HomeMy WebLinkAbout2004 Ordinance No. 028•
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ORD INAN ENO.&_
SER IES OF 200.J
ll Y A T HORITY
cou IL BILL , o. 24
INTR ODUCE D BY OU CIL
~!EM BER BRADS HA W
AN ORDI NAN E AUT HOR IZ ING TH E SALE OF THREE HOUS ING
REHAB ILITAT ION FUN D PROP ERT IE , ON THE OPE N MARKET .
WH EREAS , 1he Englewoo d Ci 1y Co uncil app roved acqui ring 2357 Wc sl Wes ley
Ave nue and 2399 Wesl Wes ley Ave nu e by lh c pa ssag e of Ordina nce s No . 82 and No.
83, Se ri es 2000 wil h <he go al o f deve lopin g and se llin g 1he propcrlie s aflc r 1hc
rcs ubdivision of 2399 Wes< Wes ley Avenue : and
WHEREAS , <he Engl ewood .C i1y Co un cil appro ved acq ui ring 4673 Sou lh Gra n<
Stree1 by th e passage of Ordi nance No. 63 , Ser ies 2003, as a de sign alcd si1c 10 bu ild a
si ngle fam il y re sid ence in pa rln ership wi 1h th e Arapahoe Co mmun ity Co ll ege /A VS
Ca reer and Tech nica l School; and
WHE REAS, 4673 South Gra nl Strce1 is nea ring complc 1i on of co ns<ru cti on and is
re ady for sa le; and
WHEREAS , the se three developed properlic s arc ready to be so ld 10 pri va<c panics
who will sec ure their ow n financing , thereby rep lac ing the City fu nd s use d and return ing
1h c funds to th e Housing Rehabi litation Fund ;
NOW , THEREFORE , BE IT ORDAINED BY THE CIT Y COUNC IL OF THE CITY
OF ENGLEWOO D, COLORADO, AS FO LLOWS:
Sect ion I. Approval is hereb y given fo r th e sale of three propert ie s, which were
developed by 1he Hou sing Rch abi li1a1ion Fund . Said prop erti es will be so ld 10 priva 1c
pa rti es who shall sec ure th ei r own financing and the Ci ty fund s, which were use d to
purch ase and de velop sa id propertie s, shall be returned 10 th e I-l ousin g Rehabili tation
Fund .
Sec ti on ? . The prop cni cs to be so ld arc:
I . 4673 South Grant Street
2. 2357 Wes t Wes ley Aven ue
3. 2399 West We sley Aven ue
...smilm.). The approval for sale of thes e propenics shall not appl y 10 City of
Eng lewood empl oy ee s: the ir spouses or children ; or :my bu sine ss in whic h th e Cit y
emp loyee has a fi nancia l in1crc s1. A propo se d sa le 10 any of 1hcsc part ies mu st be
bro ugh1 be fore Ci ty Co un cil fo r app rova l.
~. The M.1yo r and the Ci 1y Clerk arc au th orized 10 sign ~md attest all papers
neces sary 10 co mpl ete 1h e sale of th ese properties pursuant to Scc 1ion 7 1 of 1he
Englewood City Cha n er .
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10 b ii
Int rod uc ed, read in full , and pa ssed on fi rst read in g on th e 3rd day of May , 2004.
Publi shed as a Dill fo r an Ordina nce on the 7th day of May, 2004 .
Rea d by title and pa ss ed on lin al readi ng on the 17th day of May, 2004.
Publi shed by titl e as Ordin ance No .~, Se ries of 2004. o
2004 .
~~ oucrisiailllis,
I, Lou cri shi a A. Ellis, City Clerk of the City of En glewo od, Co lorado , hereb y
certify that th e above and fo regoing is a true COJlY~Of the Ordina pass ed on fina l
re ading and publi shed by title as Ordinance No~, Seri es of
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COUNCI L COMMUN ICATI ON
Date Age nda Item Subjec t:
Ordinance to At1th oriz e Sa le of
~la)' 3, 2004 11 ,1 ii 4673 S. G ran t St., 2357 W . W esle)'
Ave. and 2399 W. Wesley Ave .
