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Home My WebLink About1995 Ordinance No. 003, ... ,, • • • ORDIN ANCE NO. 2.._ SERIES OF 1995 BY AUT HORITY COUN CIL BILL NO . 2 INTRODU CE D BY COUNCIL MEMBE R HATHAW AY AK ORD INAN C E APPROV ING THE SALE OF TWO PROP ERTIES , WHICH WERE DEV ELOPED FOR THE "BUILD " PROJECT , ON THE OPE N MARKET. I \\'HE RE AS, th e En glewood City Coun ci l all oca ted $500,00 0 from th e Gene ral Fund fo r Proj ect BU ILD ; and WHEREAS, in 1990 the Englewood City Cou ncil re co mm end ed a pro gra m be in sti t uted whereby newly constructed , singl e-famil y homes replace se rio usly dil a pidated or ob solete st ru ctures or are built on vacant lo ls; and WHEREAS , the two such de veloped properti es' are ready lo be sold lo private part ies who will secur e the i r own financing, th e reby replac ing th e Ci ty funds use d an d returning th e m to the BUI LD fund ; KO W, THEREFORE , BE IT ORD AINED BY THE CITY CO NC IL OF THE CITY OF EXG LEIV OO D, CO LORADO , AS FOLLOWS: ~ Approval is hereby given for th e sal e oft\\'O properti e s wh ic h were deve loped fo r Project BUILD . Said pro perties will be sold to priva te pa rti es who shall secure their ow n financing and the City fund s, wh ich were us ed to purch ase and de ve lop said prope rt ie s, sha ll be returned to th e BUILD fund . The sale pr ice is lo be the fair market pric e bas ed on op p,, ;s ol pl us or min us seven pe rc e nt (7%). ~ The fo ll owin g pro perti es to be sold are properties wh ich we re dev elo ped fo r Proje ct BUI LO : 1. 2399 Wes t Wa rr en Av enue 2. 2975 South Grant Stree t Th e sal e of th ese prop erti es sha ll require th e purch a se r to agree by se pa ra te docum ent ns follc,ws: 1. Th e purcha se r shall be the occup ant. 2 . The r urchaser sha ll not own any other resid ence on ihe date oftrnn sfer of deed t.o th e abov e prop erties. 3. Th e prop erty may not be rente d uy th e own er du rin g the fir st three (3) years of owne rsh ip . ~-Th e foyo r and th e City Clerk are authorized to ex ecute th e prop er form of deed fo r th e conveyance of th ese pr ope rti es pu rsunnt t.o Secti on 72 of th e En glewood City Ch a rter. Introduc ed, rea d in full , and passed on fir st reading on th e 6t h day of Februa ry, 1995 . -1 - 10 b-i Publi shed as a Bill for on Ordinance on the 9th day of February, 1?95 . Read by title and pa s,ed on fin a' rending on the 27 th day of February, 1995 . Published by title as Ordinanc• No . ..3, Series ofl995, on the 2nd day of March , 1995 . ~ Lt1.r11; Loucrishia A. Ellis, City Clerk I, Loucrishia A. Ellis, City Clerk of the City of Englewood , Colorado, he r eby certify that the above •nd fo t going is a true COP)!,Of the Ordinance passed on final rending and .... ;,, .. ,,, ...... ,, .... ,, -"-,.;. ~ ,,.,_ ~t!JU., Lou crishia A. Ellis -2 - • • • • DAT E Febru ary 6, 1995 INITIATED BY COUNCIL COMMUNICATION AGEND ITEl'\1 SUBJECT Sale of prope1t1 ,, Developed for Project BT.I'J,l) STAFF SOURCE Department of Community Deve lopment :~ D. Merkel , Dire-·or COUNCIL GOAL AND PREVIOUS CO UNCIL ACTION The City Counc il has allocated S.'l",,J()() from the ueneral Fund for Projec t DUILD. The money is 10 be used to purchase e.-..ti ng residential propenies and develop new housing stock according to a polic y appro ved by the Cit y Council. RECOMMENDED ACTIO To pass an ordinance appro ving th e sale of the following properties dev eloped for the BUILD Proj ec t: 2399 West Warren Avenue and 2975 South Grant. The properties will be sold for no more than seven percent above the appraised value , and no less than seven percent below the apprai se d value . BACKGRO UND, ANALYSIS, AND ALTERNATCVES IDENTIFIED In 199 0 the City Cou ncil r,~o mmend~d a program be instituted in Englewood whereby newly constructed, single fa mily home s re place seriously dil apidated or ob so lescent ho mes . New homes would be al so ~u iH 0n vacant la~d. This recommendation has also been incorporated' into the dra ft Com prehensive Plan for the City. FINANCU,LJMe,A,CI The developed properties are to be sold 10 private parties who have the ir own financing. The Cit y funds th at were used 10 purchase and devel op each propeny will be returned to the BUILD fund when that pro peny is sol d and the new loan is closed. LIST OF ATI'ACHMENTS Bill for Ord in ance.