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REQUEST FOR COUNCIL ACTION
ORDINANCE: O-2005-27
SUBJECT: Authorizing the sale of City-owned property located at the southwest corner of Colfax Avenue and Teller Street.
ADDRESS: 7200 W. Colfax Avenue.
RECOMMENDATION: Approve the ordinance.
FUNDING SOURCE: Not applicable.
SUMMARY AND BACKGROUND OF SUBJECT MATTER: The City purchased the property from two property owners in February of 2000 for $1,745,000 for economic development purposes. Approximately 74% of the funds used to purchase the property came from the General Fund and the remainder came from Economic Development accounts.
Colfax Redevelopment Partners, LLC proposes to construct a Home Depot store to be located on this property and several adjacent lots. The property would be sold to Colfax Redevelopment Partners, LLC for $2,662,879.10. This represents the negotiated price of the property plus reimbursement to the City for all costs of asbestos cleanup and building demolition from 2004 in the amount of $62,879.10. The price represents a 7.52% annual return over 5-1/2 years.
Approval of the ordinance is required by the City Charter for the sale of any real property.
DATE OF FIRST READING: August 8, 2005
DATE OF SECOND READING: August 22, 2005
ORIGINATED BY: Community Planning and Development
STAFF PERSON RESPONSIBLE: Mike Connor
Property and Purchasing Manager, 303-987-7659.
DOCUMENTS ATTACHED: Ordinance O-2005-27
Map
Contract of Purchase and
Sale
Appraiser's Opinion
Home Depot Site Plan
SUBMITTED BY:
Mike Connor, Property and Purchasing Services Manager
Larry Dorr, Director of Finance
REVIEWED BY:
Joni Inman, Director Mayor and City Manager's Office
Michael J. Rock, City Manager
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