HomeMy WebLinkAbout2008 Resolution No. 034CONTRACT No ./ f_ ,:i_o o ~
• RESOLUTION NO . ?Jt/
•
•
SERIES OF 200 8 --
A RESOLUTION SUPPORTING THE SALE AND DISPOSITION OF THE PROCEEDS
FROM THE SALE OF A PORTION OF THE ENGLEWOOD McLELLAN RESERVOIR
FOUNDATION (EMRF) PROPERTY TO THE REGIO NAL TRANSPORTATION DISTRICT
(RTD).
WHEREAS, the Englewood /Mclellan Reservoir Foundation (EMRF) was formed to protect
and oversee the development of the Mclellan Reservoir property; and
WHEREAS, in planning for the development of the Mclellan properties, the establishment of
a li,qht rail station on EMRF Property at C4 70 and Lucent Boulevard h83 been a primary clement
for development of EMRF properties south of C-4 70; and
WHEIUlAS , since the passage ofFasTracb in 2004, EMRF has worked with RTD to irumrc
that the station site was limited to approximately 10 acres to allow for future development of tl"
adjacent EMRF property; and
WHEREAS, RTD is purchasing the property under threat of condemnation ; and
WHEREAS, the RTD purchase of such property has been completed; and
WHEREAS, the passage of this proposed Resolution will support the sale and disposition of
the proceeds of the sale ofEMRF property to the RID;
NOW, THERlµ'ORE, BE IT RESOL V'"'.ill .llY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD , COLORADO, THAT :
~-The City Council of the City of Englewood, Colorado supports the disposition of
proceeds from the aalc of a portion of the Englewood McLcllan Reservoir Foundation (EMRF)
property to the Regional Transportation District (RTD), as follows :
GROSS PROCEEDS FROM THE SALE OF PROPERTY
CLOSING COSTS
NET PROCEEDS FROM THE SALE OF PROPERTY
DISPOSTION OF PROCEEDS:
WATER FUND :
Repayment of Cash Advance
Payment in Full for Land
Total Payment to Water Fund
GENERAL FUND :
Repayment of Cash Adva11ce
Repayment of Cash Advance
$3,200 ,000 .00
$ 182.50
$3,199,817.50
$ 100,000
L2Bl!.ill.
$ 38C1,675
$ 100,000
LJ.Q.QQQ
Total Payment to th e General Fund
ENGLEWOOD McLELLAN RESE RVOIR FOUNDATION :
Operating Budge t through 2010 (In sura nce, Lc&al, etc .)
Land Prcpnrm ion -Planning Area 8 1
La nd Prcparniion -Planning Arcn. 84
Land Preparat io n -Planning Arca 85
Ln nd Pre para tio n -RTD Estimated Payment
Contingency
Total N~t Pa)tnCnt to EMRF
$ 150,000
200,000
370.000
S 700,000
$1,300,000
($ 500 ,000)
$ JOO 000
$2,170,000
TRANSFER TO THE GENERAL FUND LONG TERM ASSET RESERVES 499 ,142 .5 0
Secti on 2. Th e Ci ty Manager and the Director of Finance and Administrative Services arc
hereby authorized to disperse th e proceed s from the sa le of a portion of the Englewood Mclellan
Reservo ir Foundation (EMRF) property by the Regional Tran spo rtation Di strict (RTD) as
indicated above.
ADOPTED AND APPROVED thi s 7th day of April, 2008.
I, Loucrishia A. Ellis, City Clerk for ~9 City of Englewood ,
above is a true copy of Reso luti on No .;:![_, Series of 008 .
•
•
•
COUNCIL CO/IMUNICATION
Dat e: Agenda Item : Subj ect:
A pril 7, 2008 11 C i Reso lu tio n Supportin g th e Sa le and D isposit io n of
Procee ds fr om th e Sa le of Englewood M cl ell an
Reservo ir Fo undatio n Property to th e Regional
Tra nspo rt ation Di stri c t
Initiated By: I Staff Source:
Fin ance and A dministrati ve Service s Depa rtm ent Frank Gryglewicz, Direc to r
COUNCIL GOAL AND PREVIOUS COUNCIL ACTION
City C o uncil h as disc us se d the M cl ellan Reservo ir pro p erty o n numero us occasio ns. City Council
approved th e fo rm ati o n o f th e Engl ewood M cl ell an Res ervoir Foundatio n (EMRF) o n May 3, 1999
and the EMRF articles o f incorp o rati o n were signed o n Jun e 1, 1999. Co un ci l pa ssed Reso lutio n
75, Se ri es o f 1999 transfe rrin g funds from th e Water Fund to th e EMRF and passe d Ordinance 41 ,
Se ries o f 1999 transferring property fro m the City to th e EMRF . C o uncil pas se d Resolutio n 3, Seri es
o f 2006 approving th e appropriatio n and tr ansfer o f $100,00 0 fro m th e Gen eral Fund to th e EMRF .
Co uncil p ass ed Re so lution 38, Seri es of 2007 adva nci ng $50,000 to th e EMRF.
RECOMMENDED ACTION
Staff recomme nds City Counc il approve a Reso luti on suppo rting th e sa le and th e fo llowing
disp o siti o n o f funds receive d fro m th e Reg io nal Tran spo rtati o n Distri c t's purc hase o f land fro m th e
Englewood Mcle ll an Reservo ir Fo undati o n:
GROSS PROCEEDS FROM THE SALE OF PROPERTY
CLOSING CO 5'TS
NET PROCEEDS FROM THE SALE OF PROPERTY
DISPOSITION OF PROCEEDS :
WATER FUND:
Repayment of Cas h Advanc e
Pay ment in Full for Land
Total Pay ment to Wa ter Fun d
GENERAL FUND :
Repay ment of Cas h Adva nce
Repayment of Cash Adva nce
To tal Payment to th e Ge nera l Fun d
$3,200,000 .00
$1 82.5 0
$3 ,1 99,8 17.50
$10 0,00 0.00
~
$360,675.00
$ t 00,000 .00
lli.QQQ.QQ
$ t 50,000.00
ENGLEWOOD MCLELLAN RESERVOIR FOUNDATION :
Opera ting Bud gel through 20 IO (In surance, Lega l, etc.)
land Pr epar,11ion -Pl annlng Area 8 1
land Pr eparati on -Pl ann ing Area 84
Land Prep ara ti on -Pl anning Area 85
land Pr eparation -RTD Es 1irna1ed Payment
Co nting ency
Tota l Net Pa yment 10 EMRF
TRANSFER TO THE GENERAL FUND LONG TERM ASSET RESERVE
FINANCIAL IMPACT
$200,000
$370,000
$700,000
$1 ,3 00,000
($500,000)
llQQ.QQQ
$2,170,000.00
$499,142.50
This action makes th e General an d Water Funds "whole" and funds the ope rati ons and land
improvement activities of the Englewood Mclellan Reservoir Foundation. Th e funding of the EMRF
should, In the future, yield a long-term rev enu e stream when the property is leased and rents are
collected and remitted to the Foundation . At this time it is assumed the rents will be collec ted and
remitted (net of necessa ry operating expenditures) to the City for us e as determined by the City
Council.
LIST OF ATTACHMENTS
Proposed Resolution
•
•
•