HomeMy WebLinkAbout1995 Resolution No. 066•
RESO LUT IO:S: NO. &fR_
SERIES OF 1995
A RESOLt:T I0 :-1 AU TH OR IZl:-IG ,l\.'I OPT ION AGREEME :S:T FO R THE SALE OF
THE CITY OF E:-I GLEWOO D PROPERTI ES LOC ATED AT 3400, 34 10 , 3420, 3424
ond 34~S S01.:TH SHER~I A--; STRE ET TO THE ESGLEWOO D HOUS ING
At:THOI\ITY .
\\1iEREA5 . on Sep tembe r 7. 1993. the Eng lewood City Coun cil Authorised th e
purc:ia se of 3,IOO.3-110, 3420, 34 24 an d 342S South Shennan Street by the City : :in d
WHEREAS, the Engl e\\OOd Hous in g Authori ty desires an opuon to pu rchase these
prooerues fr c "'"I the Cit ~ .
. ·ow . THEREFORE . BE IT RESOL '.'ED BY TH E CITY CO t:SC IL OF T HE
C:TY OF E. 'GLE ll'OOD. CO LORA DO. THAT
~-The Cit~ Council of 1h e Cn~ of Eng\ev.ood, Color~do he reby nu tho rm?S on
Op ti on tc ?urcho;e 3400.34 10, 342 0. 24 and 3428 Sou th Shenn ~n Street to the
E:,-!e\,oGi:! Housmg :\uth onty io r the purch nse price ofSl 12.500
'--,·ti('O~ The City :\l nnng er 15 3Ut or,zed to exec ute nnd :he City Cle rk to attest
3n ci seal th e Optio n . .\greement fo r onC on be half of the City of En gle wood .
. ~D OPTE D ASD APPR O\'ED :hli
1. Loucrah1:1 A. El',s . Cit) Cl erk fo r th~ Clly of Englewo od. C rndo , hereby
ce rti fy tl-:e abo ve 1s a true cop) of Resoluu on :--:o .~, Serie of 5 .
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COUNCIL COMMUNICATION
Date Agenda Item Subject
Housing Authority Purchase
, .!:· ember 6 , 19 95 11 a vi -of Sherman Properties
Initiated By Staff Source
City 1ana ge r/City A ttorn ey City Manager/City Attorney
COU NCIL GOAL AND PR EV IOUS OUNCIL ACTION
W ith pass age o f Reso lution o. 84 , Se ries of 1993, City Council ap proved the appropriation of
$199,000 for t he acqu isition of 3400, 3410, 3420, 3424 and 3428 S. Sherma n and associated
d emol ition co m. Re solu ti ons No. 85 & 86 , 1993 approved th e actual purchase of th ese
pro pert ies.
RECOMME OED ACTION
Pass age of Res o lut ions authorizing an O pti o n Agreem ent for the sale of th ese properti es to th e
Englew ood H ous i ng Auth o rity fo r $11 2,500 .
BACKGROUND , ANALYSIS, AND ALTERNATIVES IDENTIFIED
These pro pe rti es were purchased b •h e City for parking purposes . Due to the elevation of th ese
properties parki ng w as fo und to be an inappropr iate use.
These p ropert ies were identified as unnecessary real es tate hold ings by the City in 1995. Counci l
d irected st aff to sell or otherwise dispose of these properties. Staff w as directed 10 cont act C raig,
Spald ing an d other loca l hospital s with rega rd to handi ca p uses for these prope rti es. Current ly th e
ho sp ita l commu n ity d oes not see hand icap use as something they wis h to pursue with respect to
t hese prope rt ies. Th e En glewood H o usi ng A uthority was contacted as to their int ere st fo r
developm ent of these pro perties. The H o usi ng Authority ha s indicated that they are interested in
pursuing options 10 d evelop th es e properties if th ey may be pu rc hased for th ei r current fair m arket
alue. A n ap pra isa l ha s been obta i ned by th e Ci ty fo r th e properties indicati ng a c urrent market
value o f S 112,500 .
Fl ANCIAL IMPACT
The C ity woul d take a los s o n th ese properties from th e o riginal purchase price of $15 1/,000 plus
S4 2 ,000 i n d emo litions cos t s at th e c urrent optio n p rice of $11 2 ,500. Th e loss would al low I, ·ese
propert ies 10 be v iabl y developed .
