HomeMy WebLinkAbout1992 Ordinance No. 032ORDINANCE NO . 5,?---
SERIES OF 1992
BY AUTHORITY
COUNCIL BILL NO. 29
INTRODUCED BY COUNCIL
MEMBER GULLEY
AN ORDINANCE APPROVING THE SALE OF FOUR PROPERTIES WHICH WERE
DEVELOPED FOR THE "BUILD" PROJECT TO BE SOLD ON THE OPEN MARKET.
WHEREAS, the Eng lewood City Council allocated $500,000 from the General Fund for
Project' BUILD : and
WHEREAS, in 1990 the Englewood City Council recommended a program be instituted
whereby newly constructed, single-family homes replace seriously dilapidated or
obsolescent homes and new homes wou.ld be build on the properties: and
WHE REAS , the developed fou.r properties are t.o be sold t.o private parties who will secure
their own financing , thereby replacing the City funds used and returned t.o the BUILD fund
when the properties are sold and the owners oft.he properties new loans have been closed;
NOW , THERE FORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD, COLORADO, AS FOLLOWS :
&wlm,l. Approval is hereby given for the sale of four properties whlch were developed for
the Project BUILD. Said properties will be so ld t.o private parties who shall secure their own
financing and the City funds which were u.sed t.o purchase and develop said properties shall
be returned t.o the BUILD fund at the time the properties are sold and the new loans are closed.
Sale price to be fair market price based on appraisal plus or minus seven percent (7~).
~ The following properties are the fou.r properties to be sold, said properties were
developed for the Project BUILD:
1. 3345 South Emerson
2. 3355 South Emerson
3. 3385 South Emerson
4. 3395 South Em erson
The sale of properties shall require the purchase r t.o agree by separate docu.m ent as follows:
1. The pu.rchaser shall be the occupanL
2 . The purchaser shall not own any other residence on the date of transfer of deed t.o
the above properties.
3 . The property may not be rented by the owner during the first three (3) years of
ownership.
Si:i:1ism..a. The ~!ayo r and the City Clerk are authorized t.o execute the proper form of deed
fo r the conveyance of these properties pursu.ant t.o Section 72 of the Englewoo d City Charter.
Introduced, re ad in full, and passed on first readi ng on the 20th day of July, 1992.
Published as a Bill for an Ordinance on the 23rd day of July, 1992.
Rend by title and puaed on final reading on the 3rd day of August, 1992.
Published by tiUe u Ordinance No,g.Series of 1992, on the 6th day of Aujruat, 1992.
~ t~ l.J;.".'ffi~ ~-
Clyde E. Wiggins, yor
ATTl'ST :
Patricia H. Crow, City Clork
I, Patricia fl Crow, City Clerk of the City of Englewood, Colorado, heraby certify that the
above and foregoing i1 a~ copy of the Ordinance paued on final reading and publish ed
by title as Ordinance No . Q6-Series of 1992.
~#~
Patricia H. Cmw
-2-
fl
Date
July 20, 1992
INl11ATED BY
STAFF SOURCE
COUl'fCll. COMMUNICA11O1'f
A&enda Item
11 a
Subject S,'.'"! of Properties
Developed for
Project BUILD
Department of Community Development
Paul Malinowski, Executive Director of Houstng Authority
ISSUE/ AC'l10N PROPOSED
To pass an ordinance approvtng the sale of tb.e following properties developed Ior the
AeUILD Project: 3345 South Emerson; 3355 S . Emerson; 3385 South Emerson: and
W:3395 South Emerson. The properties will be sold for a o more than seven percent
above the appraised value, and no less than seven percent below the appraised
value.
PREVIQUS COUNCn. ACTJON
The City Council has allocated 8500,000 from the General Fund for Project BUILD .
The money 1s to be used to purchase existing residential properties and d=lop new
housing stock accord1ng to a pollcy approved by the City Council.
STAFF ANALYSIS
N I A
BACKGROUND
The City has traditionally provided financial and teclm.lcal assistance 1n the areas of
re hab of existing housing. Rental assistance has also been provided 1n various fom1S
through federally-fund ed programs adm1n1stered by the City's Houstng Authority.
