HomeMy WebLinkAbout2002 Resolution No. 103•
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RESO LUTI ON NO .@
SERIES OF 2002
A RESOL UTION SUPPORTING THE PRO POS ED DE VELO PMENT AGREEMENT
BETWEEN THE ENGLEWOO D ENV IR ONMEN TAL FOUN DATI ON (EEF) AND
DEVELO PMENT SO LUTI ONS GROU P. LL C (DSG) FOR REDE VEL OPMENT OF TH E
FORMER CIT Y HALL PRO PERTY AT 3400 SOU TH EL A Tl STREET .
WHEREAS. Englewoo d City Sta ff has bee n wo rking with Dev el op ment So luti ons Gro up
us the preferre d deve loper of the fo m,er City Hall sit e; and
WHEREAS . the proposed deve lopm ent is a 40,000 to 60,000 square foo t me di cal faci li ty
wi1 h associated lim ited reta il ; and
WHEREAS. the propen y to be so ld is 3400 So uth Ela ti Street and Parce l 2 on the ort h
side of Englewood Pa rkwa y betwee n South Chero kee St reet and South El ati Stre et fo r a purchase
price of S 1.150,000.
NOW , THEREFORE. BE IT RE SO LVED BY TH E CITY COUNC IL OF THE CITY
OF ENGLEWOOD . CO LORA DO. AS FOLLO WS :
Sect ion I. Ci ty Co unci l hereby support s the proposed deve lop ment agreemen t be twee n
the Eng lewood Environ menta l Fo und at ion (EEF) and Deve lopm ent So luti ons Grou p,, I.L C
(DSG) for redeve lopm ent of the fo m,er City Hall prop erty at 3400 So uth Elati Stree t.
Sect ion 2. Th e Mayo r and Ci ty Clerk are auth ori ze d to sig n and att r'-1 any necessary
doc um .:n1 s fo r thi s sa le and redeve lopm ent.
APP ROVED AN D ADO PTE D th is 16'' day ofD cce mbcr 2002 .
I. Lo ucris hia A. Elli s. Cit y Cler k fo r the City of Eng lewo , C
the above is a tru e co py of Rt:so lut ion >Jo . LQ3_, Sc:ries o :? ...
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COUNCIL COMMUNICATION
DATE: AGENDA ITEM SUBJECT: Su pport fo r EE F-DSG ,
December l 6, 2002 11 Ci LLC City Hall Si te Redeve lo pment
INITI ATED BY: STAFF SOURCE : Rick Ka hm & Rob ert
En glewood En vironm ental Fo undation Simos on, En glewood En viro nm ental
Foundatio n
PREVIOUS COUNCIL ACTION :
In 1997, Ci ty Council auth oriz ed th e cre ati o n of th e En glewood Environmental Foundati on as a
nonp rofi t deve lop ment co rporat irn to furth er th e redevelopm ent of th e Cinderella City site.
On Se ptembe r 4, ~00 1 City Coun cil ado pted O rdinan ce No. 51 . Se ries of 2001 , w hich trans fe rred
th e fo rm er City Hall pro perty to th e En glewood Enviro nm ental Foundati o n to fa ci litate
rede velopment.
RECOMME ",DED ACTION:
St aff reco mm en d, th at Co un ci l adopt a reso lut ion, whi ch supports the pr oposed de velopment
agree ment between th e Englewood En vironm ental Foundation (EE F) and Deve lo pm ent So luti ons
Gro up, LL C (DSC) for redeve lo pm ent of th e form er City Hall prope rty at 3400 So uth Elati Street.
BACKGROUND :
A l Coun cil 's direc ti on, staff hJs bee n workin g w ith Deve lopme nt So lutions Gro up as the p refe rred
developer o i the fo rmer Ci ty H JII si te. Th e pr-,pose d developm ent is a 40,000 S.F. to 60,00!' S.F
r,edica l faci lity wi th associ ated li mite d re tail. A "'D ea l Sheer · has uee n prepared w hich ou11 .. 1~s the
ba si c poin ts of a developmen t Jgree ment. Th e dea l points a,e as ioll ows:
Prop ertv 10 he so ld:
J.1 00 Sou th Elati Str ee t (9'1 ,J~i S.F.)
Pa rce l c (North side oi Englewood Parkway betv •ee n Sou th Che rokee Stree t and So uth El ati
St reet. 30.9 i 5 S.F.)
Pur chase Price :
S l.cS0,000.
Depos it :
$~0.000 up on e,ern tio n oi Dea l Shee t. Refun dable onl1• if Co un ci l ia il s to ad o pt resol uti on
suppo rti ng EEF and proposed de ve lopment.
$15.000 dt,e upon e,ecuuon oi Purc hase and Sale Ag reemen t. Becomes no nrefundab le at
end o i d ue dil igence pe riod.
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,v\ E M 0 R A N D u M
TO:
THR U:
City Cou nci l /
Gary SeJ rs . C ity r'vlanager
Robert Si mpso n. Com muni ty Developmen t Dire c to r \
FROM: Harold ). Sti tt . Senior Pl anner <[T
DATE : December 2. 2002
RE : CONFIDENTIAL · Ela ti Stree t Developme nt Status Report
The Elati Street Develop ment Committee met on Tue sca v November 26. 20 02 to review
th e D e3 1s Sh eet fo r the proposed Ci cv Hall si te redevelopment.
