HomeMy WebLinkAbout14517RESOLUTION NO. 14517
A RESOLUTION APPROVING THE PURCHASE BY THE CITY OF
PUEBLO, A COLORADO MUNICIPAL CORPORATION, IN
COLLABORATION WITH PUEBLO COUNTY, COLORADO, A
POLITICAL SUBDIVISION OF THE STATE OF COLORADO,
BOTH AS TENANTS IN COMMON, OF THE REAL PROPERTY
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AND IMPROVEMENTS LOCATED AT 201 W. 8 ST., PUEBLO,
COLORADO FROM ALEXANDER GRAYLING, LTD., A
COLORADO LIMITED LIABILITY COMPANY AND AUTHORIZING
THE MAYOR TO EXECUTE, AT CLOSING, ALL CUSTOMARY,
REASONABLE AND NECESSARY DOCUMENTS TO
EFFECTUATE THE PURCHASE TRANSACTION
WHEREAS, On October 26, 2020, the City Council, by Resolution, accepted and
approved the Assignment of a Contract to Buy and Sell Real Estate (Commercial) from Pueblo
County to itself and the City of Pueblo concerning the real property and improvements located at
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201 W. 8 Street, Pueblo, CO 81003; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The purchase, in collaboration with Pueblo County, of the real property and improvements
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located at 201 W. 8 Street, Pueblo, CO 81003, both as Tenants in Common, from Alexander
Grayling, Ltd., a Colorado limited liability company, shall be and hereby is approved.
SECTION 2.
The Mayor is authorized to execute and deliver at closing, all customary, reasonable and
necessary documents to effectuate the purchase transaction.
SECTION 3.
The officers and staff of the City are authorized and directed to perform all acts consistent
with this Resolution to implement the policies and procedures described herein.
SECTION 4.
This Resolution shall become effective upon passage and approval.
INTRODUCED December 7, 2020
BY: Ray Aguilera
MEMBER OF CITY COUNCIL
APPROVED:
PRESIDENT OF CITY COUNCIL
ATTESTED BY:
CITY CLERK
City Clerk’s Office Item # D-1
Background Paper for Proposed
RESOLUTION
COUNCIL MEETING DATE: December 7, 2020
TO: Council President Dennis E. Flores and Members of City Council
VIA: Brenda Armijo, City Clerk
FROM: Mayor Nicholas A. Gradisar
SUBJECT: A RESOLUTION APPROVING THE PURCHASE BY THE CITY OF PUEBLO, A
COLORADO MUNICIPAL CORPORATION, IN COLLABORATION WITH
PUEBLO COUNTY, COLORADO, A POLITICAL SUBDIVISION OF THE STATE
OF COLORADO, BOTH AS TENANTS IN COMMON, OF THE REAL PROPERTY
TH
AND IMPROVEMENTS LOCATED AT 201 W. 8 ST., PUEBLO, COLORADO
FROM ALEXANDER GRAYLING, LTD., A COLORADO LIMITED LIABILITY
COMPANY AND AUTHORIZING THE MAYOR TO EXECUTE, AT CLOSING, ALL
CUSTOMARY, REASONABLE AND NECESSARY DOCUMENTS TO
EFFECTUATE THE PURCHASE TRANSACTION
SUMMARY:
Attached is a Resolution approving the purchase, in collaboration with Pueblo County, of the real
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property and improvements located at 201 W. 8 Street, Pueblo, CO 81003 (“Wells Fargo Bank
Building”). The Resolution also authorizes the Mayor to sign, at closing, all customary, reasonable
and necessary documents to effectuate the purchase.
PREVIOUS COUNCIL ACTION:
On October 26, 2020, the City Council, by Resolution, accepted and approved the Assignment of
a Contract to Buy and Sell Real Estate (Commercial) from Pueblo County to itself and the City of
Pueblo concerning the real property and improvements located in the Wells Fargo Bank Building.
BACKGROUND:
Pueblo County desires to purchase the Wells Fargo Bank Building, in collaboration with the City
of Pueblo, for future use by both entities as a center for a variety of governmental services.
The Wells Fargo Bank Building contains approximately 117,000 square feet. Joint purchase of
the Property would allow certain City offices to relocate. Co-location of some City and County
offices could be very beneficial local businesses and residents transacting business with the City
and County.
FINANCIAL IMPLICATIONS:
By a concurrent Ordinance, Four Million Dollars ($4,000,000.00) will be withdrawn from the Fund
Balance of the General Fund (“reserves”) for this purchase. Said funds shall be spent as follows:
Half of purchase price $2,750,000.00
Remodeling and relocation expenses 1,190.000.00
Costs of COP issuance 60,000.00
Total $4,000,000.00
City staff recommends that the Fund Balance of the General Fund be reimbursed by the proceeds
of a $4,000,000.00 Certificate of Participation (“COP”) to be issued by the City in January, 2021.
An RFP for the COP has been issued by the City’s Purchasing Department (RFP No. 20-069).
BOARD/COMMISSION RECOMMENDATION:
Not applicable to this Resolution.
STAKEHOLDER PROCESS:
Not applicable to this Resolution.
ALTERNATIVES:
If City Council does not approve this Resolution, the purchase of the Wells Fargo Building by the
City will not occur.
RECOMMENDATION:
The Mayor recommends approval of this Resolution
Attachments: Proposed Resolution