HomeMy WebLinkAbout1992 Ordinance No. 012ORDINANCE NO. A
SERIES OF 1992
BY Al!lllORf!Y
COUNCIL BIIL NO. 9
INIRODU CED BY COUNCIL
MEMBER HABE NIC HT
AN ORDINANCE AMENDING 1llE PROCEDURE FOR INVOKING TERMS OF SALE OF'
PROPERTIES WHICH WERE DEVELOPED F'OR 1llE ''BUILD" PROJECT.
WHEREAS . In 1990 the Englewood City Council recommended a program be lnsllluled
whereby newly constructed, s1ngle -farntly homes would replace sertou sly dila pid ated or
obsolescent homes: and
·r
WHEREAS , by Ordinance No. 65, Sertes of 1991 Council established tenns and
conditions for sale of said properties: and
WHEREAS , the developed properttes are to be sold to prtvate parties who will secure
t hei r own flnanclng, thereby r eplacing the City funds used and those funds shall be
ret urned to the BUJW fund when the properttes are sold and the new loans h ave been
closed: and
WHEREAS . financing on the open market Is necessary and the lenns of the Deed could
be of concern to lenders and prohibit qualJfled bo~rs from obllgatlng loans:
NOW, 1llEREF'ORE. BE IT ORDAfNED BY 1llE CITY COUNCIL OF 11-IE CITY OF'
ENGLEWOOD . COLORADO. AS FOU.,OWS:
~: The following properttes are the six (6) properties to be sold . Said propentes
were developed fo r the Project BUJLD :
I. 4754 South Huron Street • SOID
2. 590 East Quincy Avenue (aka 430 I S. Pearl Street)-CONTRACT
3. 4406 South Uncoln Street
4. 4775 South Galapago Street
5. 4366 South Delaware Street · COl'fl'RACT
6. 3085 South Pearl Street
n,e sale of properties shall require the purchase r to agree by separate document a,
fo ll ows: I. The purchaser sh all be the occ upant. 2. The purchaser s hall not own any
oth er residence on the dale of transfer of deed to the above properttes. 3. The pro peny
may not be rented by the owner durtng U1 e Orsi three (3) years of ownership.
~-The May or and the City Clerk are a uthorized lo execute the pro per fonn of
deed for the conveyance of these pro perties pursuant lo SecUon 72 of the Englewood City
Charter .
Introduced. read In fu ll . and passed on Orsi reading on the 16th day of March. I 992 .
10 •
Published as a Bill for an Onllnance on the 19th day of Morch, 1992 .
Read by UUe and passed on final reading on the 6th day of Aprtl , 1992.
Published by UUe a s Ordinance No .~ Serles of 1992, on lhe 9th day of April, 1992 .
ATTE ST:
~@ ✓#~
air1cta H. Crow, City Clerk
I, Patricia H. Crow, City Clerk of the City of Englewood, Colorado, hereby certify that the
above and for egoi ng is a true copy of the Ordinance passed on final reading and published by
title •• Ordinance No. £ Series of 1992 .
~if~-
PalriciF. H. Crow 'W
-2 -
~11D1011ANDUM
T O : ~l nyo r Wiggin s
hcri Gulley, Counc il Mem ber
Rita lf nth owny , Mriyor Pro Tern
Tim Bullock, Counci l Member
Alex lf nbc nichl, Council Member
Susan Van Dyke, Council Membe r
Ke lls Waggoner, Council Me mber
l'llO~I: !lick DeWitt, City Attorney
D,\TE: ~larch 11, 1992
REGARD I. 'G: Deeds for Project BUILD.
The format of the deed in Project BU ILD ca rries three r ather cl ear convenont s th nt h nve
gi'"c n le nders so me problems in financing the Proj ect BUILD sn lcs. The three! pro\'i s ion s
rtrc as fo llow s:
I . The City shall h ove the first right to purcha se the property if offered for sn le
within three (3} consecutive yen rs from dote of this Deed .
2. If the Grantee ceased to occ upy the p ro perty as Grantee's resident befo re the
expirati on of three (3) consec utive years from the dole of this deed, the City sh nll
hnv e th e ri ght to purchase the property at the time the City learns the prope rly hn s
bee n rented or offer ed for rent.
3. If the property is rented it shall be presumed that dnmagcs nrc the nm ou nt of rent
paid and all rent shall be paid to the City. In the event the City ele ct s lo
repu rcha se the property, the City shol! pay the fair market va lu e of the prope rty
or t he pu rchase m oney lien amount whi ch ever is grea t e r . Th e City shall be
unde r no obligotion to ncl unll y make the purchn sc or pny the s um, UJ1:cs s
fo rmal :1ppro\'nl is made by Urn City Coun ci l. Th e purch ase price shnll fir st he
ap plied to nll pu rchase money li ens on the prope rty, then to nil othe r I ins on th e
pr operty and fin3Jly to the purchase r.
·n e pr~b!r:m fn .. m thl· 1 -!(n poin t of \ icw is th a t th e pro\ i-.;un.: l lim11utL· ~\. l:•1.: , 1,l.
P•ll'l'r · on th e opt n 111 01tg.igc 1.1.ukct s . Tw o lenrt cr s ore pn rti cul nrly :1J:11nnnt in thi:..
rC'::::n cl. :Olr . Tom Slin 11~by of ~lort.gn cc Plu s nn d Lindn I lnn sc n of FBS ~lort g:1~:•'·
,\t th e pr es ent tim e th e nbili y to sell on the open mnrkc t is st:1 rti 11 g lo c:tu sc difli cu hy in
c-1 (1::::in g on th ese properti es. lfwc nrc going to continue wi t h th e Projrct BUILD \,e :1 rC' l,!Oin[!
to h.l\'C to ch nr,f;<: th e u.•r ms in the ll C'c-d to be lci.s r ·strh liv c,.
l ht'lic•\(' th:1t ,,P l:111 :1cl n~pll"-h r,~ ntinlly th e '-:ltnc pu r po ~c hy .. , p;1 r;1te 11 u1111 •n "11
l b· l~nn·mc r. I th i, 1.: \,,. • ·1 .. r, .1h/l• th :11 thi.: ;,. n11 t nc•c C"'-:1 nl:, .1---.trr P!: , ... 11:,· I''• ,,
d,·c•tl This is ;1 co m pro 1111 .. l• •1tu:1t1o n th tn \\I ll :11l ow the pr oi;rnm t o cont111ue a~ \·it:or rn; 1.,
;1, H hns in th e rcc<'nt pa"-1
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