Th e d eJI points Jre JS fo llows :
Prooe 't\ to be ;old :
3400 Sa um EL,·1 ~,re~t 199.32~ S.F.I
PJ rce' c ,onh m:e o f E:,gle•.vood PJ rkwav ber.vee n Sou th Cherokee Str eet and
South c!dl Street. 30 :)75 S.F.)
P'...J rc~ase Pric~:
5 1,25 0,000 .
Deo osi r:
52 0,000 upon executi o n o i Dell Sh eet. Re iundable o nly ii Council fails to ado pt
resol utton suppo rnng E::i' .rn d propos ed develo pment.
SI 5.000 due upon e~ecu tia n o i Purc:i ase and Sale .-'.greerr.ent. Beco mes
no nre fu ndab le at end oi due di ligence period .
Du e Dili qe nce Periorl :
43 days fo ll owing Pu rch ase .rnd Sale ,-'.gr eement exec utio n.
• Clos inq Date :
30 days fo ll ow ing due di li gence period. JO-day extens ion period available upon
recei pt of Jn JC:Cittonal non reiundable depo si t of 53 5.000 .
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Development Covenants :
Constructi on to commence by December J 1, 2003 , if not EEF ma y repurchase
property at 90% of original price.
Const ruction of proposed medical facility to be complete by December J 1, 2004, if
not developer wi ll be charged a late development penalty of $1 25,000.
After discu ssio n the Commi ttee recommended that Council support the proposed
development Deal Sheet between the Englewood Environmental Foundation and
Deve lopment Solutions Group, LLC for a 40,000 S.F. to 60,000 S.F. medical facility will
associated limited retail .
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Sblet aftlr City COIIIICil SUppons iL An addllioaal $15,000 reftmdablc deposil will 119 paid
upaa CUQllim of a Parc:lwe md Sale ~ md will become 110n-rcfllndable at die cm
of tll& dua dlllpai;e period . EEP shall open illl escrow IIX0Wlt with Chiaso Title lmunDcc
Co ., u escrow igcm. 11111 all depoails sball be held in such escrow accoum and dism1'utlll in
accordm:e willl !Im Deal Sbeel 111d ~ l'ulclwe and Sale Apeem=ll.
Qr QQbrprg Pyipd:
45 days following !1111111&1 em:ution of a Pmclwc l.l!d Sale ~-
30 days followilli the Due Dili11enc:e Period [7 5 days from the mui:ual aecution
of tile Pllrchlse aml Sale Agrecmem). Purciwer sh.all bavc an ootion for one 3CM!ay e=lon
lql(>Q paytmm of illl additional 535 ,000 non-refundable deposit. wbic!l llllOllllt will apply ED cbe
Purdwc Price .
pewlpmpmt Co•ffipl1!
A. Consuuctioa will cammaic: bf December j I , 2~3 . Failure to do so
sball give EEF 1 repur,:base option ill 90% of tbe orisinal pun:ha5e
price . Owner will bt, given notice of r.ilure ED comm= :md a 3~y
right to cure .
B. Consaucrion of the proposed medical fac'Jlty will be subsWllially
compleud by December j I. 2004 . Suhtanti.l completion shall include
core :IIXI s.l:lcll mi ,ilc work , but shall .J0t im:IUde wwn improvcm=nts .
F1ilurc co COIJlil~ shall result in a late development charge of
Sl:!$,000 . Owner will be given node: of failure co campleiz :md a 30-
day curc period .
C. DatCS of OC'1clop1111:111 CovCWJU will be subject co jorc1 m11j1un which
will iD<:lUde 1 cuswmary pro,-ision relaling t.a aca of God, a.s well as a1!'f
subSWlli:il change in cbe ecooomics of the &enml pr:u;tlce of medlcinc
or in the financing markca for medical facility development. ()wner
will be required to ll0tify EEF witt .in cm (10) days of tbe ~ of
aforr:t m.ajturt even ·. and all daleS shall be :xlmllled for tbe same
atD0IIII! or days that the forr:t f11Di1ur . oven co~. but in 110 evm
lo111er than ISO <hys.
D. Tho! owner shall deve lop a m<:dic:11 offite :uxl mcillary services facility
with rwted rewl ;pace .
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DEVELOPMENT SOLUTIONS GROUP, LLC
204 WALNUT STREEl', SUITE C
FORT COLLINS. CO 80524
Memo: D•r••;J ~ El,.,/; f,.~1,·., f'..,.L.A,,._
PAY
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Tw e n t y Th ousa nd ano 00 /1 00 Do ll ars
Ch i c a g o Titl e Comp any
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COMPASS IIAHK
BOUI.OE R.CO
82 ~1 11 1010
DATE
uo, 25 , 2 0 02
t
1036
i
AMOUNT i
••$20 ,000 .00 I
{n
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OF, ~ ~-~-----~ I "'00LOH,•' ,:rn?0053Lq,: ~500LL31.?5•'
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