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HomeMy WebLinkAbout1996 Ordinance No. 050• • BY AUTHORITY ORDINANCE No.fl2_ SERIES OF 1996 COUNCll.. BUJ.. NO. 48 INTRODUCED BY COUNCIL MEMBER HATHAWAY A.'I ORDI)IANCE APPROVING THE SALE OF SIX PROPERTIES, WHICH WERE DEVELOPED FOR THE "BUILD" PROJECT, ON THE OPEN MARKET. WHEREAS. the Englewood City Council allocated Srno,ooo from the General Fund for Project Bl'ILD: and WHEREAS , in 1990 the Englewood City Cuunc'J recommended a program be instituted whereby newly constructed, single-family homes are built to replace seriously dilapidated or obsolete structures , or are built an vacant lots; and WHEREAS . six such developed prop•rties are ready to be sold to private parties who will secure their own financing, thereby replacing the City funds used ar.d returning them to the BT.JILO fund; NOW , THEREFORE, BE IT ORDALl\'ED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD , :'.:OLORADO , AS FOLLOWS : S£s:liglLl. Approval is hereby given for the sale of six properties which were developed for Project BUILD . Said properties will be sold to private parties who sball secure their own financing and the City funds , which were used to purchase and develop said properties, shall be returned to the BUILD fund . The sale price is to be the fair market price based on appraisal plus or minus seven percent (7%). ~ The follo"ing properties to be sold are rro~'Orties which were devel oped for Project Bl:ILD: 2033 West Baltic Avenue 2 -1138 South Bannock Smet 3. 2914 South Elati Smet 4. 4070 South Lincoln Smet 5 . -101 West Oxford Avenue 6. 2398 West Warren Avenue The sale of these properties shall require the purc haser to agree by separate docv .nent as follows l The purchaser shall be the occ upant. 2. The purchaser shall not own any other residence on the date of transfer f deed to the above properties . 3 . Th e property may not be rented by tJ,e owner during th, first three (3) years uf ownership -1- • • • ~. The Mayor and the City Clerk are authorized to execute the proper form of deed for the conveyance of these properties pursuant to Section 72 of the Englewood City Charter. Introduced, read in full, and passed on first reading on the 7th day of Oct ober, 1996 . Publish,<\ as a Bill for an Ordinance on the 10th day of October, 1996. Re,,.d by titb and passed on final reading on the 21st day of October, 1996. Published bl '.itle as Ordinance No . (l) Series of 1996, on the 24th day of October, 1996 . ~--ThOOl.Burns, Mayor I, Loucrishia A. Ellis, City Clerk of the City of Englewood , Colorado, hereby certify that the above a.id foregoing is a true copy of the Ordinance passed on final reading and ~-OO~S'•u-•NoEll,s.ri••"~ I fl, . Loucrishia A. Ellis -2- • • COUNCIL COMMUNICATION Date Agenda ;:,m Subject Sale of prop.::ties '.J~"tober 7, 1996 11 a 1 developed fer f'roject BUILD Initiated By Staff Sources Paul Malinowski , Exec. D irector of [HA ~;ty Manager/Housing Authority Jerry Nestler, Housing Specialist COUNCIL GOAL AND PREVIOUS COUNCIL ACTION The City Council has allocated $500,000.00 from the General Fund for Project BUILD. The money is to be used to purchase existing residential properties and develop new hous ing stock according to a policy approved by the City Council. RECOMMENDED ACTION To pass an ordinance approving the sale of the following properties developd for the BUILD Project : 2033 West Baltic Avenue, 4138 Sot:th Bannock Street , 2914 South fiati Street, 40 70 South Lin col n Street, 401 West O xford, and 23SG West Warren Avenue . The properties will be sold for no more I han seven percent above the appraised value, and no less than seven percent below th e appra ised value . BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED In 1990, City Council recom mend ed a program be instituted in Englewood whereby newly co nstructed , single family homes replace seri ousl y dilapidated or obsol esc ent homes . New homes wou ld be also built on vacant land . This recommendati on ha s also been i ncorporated into the draft Comprehens ive Plan for the Ci ty. FINANCIAL IMPACT The deve loped properties are to be sol d to private parties who have the i r own fi nan cing. Th e City funds tha t were us ed to purchase and develop each property will be returned to the BU ILD fund when th at property is sold and the new loan is closed . L:ST OF ATTACHMENTS Proposed bill for an ord inance .