HomeMy WebLinkAbout14527RESOLUTION NO. 14527
A RESOLUTION APPROVING THE ASSIGNMENT OF A
CONTRACT TO BUY AND SELL REAL ESTATE
(COMMERCIAL) FROM THE CITY OF PUEBLO, A
COLORADO MUNICIPAL CORPORATION TO PUEBLO
COUNTY, COLORADO, A POLITICAL SUBDIVISION OF
THE STATE OF COLORADO CONCERNING THE REAL
PROPERTY AND IMPROVEMENTS LOCATED AT 201 W.
TH
8 ST., PUEBLO, COLORADO AND RATIFYING THE
MAYOR’S PRIOR SIGNATURE THERETO
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The Assignment of the Contract to Buy and Sell Real Estate (Commercial)
(“Assignment”) from the City of Pueblo, a Colorado Municipal Corporation to Pueblo
County, a Political Subdivision of the State of Colorado, dated December 9, 2020, a copy
of which is attached hereto, having been approved as to form by the City Attorney, shall
be and hereby is approved.
SECTION 2.
The Mayor’s signature to the Assignment on December 9, 2020 shall be and
hereby is ratified.
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 14, 2020
BY: Robert Schilling
MEMBER OF CITY COUNCIL
APPROVED:
PRESIDENT OF CITY COUNCIL
ATTESTED BY:
CITY CLERK
City Clerk’s Office Item # Q-2
Background Paper for Proposed
RESOLUTION
COUNCIL MEETING DATE: December 14, 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 ASSIGNMENT OF A CONTRACT TO BUY
AND SELL REAL ESTATE (COMMERCIAL) FROM THE CITY OF PUEBLO, A
COLORADO MUNICIPAL CORPORATION TO PUEBLO COUNTY, COLORADO,
A POLITICAL SUBDIVISION OF THE STATE OF COLORADO CONCERNING
TH
THE REAL PROPERTY AND IMPROVEMENTS LOCATED AT 201 W. 8 ST.,
PUEBLO, COLORADO AND RATIFYING THE MAYOR’S PRIOR SIGNATURE
THERETO
SUMMARY:
Attached is a Resolution approving the Assignment of a Contract to Buy and Sell Real Estate
(Commercial) (“Contract”) from the City of Pueblo to Pueblo County concerning the real property
th
and improvements located at 201 W. 8 Street (“the Property”) in downtown Pueblo. The
Resolution also ratifies the Mayor’s December 9, 2020 to signature to the Assignment document.
PREVIOUS COUNCIL ACTION:
On October 26, 2020, by Resolution No. 14498, the City Council approved and accepted the
assignment of the Contract to itself and the City.
BACKGROUND:
Pueblo County desires to obtain the Property in conjunction with the City of Pueblo for future use
by both entities as a center for a variety of governmental services. The building located on the
Property 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 to local businesses and residents transacting business with the City and County.
Since the acceptance of the assignment of the Contract from the County, the Mayor and City staff
have engaged in a “due diligence” investigation of the Property and have met with County Board
Chair Garrison Ortiz and County staff to negotiate the details of the proposed co-ownership of the
Property. Both the County and the City have requested a short extension of the Closing Date from
the Seller of the Property to allow the County and the City to complete their negotiations prior to
Closing. Unfortunately, the Seller did not agree to the short extension of the Closing Date.
In order to close the purchase of the Property by the December 10, 2020 Closing Date, the County
offered to pay $5.5 million to purchase the Property in its name only. Facilitation of the December
10, 2020 closing required the reassignment of Contract back from the City to the County. Due to
the time constraints, the Mayor signed the Assignment back to the County on December 9, 2020.
FINANCIAL IMPLICATIONS:
Approval of this Resolution will not result in any financial obligations for the City.
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 City’s reassignment of the Contract back to
the County will not be approved and confirmed by City Council.
RECOMMENDATION:
Approve the Resolution.
Attachments:
Proposed Resolution
Contract Assignment dated 12-09-20