unanbloualy approved by a quona pr•••nt on the " day of
~« ''t' I 1968.
Read '?'/title and paaaed on final reading on the
la day of ''P'"Al: , 1968.
~li.I)led •• an Or~anc• Ro. \\~ , Series of
1968 on the fr/ day of~, •
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