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Home My WebLink About8364RESOLUTION NO. 8364 A RESOLUTION AUTHORIZING THE PURCHASE OF THE PROPERTY LOCATED AT 1256 SOUTH SANTA FE AVENUE , 1- a THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, THAT: SECTION 1 Purchase of the property located at 1256 South Santa Fe Avenue is hereby authorized. SECTION 2 The City Attorney is authorized to prepare and execute a contract for the purchase of the property. SECTION 3 Funds not to exceed $68,000 shall be disbursed from the 1997 unallocated Community Development Block Grant Funds. INTRODUCED March 23 1 1998 BY: Al Guru 1 e Councilperson APPROVED: lil ` President of t Cou it ATTEST: _ 1—MR, M— psoo v gae� COUNCIL AGENDA - BACKGROUND PAPER TITLE: A resolution approving the purchase of the property located at 1256 South Santa Fe Avenue. DEPARTMENT: Department of Transportation DATE: March 23, 1998 ISSUE: The City of Pueblo was approached by the owner of this property and given the opportunity to purchase at the appraised value of the property. The purchase amount was determined by a market analysis by Remax of Pueblo and Sound Venture Realty, Inc. with a value of $68,000 and $66,000 respectively. This problem intersection has had three (3) fatal accidents in the past 10 years and 40 accidents from 1991 -1995. A contributing factor is the sight- distance problem for Santa Fe Traffic creeping out to see around the building to the East. The property is being purchased with the intent of demolishing the existing home and leaving the lot vacant. FINANCIAL IMPACT: Funds not to exceed $68,000 will be disbursed from the 1997 unallocated Community Development Block Grant Funds. RECOMMENDATION: Approval of the resolution. TRANSNATION TITLE INSURANCE COMPANY POLICY OF TITLE INSURANCE SCHEDULE A Amount of Insurance: $ 68,000.00 Policy No.: 7566724 Date of Policy: May 26, 1998 at 8:08 A.M. up to and including Reception No. 1220432 1. Name of Insured: Pueblo, a Municipal Corporation 2. The estate or interest in the land described herein and which is covered by this policy is: FEE SIMPLE 3. The estate or interest referred to herein is at Date of Policy vested in: Pueblo, a Municipal Corporation 4. The land referred to in this Policy is described as follows: (SEE ATTACHED PAGE FOR LEGAL DESCRIPTION) TRANSNATION TITLE INSURANCE COMPANY Policy No.: 7566724 LEGAL DESCRIPTION Lots 26 and 27, Block 1, Wien, County of Pueblo, State of Colorado Page 2 Escrow Officer: LORI A. FASULO ESCROW DEPT. TRANSNATION TITLE INSURANCE COMPANY 627 North Main Street Pueblo, CO 81003 (719) 543 -0451 Buyer(s): Pueblo, A Municipal Corporation Property: 1256 S Santa Fe Ave Pueblo, Colorado 81003 Lot 26 & 27 Block 1 Wien BUYER'S CLOSING STATEMENT Seller(s): Melvin Ortiz Title No. : 7566724 Date : May 22, 1998 DEBIT CREDIT Contract Sales Price ..................................... ............................... $68,000.00 Dep osits by Buyer ........................................ ............................... 500.00 PRORATIONS COUNTY TAXES ($283.38) ................. 01/01/98 to 05/22/98 ..................... 109.4.7 LENDER CHARGES: RESERVES TITLE CHARGES REAL ESTATE CLOSING FEE ................................... ............................... 50.00 TAX CERTIFICATES .......................................... ............................... 15.00 RECORDING FEES, TRANSFER TAXES Warranty ............................................ ............................... 6.00 ADDITIONAL CHARGES * * * ** SUB TOTAL 68,071.00 609.47 RECEIPT DUE FROM BUYER 67,461.53 $68,071.00 $68,071.00 The above figures do not include sales or use taxes on personal property. THE ABOVE DEDUCTIONS, ADJUSTMENTS, DISBURSEMENTS ARE HEREBY AUTHORIZED AND APPROVED. Pueblo, A Municipal Corporation Broker By: BY / Transnation Title Insurance Company L91116 -A A. ER %*"4 /1 �� By: LORI A. FASULO TRANSNATION TITLE INSURANCE COMPANY 627 North Main Street Pueblo, CO 81003 (719) 543 -0451 Escrow Officer : LORI A. FASULO ESCROW DEPT. Title No. : 7566724 Date : May 22, 1998 SELLER'S CLOSING STATEMENT Setter(s) : Melvin Ortiz Property: 1256 S Santa Fe Ave Pueblo, Colorado 81003 Lot 26 8 27 Block 1 Wien Buyer(s) : Pueblo, A Municipal Corporation DEBIT ContractSales Price ............................ ...... ............................... Deposit to Seller ................................... ............................... 500.00 PAYOFF HENRIATTE LONG PRINCIPAL BALANCE -LOAN NO ............................................. 41,922.66 INTEREST............................... ............................... 605.55 late fee ............................... ............................... 23.10 42,551.31 PUEBLO COUNTY TREASURER 97' TAXES DUE 14- 063 -24- 014 ............ ............................... 286.21 286.21 PRORATIONS COUNTY TAXES ($283.38) ................. 01/01/98 to 05/22/98 ..................... 109.47 LENDER CHARGES: RESERVES TITLE CHARGES REAL ESTATE CLOSING FEE ................................... ............................... 50.00 OWNERS TITLE INSURANCE PREMIUM ............................ ............................... 253.00 RECORDING FEES, TRANSFER TAXES Release .............................................. ............................... 16.00 ADDITIONAL CHARGES CREDIT $68,000.00 * * * ** SUB TOTAL 43,765.99 68,000.00 PROCEEDS DUE SELLER 24,234.01 $68,000.00 $68,000.00 The above figures do not include sales or use taxes on personal property. THE ABOVE DEDUCTIONS, ADJUSTMENTS, DISBURSEMENTS ARE HEREBY AUTHORIZED AND APPROVED. �j Broker Melvin Ortiz By: Transnation Title Insurance Company By: LORI A. FASULO