City Council Minutes 2010 11 16 - Laserfiche WebLink

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City Council Meeting Minutes November 16, 2010 Page 8 of 11 DISPOSITION OF CITY PROPERTY IN THE COLORADO TECH CENTER (2002 CHERRY STREET) PURCHASED BY ETKIN JOHNSON RESOLUTION No. 71, SERIES 2010 A RESOLUTION APPROVING A PURCHASE AND SALE AGREEMENT TO SELL AN APPROXIMATELY 2.51 -ACRE PARCEL OF CITY LAND LOCATED IN THE COLORADO TECHNOLOGICAL CENTER ORDINANCE No. 1582, SERIES 2010 AN ORDINANCE AUTHORIZING THE SALE AND CONVEYANCE OF ANI APPROXIMATELY 2.5 -ACRE PARCEL OF LAND OWNED BY THE CITY IN THE COLOADO TECHNOLOGICAL CENTER 1st Reading Set Public Hearing 12/7/10 Mayor Sisk requested a City Attorney introduction. City Attorney Light read Ordinance No.1582, Series 2010. Economic Development Director Star stated these actions together would allow the sale of property the City took ownership of in 2003. Etkin Johnson purchased property in Colorado Tech Center (CTC) adjacent to the City property in 2007. Their smaller lot is not very viable for construction and Etkin Johnson would like to increase the size through purchase of the City's property. They propose to reconstruct an existing detention pond to current City standards to serve both their property and regional detention needs. The agreement has the following terms: 1. Sale price is $3.00 per square foot. 2. Any public land dedication or cash in lieu determined to be due and payable through the subdivision process will be paid out of the proceeds of the sale. 3. Buyer has the option to provide financial security to ensure completion of the detention pond in the form of a letter of credit, cash, or bond. Director Star felt the City was getting fair market value for the land. She felt this deal worked well for the City because it avoids realtor fees, it is highly unusual for a developer to volunteer to re -build a City facility and it is rare to find an interested buyer in this down economy. It also is an opportunity to cooperate with a landowner with current property that is undersized to make it marketable and the City isn't just in it to make a cash sale but moving forward with a company bringing other benefits to the City. Jim Vasbinder, with the Etkin Johnson Group, thanked Director Bonnie Star, Director Tom Phare and City Attorney Sam Light for making this possible. He stated Etkin Johnson Group has about 700,000 square feet of space in CTC which employees are occupying and benefitting from.