HomeMy WebLinkAbout13945RESOLUTION NO. 13945
A RESOLUTION APPROVING A CONTRACT TO BUY AND
SELL REAL ESTATE BETWEEN THE CITY OF PUEBLO,
COLORADO, A COLORADO MUNICIPAL CORPORATION
AND SPROUT TINY HOMES, INC., A COLORADO
CORPORATION, RELATING TO THE SALE OF 350
KEELER PARKWAY, PUEBLO, COLORADO 81001 AND
AUTHORIZING THE PRESIDENT OF CITY COUNCIL TO
EXECUTE SAID CONTRACT
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The Contract to Buy and Sell Real Estate dated April 9, 2018, a copy of which is
attached hereto and incorporated herein by this reference, 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 contract in the name of the City and the Acting City
Clerk is directed to affix the seal of the City thereto and attest same. The President of the
City Council is further authorized to execute and deliver all related documents to close
the sale transaction which is hereby approved.
SECTION 2.
The officers and staff of the City are authorized and directed to perform any and
all acts consistent with this Resolution and the attached contract which are necessary or
desirable to implement the sale transaction described therein.
SECTION 3.
This Resolution shall become effective immediately upon final passage.
SECTION 4.
If the attached Contract is not executed by the Buyer within ten (10) days after the
date of approval of Resolution, the attached Contract shall be null and void and Seller
and Buyer shall thereafter be released and discharged from all obligations hereunder.
INTRODUCED: April 9, 2018
BY: Ed Brown
MEMBER OF CITY COUNCIL
APPROVED:
PRESIDENT OF CITY COUNCIL
ATTESTED BY:
ACTING CITY CLERK
City Clerk’s Office Item # Q-2
Background Paper for Proposed
Resolution
COUNCIL MEETING DATE: April 9, 2018
TO: Christopher A. Nicoll and Members of City Council
VIA: Brenda Armijo, Acting City Clerk
FROM: Sam Azad, City Manager
SUBJECT: A RESOLUTION APPROVING A CONTRACT TO BUY AND SELL REAL ESTATE
BETWEEN THE CITY OF PUEBLO, COLORADO, A COLORADO MUNICIPAL
CORPORATION AND SPROUT TINY HOMES, INC., A COLORADO
CORPORATION, RELATING TO THE SALE OF 350 KEELER PARKWAY,
PUEBLO, COLORADO 81001 AND AUTHORIZING THE PRESIDENT OF CITY
COUNCIL TO EXECUTE SAID CONTRACT
SUMMARY:
Attached is a Resolution approving and authorizing the President of City Council to sign a contract
for the City to sell 350 Keeler Parkway, Pueblo, Colorado 81001 (“Subject Property”) to Sprout
Tiny Homes, Inc., a Colorado Corporation (“Sprout”).
PREVIOUS COUNCIL ACTION:
None.
BACKGROUND:
The City purchased the Subject Property from Big R Properties, LLC on February 1, 2018, as part
of a transaction in which Big R Properties, LLC purchased 1 McDonnell Douglas Street, Pueblo,
Colorado 81003 from the City.
Sprout is willing to purchase the Subject Property from the City for its appraised value of Four
Million Dollars ($4,000,000.00).
FINANCIAL IMPLICATIONS:
Proceeds from the sale of the Subject Property will first be used to reimburse the 1992-2021 Sales
and Use Tax Capital Improvement Projects Fund with any remaining sales proceeds to be
deposited in the Capital Improvement Projects (CIP) Fund.
BOARD/COMMISSION RECOMMENDATION:
Not applicable to this Resolution.
STAKEHOLDER PROCESS:
Not applicable to this Resolution.
ALTERNATIVES:
If this Resolution is not approved, Sprout has informed the City that Sprout will not be in a position
to expand its manufacturing facilities in Pueblo County.
RECOMMENDATION:
Approve the Resolution.
Attachments:
Proposed Resolution and proposed Contract to Buy and Sell Real Estate