LIST OF ATTACHMENTS
O pt ion Agre eme nt
Cove r letter for 1995 Real Estate Appra is al
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OPTIO:-. AG REDIE:-<T
Date Nov eir.b e r 6 , 19 9::;
f ""g lcwooc co1 0 ,..ad o ao11a
r""g .:,•.,,•ooci Co 1o,..aC:o 89110
In ...... n .. 11.:::~.111l,n l,i th'!' .. m ~= · i O "0 p:11J .o ihe Sc lkr. 1h~ rec!1pt :i.nd ,uifo.:-11:n .. ·~ 01 \\h1 .. ·h .u.:
r:re--~ .1 .:-k ncr,., icd~c:,.L the Se iler hereo ~ ~1 ,e" ..1.nd grJnt, 1~, P1m:h:uc: 1hc e,c1u~1 ,·c o ption to purC'llJ!>C the foJI \,\\ in~
dc~n[)('d prn;x ~-Lo t.s 1 thr u 8 , Inclu s ive, Bl o ck 7,
?remi er Ad Ci ~ion To Encl ewood ,
Cour:t ;· o= .i\ra pahoe , s tat.e o f Co lorado
also k :1o w:, b,· st r e e t n umber s as 34 0 0 , 341 0 , 3420 & 34 2 4
S . Sh e r ma n Stre e t , Eng lewoo d , Co lor a do 8 011 0 .
:,Ot.s 9 a~d 10, Bloc k 7 , Pr e mi e r Ad di tion, Eng l ewood ,
Co l o r ado 8 0 ll 0
al s o known a s 34 28 s . She rma n , Eng l ewood , CO . 8 0110
t .. gemer \l uh Jll 1mpr0\emen t-s thereon. nuJ ted m thl'.' _____ C,-.,unt\ Ar a n a bee . Sta ie 1.11
Color:i do.Lnov.n:u ~o 34 00 , 3410 3420 , 3424 a nd 34.28 s oi1t b Sherma n
s+r e~-, t:':10 1 1:!wooc . Co lo.,..ado 8011 0
It Pur d'll)(r dec ide s co purc h:isc: th e property. Pur cha ser mu s1 no ttf:• Sell er on or be fo re June 3 ,
______ , I -9..L . "hich nouce mus1 bc m \\nllnf Jnd Stnt b~ reg1Stc:red or ccmiied mad or del i\'cred
pc-r~ona ll~ 1ogcthc:r \4 uh the: dQ\\ n p:iymcm of S ) 0 0 Q Q . Th e: 101:1 1 pu rch:bt'. pncc ol chi: propc:n:,• shall bi:
S 1 Ji .;00 00 \4htch :,hJ II be p:1 1d :b loll~). Ca s h o r Certi fi ed Check.
If the opt io n ,, no1 e,c:rc isc:d o n or b(iort the: above duti!. the opu on rnonc:~ paid h~reu nd c:r :..,.i,,M,,qll not be rc:fu ndcd co
?urch lst:r '
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In the C'\'tnl the opt ion is c.,c rciscd . 1hc pro perty .... m be tran sferred and 1hc cl osi ng will rnkc pl 3cc upon the foll owi ng
tenn s and co nd iuo ns:
I The purc hase pncc \.1.11! include all fi xture s cu mn1 !~ on the premi se). 1ogc 1hcr ,~1th :ill hu1h-1n ap plianc es. all
\A.JndO\I, O\'cri ngs. and aJI wa ll-t o-\.\a ll carpcung. all m the ir pre scnl cond1l 1on. fn:e 3nd dcJr of all eni:umbr:inccs .
~ Se ll er will furni sh a utlc in sura nce pohcy 10 the Purchaser :tftcr the clo~m g :i nd pa~ the premium thereon .
; The time and place of dosmg. shall be desig na ted b~ the Selh:r.\A. ho shall co n,c~ mcrcha n1abh.· mlc b~ a good and
s 1i1 1cnt ~en cral \.1.-:Ur.m~ deed. at such cime ~c ::ind dear of :ill 11,eco and encumbra nce) e,ccp1 r ho se
i ssues of reco rd .
.: If 11tlc 1s not mcrcha n1 ab lc . or 1f the propc ~ should be damaged pnor 10 closi ng. th~ Pu rcha!ie r ma~ denund .an d
recc,,c the return oi the opuon money paid hereunde r
5 Tl \:!'). :i:i dc 1ermmed b~ 1he current lc...,·y :md asses smen t. and all pre-pJtd ncms shJII b: :ip po n\Cl nt 1 !Cl th t dJte of
.. ~,,m~ v.hen thi: deed :md po )se sio n of the prope~ sh JII be deil\eri:d 10 Purch il!lc r.
6 In the C\Cn t of a defa ult here un der by 1he Purchaser. Selle r shall be cnrnled to kee p the opuon me n~ v. 11hou1
.:.:,;\,u nnnf h' Pu rch:iser there for. In 1he C\C nl Seller defaults under the terms and cond111 ons hc~of. the Pur:h::isc r ma~
.:tm:1nJ .:=.nc rccc,"c !'le return oi 1he opuon mo~ paid hereunder. or ma~ hl\l! the ngh 1 1(1 an J:t1on fr,: s:pe::ui c
~riCtrmanc e 01 tn 1~ co,1rract In tne cH:nt .a 1, 11 action 1.s fil ed re g:.ardm _g the 1em1 ~ of this co ntr:i.::. th:: pre, 1lm ~ pa ~ )na \l
oe l!nm ld tl, n:CO\Cf a1; ..:osts and expense s. in cl udm_ reasonable ano me~ ·s r'ees .