INITI ATED BY: I STAFF SO URCE :
Co 111111unity Develo pmen t D eot. Janet Grimm ett , Housing Finan ce Specialis t
COU NCIL GOAL AN D PRE VIO US COUNCIL ACTIO N
Co un cil approved O rdin ance 63 , Se ri es 2003 ac quirin g a vaca nt propert y at 46 73 S. G ran t St. as th e
des ignated site to b t1 il d a sin gle fami ly res idence in partnership w ith th e Arapa hoe Community
Coll ege/ AVS Ca ree r and Tec hni ca l Sc hool.
Co un cil approv ed O rdinance 82, Ser ies 2000 ac quirin g 23 57 W . Wesl ey Ave and Ordinance 83, Se ri es
2000 acquiring ?':' 9 W . W es ley Av e. At the March 8, 2004 Coun ci l Study Session , Council was in
co nse nsu s to se ll bo tn units aft er th e resubdivision of land surrounding 2399 W . Wes ley Ave .
RECOM ME NDED ACTION
To approve a b ill for an ordinance authori zin g to sel! th e fo ll owing res idential pro pert ies: 4673 South
Grant Stree t, 2357 West Wesley Ave nu e and 2399 W. Wesley Avenue.
BAC KGROU ND, ANA LY SIS, AN O ALTE RN ATIVES IDE NTIFIED
·11,e A rapa hoe Co mrnt1ni ty Coll ege AVS Ca reer and Tec hnica l Sc hool (AVS) has built a house at 4673 S.
Gra nt Stree t. Th e house was intended to be sold up on completi on of th e constructi on. The ho use is
sched ul ed fo r comple ti on bl' th e end of M ay 2004. Th e ini tial sa l e price will be se t at S274 ,900 bas ed
on a mark et analysis rece ntly obtained. Thi s w ill cove r th e cos ts of land ac quisition, constructio n, and
realto r's fe e. If th e full price is rea li ze d, th en it wi ll als o return an approximat e 5% developer's fee. All
proceeds fr om th e sa le w ill be return ed to th e Housing Rehabilitation Fund (F und 46).
Th e houses located at 235 7 and 2399 W . Wes le)' Aven ue we re acq uired in 2000 as part of a proposed
hot1 sing redevelopme nt projec t. A t th e March 8, 2004 Co un cil Study Sessio n, Coun cil was in
consens us to sell bo th ex isting units. Th e house at 235 7 W. Wes ley w ill be mark eted fo r sale as soon
as po ss ibl e se t at a beginn ing sa les price of SI !)9 ,000. Thi s w ill cove r th e in itial acquisition cos t plus
rh e cos ts o f demolition of th e ill ega l detac hed unit and a possible realtor's fe e. Th e ho t1s e at 2399 W .
Wes ley Ave. will be mark eted fo ll owin g the co mpl etion of th e res ubdivisio n of th e surro undin g land
w hich is ant icipa ted to be comp leted by th e Pnd nf ,'vtay. Th e ex act sa les price of 23 9 9 W . Wesley Av e
w ill likel)' be in the 5160,000 to 5180,000 range.
The anticipa ted sale of future new homes b uilt on the newly develop ed lo ts w ill probably se ll in th e
5225 ,000 to 5250.000 range. O nly after all t1ni ts have been bui lt and sold will th e project real ize its
an ticipa ted pro fit. Proceeds fr om th e sale of all t1nit s wi ll be rett1rned to the H o usi ng Re habili tation
Fund (Ft1nd 46).
N on o f th se prop erti es ma y be sold to any City o f En glewoo d mpl oyee, th eir fa mily mem bers, or to
any business in whi ch a Ci ty emp loyee has a fi na nua l in teres t wi thout pri or Co unci l appr oval.
FINANC IAL IMPACT
Fund 46 w ill cove r all cos ts o f deve lo pment. Th ere is no oth er fi na ncial impa ct to th e Ci ty.
LIST OF ATTACHMENTS
A Bill fo r an O rdinan ce
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67'
2399 TBD 2357
Wesley Av enue
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