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HomeMy WebLinkAbout1993 Ordinance No. 016ORDINANCE No/& SERIES OF 1993 BY AUTHORITY COUNCIL BILL NO. 12 INTRODUCED BY COUNCIL MEMBER GULLEY AN ORDINANCE APPROVING THE SALB OF FOUR PROPERTIES WHICH WERE D~VE!-<JP~ FOR T~E :~UILD" PROJECT TO BE S OLD ON THE OPEN MARKET. • .. • " 1 WHEREAS, the Englewood City Council all~cated $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, aingle•family homea replace 1eriou1ly dllapidated or obsolescent homes and new homes would be build on the properties; and WHEREAS, the developed four properties are to be aold to private partiea who will aecure their own 61 ,ancing, thereby replacing the City funds used and ~•turned to the BUILD fund when the proper ties are sold and the owners of the propertiea new loan• have been cloaed; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO , AS FOLLOWS: 10 C ~ Approval ia hereby given for the aale of four properties which were developed for the Project BUILD. Said properties will be sold to private parties who shall secure their own financing and the City funds which were used to purchase and develop said properti11 ,hall be returned to 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 minua seven percent (7%). ~ The following properties are the four properties to be aold, laid properties were developed for !h e Project BUILD : 1. 2249 West Warren .'\ve nue Con 1/e '-I ,1,r;. I :? ·'f 3 2 . 2705 South Delaware Street I 3 . 3175 South Pearl Street 4 . i 735 South Delaware Stree t Th e sale of properties shnll require the p urchase r to agree by separate document as fo llow s: I. Th e purchaser sh&II be the occupan t. 2 . The purchaser sh all not own any other residence on the date of transfer of deed to the above properties. 3 . The property may not be rented by the owner during the 6rat three (3) years of ownership. ~-The Mayor and the City .:!Jerk are authomed to execute the proper form of deed for the conveyanc e of these properties pursuant to Sec':io~ '.'~ of the Englewood City Charter. Introduced, r ead in full , and passed on first readi• ,g on the 15th day of March, 1993. -1 - Published a,, a Bill for an Ordinanc,, on the 18th day of March, 199i. Read by tiUe and pasoe~ on final readi ng on the 5th day of April, 1993. Publi shed by title as Ordinance No.&, Series or 1993, on the 8tl'i day or April, 1993. ATTEST : ~~~~ Patricia H . Crow, City Clerk 0t .. .J, L, \ · ' . ~KW~ I, Patri<ia H. Crow, City Clerk of the City of Englewood, Coloredo, hereby c,,rt.ify that the above and foregoing is a t1}!'! copy or the Ordinance passed on final n,ading and published by title as Onlinanc,, No. lfL... Series of 1993. ~~(LJ Patricia n. Crow -2--• Date March 15 , 1993 CXXl'D. C011¥iU'11CAl'IC)N Agenda 11ml 12 a Subject Project BUILD • Sale of Properties INITIATED BY Department of Community Development, Housing Division STAFF SO<RCE Lee D. Merkel , Director of Community Development ISSCE;:ACTION PROPOSED Sta ff seeks Council support for a bill for an ordinance to allow the sale of the following properties developed for the BUILD project to be sold for appraised value , plus or minus 7%, on the open market: 224(. ,Jest Warren Avenue . 2705 South Delaware Street, 3175 South Pearl Stree t. and 2735 South Delawar~ Street. PREVIOClS COCl'KlL ACTION The City Council has allocated $501'.000 from the General Fund fer a project called BUILD. The money is to be used to purchase properties and develop new housing stock. Council has previously approved the sale of several Project BUILD homes. BAO«BXND The. City has tradition~l'v provided financial and technical assistance in the areas of rehabilitation of existing housing. k ·.,1tal ass istance has also been provided in ·,arious forms through federally funded programs administered by the City's Housing Authority. In 1991 . a Housing Tas k Force appointed by the City Council recommended that a program be implemented in Englewood whereby newly constructed , single -family homes replace seriously dilapidated or obsolescent houses. New homes would also be built on vacant land . This recommendation has also been incorporated into the draft Comprehensive Plan for the City. Project BUILI , ·,ecame the implementation of the task force 's r ( -ommendations. Project BUILD provides a pt.,,' ,f funds to be utilized as seed mone.y in developing new single-family housing city-wide . It is l derstood thJt this program Is one portion of a comprehensive strategy to meet the housing nee, ; of the City of Englewood and is not intended to replace any ongoing , existing housing program . The City Council has prf iously set a policy that BUILD properties will be sold for appraised ·alue plus or minus 7% t-., allow for negotiation . flWl(lALMW:J'S Toe developed pro perties are to be sold to private parties who have secured their own financing . The City funds that were used to purchase and develop ei :ch property will be returned to the BUILD fu nd wh en that pro perty is sold and the new loan is closed.