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HomeMy WebLinkAbout12754 Background Paper for Proposed RESOLUTION DATE: August 12, 2013 AGENDA ITEM # M-4 DEPARTMENT: LAW DEPARTMENT DANIEL C. KOGOVSEK, CITY ATTORNEY TITLE A RESOLUTION APPROVING AN AGREEMENT TO BUY AND SELL REAL ESTATE BETWEEN PUEBLO, A MUNICIPAL CORPORATION, AND REDING CORP. LLC AND KODA LLC RELATING TO CONDOMINIUM UNITS 1A AND 1B OF THE PROPERTY LOCATED AT 101 W. RIVERWALK, PUEBLO, CO 81003, AND AUTHORIZING THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE THE SAME ISSUE Should the City Council approve the sale of Units 1A and 1B located at 101 W. Riverwalk for $1,020,000? RECOMMENDATION Approval of the Resolution. BACKGROUND The City of Pueblo solicited qualification and cost-based proposals from private sector developers to purchase or lease Condominium Units 1A and 1B located at 101 W. Riverwalk, Pueblo, CO 81003. The proposal submitted by SDL Properties, LLC, was chosen as the proposal most advantageous to the City by the project’s selection committee. PBR Condominium Units 1A and 1B are proposed to be sold to Reding Corp. LLC and Koda LLC, two companies affiliated with SDL Properties, for the purchase price of $1,020,000. The purchase price will be paid in cash or certified funds at closing. FINANCIAL IMPACT Sale proceeds from this transaction will be paid to 1992-2016 Sales and Use Tax Capital Improvement Project Fund (“1/2 cent sales tax fund”). Units 1A and 1B will be returned to the property tax rolls. RESOLUTION NO. 12754 A RESOLUTION APPROVING AN AGREEMENT TO BUY AND SELL REAL ESTATE BETWEEN PUEBLO, A MUNICIPAL CORPORATION, AND REDING CORP. LLC AND KODA LLC RELATING TO CONDOMINIUM UNITS 1A AND 1B OF THE PROPERTY LOCATED AT 101 W. RIVERWALK, PUEBLO, CO 81003, AND AUTHORIZING THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE THE SAME BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. The Agreement to Sell and Purchase Real Estate relating to Condominium Units 1A and 1B of the property located at 101 W. Riverwalk, Pueblo, CO 81003 a copy of which is attached hereto, having been approved as to form by the City Attorney, is hereby approved. The President of the City Council is authorized to execute and deliver said instrument in the name of the City and the City Clerk is directed to affix the seal of the City thereto. SECTION 2. The officers and staff of the City are directed and authorized to perform any and all acts consistent with the intent of this Resolution and the attached instrument to effectuate the transactions described therein. SECTION 3. This Resolution shall become effective immediately upon passage and approval. INTRODUCED: August 12, 2013 BY: Sandy Daff