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HomeMy WebLinkAbout12719RESOLUTION NO. 12719 A RESOLUTION APPROVING A CONTRACT TO BUY AND SELL REAL ESTATE AND AN ASSIGNMENT OF LEASE AGREEMENT BETWEEN THE CITY OF PUEBLO, A MUNICIPAL CORPORATION, AND THE PUEBLO DEVELOPMENT FOUNDATION, INC., A COLORADO NOT-FOR-PROFIT CORPORATION, RELATING TO LOT 34, PUEBLO MEMORIAL AIRPORT INDUSTRIAL PARK SUBDIVISION, THIRD FILING, AND AUTHORIZING THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE SAME BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. The following instruments relating to Lot 34, Pueblo Memorial Airport Industrial Park Subdivision, copies of which are attached hereto, having been approved as to form by the City Attorney, are hereby approved. A. Contract to Buy and Sell Real Estate (Commercial) dated June 5, 2013; B. Counterproposal dated June 11, 2013; C. Assignment of Lease Agreement dated June 24, 2013. The President of the City Council is authorized to execute and deliver said instruments in the name of the City and the City Clerk is directed to affix the seal of the City thereto. SECTION 2. The officers of the City are directed and authorized to perform any and all acts consistent with the intent of this Resolution and the attached instruments to effectuate the transactions described therein. SECTION 3. This Resolution shall become effective immediately upon passage and approval. INTRODUCED: June 24, 2013 BY: Ami Nawrocki Background Paper for Proposed RESOLUTION DATE: AGENDA ITEM # Q-4 June 24, 2013 DEPARTMENT: Law Department Daniel C. Kogovsek, City Attorney TITLE A RESOLUTION APPROVING A CONTRACT TO BUY AND SELL REAL ESTATE AND AN ASSIGNMENT OF LEASE AGREEMENT BETWEEN THE CITY OF PUEBLO, A MUNICIPAL CORPORATION, AND THE PUEBLO DEVELOPMENT FOUNDATION, INC., A COLORADO NOT-FOR-PROFIT CORPORATION, RELATING TO LOT 34, PUEBLO MEMORIAL AIRPORT INDUSTRIAL PARK SUBDIVISION, THIRD FILING, AND AUTHORIZING THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE SAME ISSUE Should City Council approve the sale of 310 Keeler Parkway, located at the Pueblo Memorial Airport Industrial Park, to Pueblo Development Foundation (PDF) for "" $700,000 and approve an assignment of the City’s lease with the Pueblo Economic Development Corporation (“PEDCO”) to PDF? RECOMMENDATION PDF recommends approval. BACKGROUND Lot 34, Pueblo Memorial Airport Industrial Subdivision, aka 310 Keeler Parkway, Pueblo, CO 81001 consists of a building containing approximately 25,728 square feet and existing cranes and craneways and a 3,000 square feet shed located on approximately 4.41 acres of land. The property was formerly leased to Adam Aircraft Industries, Inc. which ceased operations in 2008. The property is subject to a lease, dated February 28, 2011 with PEDCO, which will be assigned to PDF. FINANCIAL IMPACT The 1/2 cent sales tax fund would be repaid the amount of all funds invested in the property. The remaining balance of the sale proceeds will be paid to the City’s general fund.