HomeMy WebLinkAbout1998 Ordinance No. 055•
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ORDINANCE NO. r£°
SERIES OF 1998
BY AUTHORITY
COUNCIL BILL NO. 45
INTRODUCED BY COUNCIL
MEMBER BRADSHAW
AN ORDINANCE APPROVING THE SALE ON THE OPEN MARKET OF A
PROPERTY, WHICH WAS 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 , one such developed property is 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 one property which was
developed for Project BUILD. Said property will be sold to private parties who shall
secure their own financing and the City funds , which were used to purchase and
develop said property, 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 property to be sold is property which was developed for
Project BUILD:
777 West Oxford Avenue
The sale of this property 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.
Section 3. The Mayor and the City Clerk are authorized to execute the proper form
of deed for the conveyance of this property pursuant to Section 71 of the Englewood
City Charter.
Introduced, read in full , and passed on first reading on the 3rd day of A~gust ,
1998 .
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Published as a Bill for an Ordinance on the 7th day of August, 1998 .
Read by title and passed on final reading on the 17th day of August, 1998 .
Published by title as Ordinance No.~ Series of 1998 , on the 21st day of
August, 1998.
I , Loucrishia A. Ellis , City Clerk of the City of Englewood, Colorado, hereby certify
that the above and foregoing is a true COP.}:. of the Ordinance passed on final reading
and published by title as Ordinance No.iG5," Series of 1998.
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Loucrishia A. Ellis
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COUNCIL COMMUNICATION
Date Agenda Item Subject
Sale of property developed for
August3, 1998 11 a i Project BUILD
Initiated By Staff Sources
Englewood Housing Authority Cheryl St. Clair, Executive Director of EHA
Janet Grimmett, Housing Finance Specialist
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 stock according to a
policy approved by the City Council.
RECOMMENDED ACTION
To pass an ordinance approving the sale of the following property developed for the BUILD Project:
777 West Oxford Avenue. The Property 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, City Council 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 City.
FINANCIAL IMPACT
The developed properties are to be sold to private parties who have their own financing. The City
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
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