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HomeMy WebLinkAbout1997 Ordinance No. 037•• • • ORDINANCE N0.22. SERIES OF 1997 BY AUTHORITY COUNCILBILLNO. 35 INTRODUCED BY COUNCIL MEMBER WAGGONER AN ORDINANCE APPROVING THE SALE ON THE OPEN MARKET OF FIVE PROPERTIES, WHICH WERE DEVELOPED FOR THE "BUILD" PROJECT. 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 constructed, single-family homes are built to replace seriously dilapidated or obsolete structures, or are built on vacant lots; and WHEREAS , five such developed properties are ready to be sold to private parties who will secure their own financing, thereby replacing the City funds used and returning them to the BUILD fund; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD , COLORADO, AS FOLLOWS: Section 1. Approval is hereby given for the sale of five properties which were developed for 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 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%). Section 2. The following properties to be sold are properties which were developed for Project BUILD : 1. 4101 South Acoma Street 2. 2135 West Adriatic Place 3 . 3239 South Logan Street 4. 3736 South Inca Street 5. 37 40 South Inca Street The sale of these properties shall require the purchaser to agree by separate document as follows : 1 . The purchaser shall be the occupant. 2. The purchaser shall 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 first three (3) years of ownership . -1- 11 b i Section 3. The Mayor and the City Clerk are authorized to execute the proper form of deed for the conveyance of these properties pursuant to Section 71 of the Englewood City Charter. Introduced, read in full , and passed on first reading on the 5th day of May, 1997 . Published as a Bill for an Ordinance on the 8th day of May, 1997 . Read by title and passed on final reading on the 19th day of May, 1997 . Published by title as Ordinance No.~ Series of 1997 , on the 22nd day of May, 1997. I, Loucrishia A. Ellis, City Clerk of the City of Englewood, Colorado, hereby certify that the above and foregoing is a true copy.,.cµ: the Ordinance passed on final reading and published by title as Ordinance No.::l..L.., Series of 1997. Loucrishia A. Ellis -2- ''. -• • • COUNCIL COMMUNICATION DATE : May 5. 1997 AGENDA ITEM SUBJECT: Sale of Properties 10 a vii developed for Project BUILD INITIATED BY : City Manager/Housing STAFF SOURCE : Jerry Nestler. Housing Authority 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 housing stock according to a policy approved by the City Council. RECOMMENDED ACTION: To pass an ordinan ce approving the sale of the following properties developed for the BUILD Project: 4101 Sou th Acoma Street. 2135 West Adriatic Place. 3239 South Logan Street. 3736 South Inca Street and 3740 South Inca Street. The Properties will be sold for no more than seven percen t above the appraised value. and no less than seven percent below the appraised va lue. BACKGROUND. ANALYSIS, AND ALTERNATIVES IDENTIFIED: In 1990. C i ty Counc il recommended a program be instituted in Englewood whereby newly constructed. single family homes replace seriously dilapidated or obsolescent homes. New homes would also be built on vacant land. This recommendation has also been incorporated into the draft Comprehensive Plan for the C ity. FINANCIAL IMPACT: The developed properties are to be sold to private parties who have their own financing. The C i ty funds that were used to purchase and develop each property will be returned to the BUILD fund when the property is sold and the new loan is closed. LIST OF ATTACHMENTS: Proposed bill for an ordinance.