In 1990 , the City Council recommended a program be tnstltuted 1n Englewood
A whereby n ewly constructed, stngle-farnily homes replace seriously dilapldateu or
9:Jbsol escent hous es . New homes wo uld also r e built on vacant land. Th.l s
r ecommenda tion h as also bee 11 mcorporat ed Into the draft Comprehensive Plan fo r
the Ci ty.
...
The only local government home ownership program 1n recent years 1n Englewood -
baa been provided by the Englewood Housing Authority through the comtructlon of
eJgbt new single-family homea built from 1988 to 1990 1n Im WAND project. Project
BUILD IS lntended to build on those efforts by providlng a pool of funds to be utlllzed
aa seed money 1n developing new single-family housing City-wide. It Is understood
that thJs program Is one portion of a comprehCDBtve strategy to meet the housing
needs of the City of Englewood and Is not Intended to replace any ongoing. existing
housing program.
Section 72 of the Home Rule Charter of the City of Englewood states that real
property may be aold, but only by ordlnance, not using the emergency provision. In
the future, each property will be brought before Council as early In the-process as
possible so that marketing efforts can begin sooner. This process will expedite the
closing of the property.
FINANCIAL
The developed properties are to be sold to private parties who have secured their own
financing. The City funds that were used to purchase and develop each property will
be returned to the BUILD fund when that property Ill sold and the new loan Is
closed.
Property Address:
Purc hase Date:
Purchase Amount:
Structure Size:
Builder:
Construction
Contract:
Proj ■ct BUILD
B•l• .lluthorization Form
3345 south Emerson street. Englewood. Colorado
July 5 . 1 Qll_ __________________ _
$ 17.076.-i G
1. 27 6
__L_ BR's
sq. ft .
-1_ Ba
Other features: Two-car garage. full unfinished
basement. rough-in bath in basemer
Colorado Homes/Tim Shipley
$ 59.000.00
Max im um Sale Price: $~9~0~0~0~0~-~o~o _____ _
1/forns/S aleA uth or I ut f on (BUI LO)
;iraperty Address:
Purchase Date :
Purchase Amount :
structure Size:
Builder :
Construction
Contract:
Project BUILD
Sale Authorization Form
33 55 Socth Emerson Str~et
Enalewood , Co. 80110
Jul 1, 1992
$18 ,5 00.00
128 0
BR's
sq . ft.
2 Ba
Other features: Ful l unfinished basement,
2 car aaraae
S t r uewirg Con s truc t i o n
$59,0 00 .00
Maximum Sale Pr ice: $,_9~2::..,,.,~0~0~0~-~o~o'------
m l/ f orms /Drat tS a l eJ.ut l'lor I ut i anCBUI LO>
Property Address:
Purchase Date:
Purchase Amount:
Structure size :
Builder:
Constructi on
Contract:
Project BUILD
Sala Authoriaation For~
3385 south Emerson street, Englewood, Colorado
November 18. 1991
$ H,0Q i .5Q
1,1Q l sq. ft.
_____L_ BR's __L_ Ba
Other features: Gas fireplace , two-car garage, full
unfinished basement with rough-in bath in bdsement
Bellwethe r Constr.uction
$ 5 9 000.00
Ma x imu m Sale Pric e: $~9~0~0~0~0~.o~o~-----
"'"1 /forms/Sale.Aut hor i zat ion(BUI LD)
Property Address :
Purchase Date:
Purchase Am ount :
Structure Size:
Bui lder:
Cons truction
Co ntract :
Project BUILD
Bal• Authorization Fon.
3395 south Emerson street. Englewood. Colorado
November 18. 1991
$ H. QQ,l. ~o
1.l~Q sq. ft.
___]___ BR's _l__ Ba
Other features: Gas fireplace. two-car garage. full
unfinished basement with rough-in bath i n basemen .
Bellwether construction
$ 59 000.00
Ma x i mum Sale Price: $_~9~0.,_,,o~o~o~·~o~o'------
m l/ fo rms /Sal eA uthor i ut ion( BU I LO )