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HomeMy WebLinkAbout1996 Ordinance No. 007• • • BY AUTHORITY ORDINANCE NO. 1._ SERIES OF 1996 COUNCIL BILL NO . 9 INTRODUCED BY COUNCIL MEMBER VORMITTAG AN ORDL"IANCE APPROVING THE SALE OF FOUR PROPERTIES, WIDCH WERE DEVELOPED FOR THE "BtnLD" PROJECT, ON THE OPEN MARKET . WHEREAS, the Englewood 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 co nstructed, singJe--fam ily homes are built to replace seriously dilapi<lated or obsolete -:.m.i::tures, or are built on vacant lots; and WHEREAS , four such developed properties are ready to be sold to private parties who will secure their o\vn financing, thereby repladng the City funds used and returning them to the BUILD fund: NOW. 1 HEREFORE. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ENGLE ;vooD, COLORADO , AS FOLLOWS : Sl:ai!m..l. Approval is hereby given for the sale of four properties which were developed for Project BL"ILD . Sair. properties will be sold to private parties who shall secure •.heir own financmg and thP. City fund s, which were -.;.:;ed to purchase and develop :,.ci.!d properties, shall be returne<l . ..o the BUILD fund. The sal•, price is t o be the fair market price hased on ap praisal p:..:z vr-minus seven perc ent (7%). ~ Th e following properties to be sold are properties which ,•,ere developed for Project BUIL'.l : 2035 West Hill side Avenue 2. 2073 \Vest Baltic Avenue 3. 2083 \V est Baltic Avenu e 4. 4801 South Grru,t Street The sale of these properties shall require th e purchaser to agree by separatl• document as follows J . The purchaser shall be the occupant. 2 The purchaser s hall not own any other reside.nee on the date of transfer of deed t J the above properties . 3 The property may not be re nted by th e owner during th e first th ree (3) years of owncn1hip . ~-Th e Mayor and the City Clerk are a uthori zed to exec ute the proper form of deed for th e cmweynncc oflhese properties pursuant to S~tion 72 of th e Englewood City Charter . -1- • • • Inb-oduced, read in full, and puaed on tint reading on the 20th day o., February 1996 . Published au a Bill for an Ordinance on the 22nd day of February, 1996. Read by title and passed on final reading o.n the 4th day of March, 1996 . Published by title as Ordinance No. 'L, Seri .. of 1996 , on the 7th day of March , 1996 . I, Loucri shia A Ellis , City Clerk of the City of Englewood , Co lorado, hereby certify tha t the above and fore going is a true copr7of the Ordinance passed on final reading and published by title as Ordinance No . r' Series of 1996. ~udfl/4 Loucrishia A. Ellis -2- • • • COUNCIL COMMUNICATION Date February 20, 1996 Initiated By c· Mana er/Housin Autho · Agenda Item 10 ai i Subject Sale of properties Developed for Pro ·ect BUILD. Staff Source Paul Malinowski COUNCIL GOAL AND PREVIOUS COUNCIL ACTION The City Council has allocated $500,000 from the General Fund for Project BUILD. The money is to be used to purchase existing residential properties and develop new housing st ock according to a policy approved by the City Council. RECOMMENDED ACTION To pass an ordinance approving the sale of the following properties developed for the BUILD Project: 2035 West Hillside Avenue, 2073 West Baltic Avenue , 2083 West Bailie Avenue and 4801 South Grant Street. The properties will be sold for no more than seven percent above the appraised value, and no less than seven percent below the appraised value. BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED In 1990 the City Council recommended a program be instituted in Englewood whereby newly constructed , single family homes replace seriously dilapidated or obsolescent homes . New homes WOl!,d be also build on vacant land . This recommendation has also been incorporated into the draft Comprehensive Plan for the City . Fll'.IANCIAL IMPACT The developed properties are to be sold to private parties who have their own financing . The City funds that were sed to purchase and develop each property will be returned to th e BUILD fund when that property is sold and the nr;v loan is closed . LIST OF ATTACHMENTS Bill for Ordinance .