':':1e Enqlewood Housing Authori~~-The City o:: En£lewooC.
PL:RCHA SER SELLER Douglas A. C!a=~, C~:~ ½a ~ager
Da te . ______________ _
STATE OF COLORADO .
Coun~ of J>.r a 9ahoe
Tnc i re£:otn~ in strument was acknQ\I, I edged before me thi s __ day of _______ . I" __ .
:-.1 : C'o mm1s s1on expires __________ . 19 __ \Vitness m~ hand and offic1J I se:i!
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eanrxm £'9JPJf
July 24 , 1995
R . A . Kai-In
Engi.neo_rL-ig Manager
City of Englev.ocx:l
3400 Sa.lt.h Elat.i St.reec
Eng ew.:xx:i , CO 80110
RE: Vacant. land
S-i:.C Sherman & Gi~--c!
Eng l ev.ocx:l, Co
a...,s
~COIi)///
Ttltp,one (m) 7i9-.lll.59
Fax (m) 7i9-5'll9
1:1 acco ."Cance · .. 'l.ch your request , we },~,.re prepared a carplete, self ccnc a:..nec
·.~a-rat:::-? .J.;:p1a.1 sal re;:o!t for t he subjecr property. ~ subject is te.n
·:acar:: _c . ..-contain:..r.g 3:,250 squa_re fee:. f land lccated. on the sruc.heast
~me:-o : Sc:ruth Shermar. Street a11d Gira.re Ave.'1ue i..'1 E:iglewcxxi, Colorado.
:-'ne µ.i..."1XJse of this app!"a:.sal repo:t is co est.irrate :.:1€ ~\3.!"ke: Value of t l:e
sJbj ec: p!"Opert y as of Jcly 7, 1 995. T'~s value , as used herei..'1, is f~te:-
CE:.:....,ec L.-i the app::ai sa: re:x,rt . Fee s:.rr;::e interest. :s appraised. Th.:s
ap;::!."B:sa: wi:. be used for internal deci s ion rrak.ing pu...-p:1ses by our clier:c.
;..:l !.an.d sale ccnpa...-ab es were reviewed fc!" cash equi. va.le.ricy. The subject
:-.3....~t.: •:e aoorai sal reoo:-:. 'was dor.e i., a ccordance wic..i-i the aooraisal sta.n.ciarcis
: ::'°.e -~.;:!=ra:..sal -nscituce, as unde!"stcx:ci by t!'.is app~aisa.1 Office.
:':".e rre:!100.S used ar.d all pe_'i:inent data ga-:hered in C'U!" investigation is
:.::cl·..::ie:. wi.-.h che accrnpanyi_11g narrac:.ve rep:,rt . Al l m.:ormation was obta:...iec
::-crr1 sot:::"ces believed t o be r eliable. v,;e certify t!'.at we fl.ave no preseri.t or
c::.r.:er;,:a:ed f ut'..l!""e i.1te::-c sts in the pr~~y beyor.d t!".is estilr6te of value.
'!°otl.:' a::e::tion :.s soec::ical:v directed t::) t he Limi:.i.~:: Conditions and
.l..s s-~:::.cns s ection~ o: ti1.:.s re;:x:i!'t w:-lere t..1.€ parar, :e!"S o: the assigme.'1: j-..3·:e
=-=-=.-. cu::::....11ed i., rrore detail .
;.s o :: .;uly 7, :995, the appraiser r.as es:itra ted tr.e "As I s" M3.rket value :o r
:.::e m.:b j ec: prope:ty a t :
CNE IIUNDPJ:Il TWELVE nlOOSAND FIVE IIUNDRED OOLLARS
s:12 , soo
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Aries' Omrxm Grwp, Inc.
Page 'J\oo
SEC Sherman/Girard
This apprai sal considers real estate ally. The scq:,e ,,f t.he appraisal does
oot inc ude furnitu......,, fixtures, equiµrent, personal FropertY or bJ.siness
interests.
No envi ronrre.<1tal study or soils report was provided to t.he awraiser for
revi ew. A.<1 inportant asSUITption of this appraisal r epo.. is t.he prq,erry is
~ negatively affected hy the existence of hazardrus substa,ices or inferior
soils. The appraisal report is S\lbject to a Phase I eJ10_'"0f1!re!ltal report and
soils rep:>rt verifyi-"")3' t.his assurrpt.io~.
· c:urre.<1t site survey was available for review by the a):praiser.
We appreciate the opportunity to provide MA.I appraisal services for yo.ir firm.
s: . ..-1cere::.:,
W~/1,/D
Dar1:e_ J . St.ephe..,s, ~.1
Ce~::1ed Ge..1eral App::-a..iser
L:.cer.se No .. 'ICD1313 663
Fed:::-a: ::, No. 84-106 ~~:
Scott A . l'c.tlen .. ,y . 7"
Licensee A=ora:..ser
License No·.· o:;.J:3:3620