HomeMy WebLinkAbout10554ORDINANCE NO. 10554
AN ORDINANCE APPROVING AMENDMENT NO. 1 TO THE
SUBDIVISION IMPROVEMENTS AGREEMENT FOR THE
PUEBLO SPRINGS APARTMENTS SUBDIVISION ENTERED
INTO BETWEEN THE CITY OF PUEBLO AND PUEBLO
SPRINGS APARTMENTS, LLC, AND AUTHORIZING
EXECUTION THEREOF BY THE MAYOR
WHEREAS, Pueblo Springs Apartments, LLC and the City of Pueblo, a Colorado
Municipal Corporation, entered into a Subdivision Improvements Agreement (“Agreement”)
dated July 18th, 2022 and recorded on June 22, 2023 as Instrument No. 2316295 in the Office
of Clerk and Recorder of Pueblo County, Colorado, under which Pueblo Springs Apartments,
LLC agreed to construct and install certain Required Public Improvements, as defined in the
Agreement; and
WHEREAS, the Subdivider intends to construct multifamily rental properties on the land
subject to the Agreement with the proceeds of mortgage loans insured by the U.S. Department
of Housing and Urban Development (“HUD”); and
WHEREAS, HUD will not insure mortgage loans secured by property that is subject to
reversionary interests; and
WHEREAS, Pueblo Springs Apartments, LLC has requested an amendment to the
Subdivision Improvements Agreement for the Pueblo Springs Apartments Subdivision to amend
the Agreement such that any reversionary interest is made null and void insofar as it applies to
property encumbered by a HUD-insured or HUD-held mortgage; NOW THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
Amendment No. 1 to the Subdivision Improvements Agreement for the Pueblo Springs
Apartments Subdivision dated July 18, 2022 by and between Pueblo Springs Apartments, LLC,
and the City of Pueblo, a Colorado Municipal Corporation ("Amendment"), a copy of which is
attached hereto and made part hereof by reference, after having been approved as to form by
the City Attorney, is hereby approved. The Mayor is hereby authorized to execute said
Amendment for and on behalf of the City and the City Clerk is authorized to affix the seal of the
City thereto and attest same.
SECTION 2.
The officers of the City are authorized to perform any and all acts consistent with this
Ordinance and the attached Amendment to implement the policies and procedures described
therein.
SECTION 3.
This Ordinance shall become effective immediately upon passage and approval.
Action by City Council:
Introduced and initial adoption of Ordinance by City Council on September 11, 2023.
Final adoption of Ordinance by City Council on September 25, 2023.
____________________________
President of City Council
Action by the Mayor:
☒ Approved on _September 27, 2023____.
☐ Disapproved on ______________ based on the following objections:
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
____________________________
Mayor
Action by City Council After Disapproval by the Mayor:
☐ Council did not act to override the Mayor's veto.
☐ Ordinance re-adopted on a vote of ____________, on _____________
☐ Council action on _______ failed to override the Mayor’s veto.
____________________________
President of City Council
ATTEST
________________________________
City Clerk
City Clerk's Office Item # R4
Background Paper for Proposed
Ordinance
COUNCIL MEETING DATE: September 25, 2023
TO: President Heather Graham and Members of City Council
CC: Mayor Nicholas A. Gradisar
VIA: Marisa Stoller, City Clerk
FROM: Andrew Hayes, Public Works Director
SUBJECT: AN ORDINANCE APPROVING AMENDMENT NO. 1 TO THE
SUBDIVISION IMPROVEMENTS AGREEMENT FOR THE PUEBLO
SPRINGS APARTMENTS SUBDIVISION ENTERED INTO BETWEEN
THE CITY OF PUEBLO AND PUEBLO SPRINGS APARTMENTS, LLC,
AND AUTHORIZING EXECUTION THEREOF BY THE MAYOR
SUMMARY:
Attached is an Ordinance approving Amendment No. 1 to the Subdivision
Improvements Agreement for the Pueblo Springs Apartments Subdivision between the
City and Pueblo Springs Apartments, LLC, and authorizing the Mayor to execute the
Amendment on behalf of the City.
PREVIOUS COUNCIL ACTION:
City Council approved Ordinance No. 10182 on May 23, 2022, approving the Pueblo
Springs Apartments Subdivision.
BACKGROUND:
Pueblo Springs Apartments is requesting an amendment to the Subdivision
Improvements Agreement for the Pueblo Springs Apartments Subdivision. The
proposed amendment acknowledges that the original subdivision action was completed
in accordance with Chapter 4, Title XII of the Pueblo Municipal Code and that the City
and future purchasers of any lots in the subdivision may not compel rescission of any
sale/conveyance/transfer of the property, unless said sale/conveyance or transfer was
conducted unlawfully. This amendment provides clarification necessary to satisfy loan
guaranty requirements of the U.S. Department of Housing and Urban Development,
while preserving the City's rights and remedies outlined in Chapter 4, Title XII of Pueblo
Municipal Code.
FINANCIAL IMPLICATIONS:
None.
BOARD/COMMISSION RECOMMENDATION:
Not applicable to this Ordinance.
STAKEHOLDER PROCESS:
Not applicable to this Ordinance.
ALTERNATIVES:
Failure to approve this Ordinance will preclude the City from being able to execute the
amendment to the Subdivision Improvements Agreement.
RECOMMENDATION:
Approval of the Ordinance.
ATTACHMENTS:
1. Pueblo Springs Apartments SIA Amendment No. 1 (230810)