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RESOLUTION NO. 12084
A RESOLUTION APPROVING THE AMENDMENT TO
CONTRACT TO BUY AND SELL REAL ESTATE DATED
NOVEMBER 8, 2010 BETWEEN THE CITY OF PUEBLO AND
THE HOUSING AUTHORITY OF THE CITY OF PUEBLO
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, COLORADO, that:
SECTION 1.
The Amendment to the Contract to Buy and Sell Real Estate between the Housing
Authority of the City of Pueblo and the City of Pueblo, a copy of which is attached hereto, having
been approved as to form by the City Attorney, is hereby approved.
SECTION 2.
The President of the City Council is hereby authorized to execute and deliver the
Amendment to Contract to Buy and Sell Real Estate in the name of the City and the City Clerk is
authorized and directed to affix the seal of the City thereto and attest same. The City Attorney
is authorized to execute and deliver in the name of the City all other documents necessary and
required to consummate the sale and purchase contemplated by the Contract to Buy and Sell
Real Estate.
INTRODUCED: February 14, 2011
BY: Leroy Garcia
Background Paper for Proposed
R
ESOLUTION
DATE: February 14, 2011AGENDA ITEM # M-7
DEPARTMENT: HOUSING AND CITIZEN SERVICES
ADA RIVERA CLARK, DIRECTOR
TITLE
A RESOLUTION APPROVING THE AMENDMENT TO CONTRACT TO BUY AND SELL REAL
ESTATE DATED NOVEMBER 8, 2010 BETWEEN THE CITY OF PUEBLO AND THE
HOUSING AUTHORITY OF THE CITY OF PUEBLO.
ISSUE
Should City Council approve an amendment to the Contract to Buy and Sell Real Estate dated
November 8, 2010?
RECOMMENDATION
Approval of the Resolution.
BACKGROUND
The City previously approved by resolution the conveyance of certain unimproved land to the
Housing Authority of the City of Pueblo as part of the Housing Authority’s Sangre de Cristo
Apartment’s revitalization project. Currently, the land transfer is contingent upon the Housing
Authority of the City of Pueblo receiving approval of its HOPE VI Revitalization grant application
from the Department of Housing and Urban Development. The Housing Authority of the City of
Pueblo is pursuing an allocation of Low Income Tax Credits from the Colorado Housing Finance
Agency as an additional source of funds in order to complete the purchase of the unimproved
real property, which is the subject of the November 8, 2010 Contract to Buy and Sell Real
Estate. The Housing Authority of the City of Pueblo has requested that the City amend the
November 8, 2010 Contract to Buy and Sell Real Estate to allow the conveyance of the property
upon either the approval of its HOPE VI Revitalization grant application orthe receipt of an
allocation of Tax Credits from the Colorado Housing Finance Agency.
FINANCIAL IMPACT
If the Housing Authority were to receive the grant or an allocation of tax credits, an appraisal
would be ordered to determine the value of the property. This value would count as a
contribution to the Project.
AMENDMENT TO CONTRACT TO
BUY AND SELL REAL ESTATE
The City of Pueblo, a Municipal Corporation, 1 City Hall Place, Pueblo,
Colorado, 81003 (the "Seller ") and Housing Authority of the City of Pueblo, 1414 N
Santa Fe Avenue, 10 Floor, Pueblo Colorado, 81003 (the "Buyer ") entered into a
Contract to Buy and Sell Real Estate dated November 8 2010 ( "Contract ")
Buyer is pursuing an allocation of Low Income Housing Tax Credits from the
Colorado Housing Finance Agency ( "Tax Credits ") as an additional source of funds in
order to complete the purchase of the real property described in Exhibit "A" of the
Contract and the parties desire to amend the Contract in order to address the Tax Credits
and to further describe Buyer's responsibility with regard to installing facilities open to
the public
The Contract is hereby amended as follows
(1) Paragraph 5 is hereby amended to provide as follows
5 Date of Closing. Closing shall take place on June 1, 2011 or
such earlier or later date upon which Seller and Buyer may mutually
agree The hour and place of Closing shall be as designated by Seller
( "Closing Date ") This Contract and Closing Date are contingent upon the
Department of Housing and Urban Development approval of Buyer's
HOPE VI Revitalization Grant Application on or before June 1, 2011, or
Buyer's receipt of an allocation of Tax Credits from the Colorado Housing
Finance Agency for the Sangre de Cristo Revitalization Project on or
before June 1, 2011
(2) Paragraph 13 (c) is hereby amended to provide as follows
(c) If the Department of Housing and Urban Development
approves Buyer's HOPE VI Revitalization Grant Application, Buyer shall,
as part of its Sangre de Cristo Apartments Revitalization plan financed
through a HOPE VI Revitalization Grant, construct and install, at a
minimum, a community center, basketball court, and common area on the
Sangre de Cristo site, which shall be open and accessible to the public
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Except as modified herein, the Contract provisions remain effective
according to its terms. This Amendment to Contract to Buy and Sell Real Estate
is entered into by the parties as of February 14 , 2011
SELLER. BUYER.
PUEBLO, A MUNICIPAL CORPORATION HOUSING AUTHORITY OF THE
CITY OF PUEBLO
By, � � � r By' ?.r/t67
Preside of . City Council
Name c c-c)
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Attest: �
• City Clerk
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Approved as to form. g . " `,,
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Cit f ttorney
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