HomeMy WebLinkAbout1997 Resolution No. 111•
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RESOLUTION NO . .11.l
SERIES OF 1997
A RESOLUTION CORRECTING THE PUllCTlASE AMOUNT FOR THE HOME
LUMBER PROPERTY, PREVIOUfJLY APPROVED BY ORDINANCE NO. 72, SERIES OF
1997, FROM $450,000 TO THE C:vRRECT PUJ!CHASE PRICE OF $460,000.
WHEREAS , Council approved 011 final ttacfing Ordinance No. 72, Serie5 of 1997, on
September 2, 1997, authorizing the purchase of Eame Lumber property for $450,000; and
WHEREAS, OD October 20 , 1997, Council alao appnm,d Reeolution 107, Seri .. of 1997,
transferring and appropriating $460,000 for .aid purcl,ue of Home Lumber pl'Operty; and
WHEREAS, the purchase price u lltated in Ordinance No. 72, Series of 1997, of $450,000
was $10,000 Je5s than was actually paid Car pmthMe of said property; and
WHEREAS, the City also paid to the owners of Bame Lumber $10,000 for the right offint
refusal, which sum was not a part of the purd,aR price;
NOW, THEREFORE, BE IT RESOLVED BY'THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD, COLORADO, THAT:
~-That the purchase price for the Home Lumber property, approved by
Ordinance No. 72, Series of 1997, becorrec'.ed to!!,.,.,. the true amount of the purchase price
of$460,000, as shown by the appropriating Resoltmo11 No. 107, Sor.es ofl997 .
ADOPTED AND APPROVED this 15th dzy of December, 1997.
{lJ;JJ!l~-
I, Loucrishia A. Ellis, City Clerk for t,be City o{ Englewood
above is a true copy of Resolution No .lJl, Series af 1997.
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COUNCIL COMMUNICATION
Date
December 15, 1997 I Agende Item I Sub/ act Resolution correc:ling
the purchase amount for the
1 o c II Home Lumber property
Initiated By
Departmen t of Financial Services I Staff Source
Frank Gryglewicz , Director ol Financial SeMCeS
COUNCIL GOAL AND PREVIOUS COUNCIL ACTION
The Counc il approved the 1997 Budget and Appropriation Ord inances on final read ing November 2 1,
1996. On September 2, 1997, City Council approved on final reading Ordinance 72 , Se ri es of 1997,
acthorizing the purchase of Home Lumber for $450 ,000 . City Council read and approved ResolUtJOn
107, Se ri es of 1997, transferring and appropriating $460 ,000 for the purchase of Home Lumbe r on
October 20 , 1997 .
RECOMMENDED ACTION
Staff recomm ends Ci ly Council approve the attached resolution correcting the purc hase price of the
Home Lumber property :•om $450,000 to $460 ,000 . The purchase price included in Ordinance 79.
Series of 1997 was incom•ctly reduced by the $10,000 the City of Englewood paid for the right of first
refusal. The $10 ,000 was paid to the owners .,f Home Lumber and was not a part of the purchase
price . Th e µurchase price included in Ordinance 79 , Serles of 1997 was $10 ,000 less than that paid at
clos ing .
BACKGROUND , ANALYSIS , ~D ALTERNATIVES IDENTIFIED
The City Counc il identif ied the Home Lumber property as a possible future recrea tion si1e. With lhBs
purpose in mind , Council directed staff to pursue the acqu isiti on of this property. City staff obtained a
ri ght ol first refu sal on the property lor $10 ,000. The property was purchased lor $460 ,000 at a c!c:sing
held on Octob er 24 , 1997 .
No altem3 tives were identified.
FINANCIAL IMPACT
This action will have no financ ial im i;act on the City , as the funds we re approp ria ted by Reso lution 107 ,
Seri,;s of 1997 .
UST OF ATTACHMENTS
Proposed resolu tio n