Ordinance 2012-1622 - Laserfiche WebLink

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ORDINANCE NO. 1622 SERIES 2012 AN ORDINANCE AUTHORIZING THE PAYMENT OF CITY MONEYS FOR THE ACQUISITION, STABILIZATION, REHABILITATION AND REDEVELOPMENT OF PROPERTY LOCATED AT 540 AND 544 FRONT STREET IN LOUISVILLE AND COMMONLY REFERRED TO AS THE DOWNTOWN LOUISVILLE GRAIN ELEVATOR SITE, APPROVING AN INTEREST BEARING LOAN FROM THE GENERAL FUND TO THE HISTORIC PRESERVATION FUND FOR SUCH PURPOSES, AND REPEALING ORDINANCE NO. 1618, SERIES 2012 WHEREAS, the City of Louisville intends to acquire fee title to a certain parcel of land totaling 1.069 acres, more or less, commonly referred to as the downtown Louisville Grain Elevator site located at 540 and 544 Front Street, which property is legally described on Exhibit A attached hereto and incorporated herein by reference(the"Property"); and WHEREAS, pursuant to Resolution No. 57, Series 2012 accepting a transfer and assignment thereof, the City and the owner of the Property, Barbara R. Stahr, Michael K. Stahr and Phillip T. Decker, have entered into a Purchase Contract to Buy and Sell Real Estate for purchase and sale of the Property upon terms and conditions mutually agreeable to the City and the owner; and WHEREAS, the Purchase Contract provides that the City shall pay the owner of the Property a total purchase price of Nine Hundred Fifty Thousand Dollars ($950,000) for the Property; and WHEREAS, the City Council by this ordinance desires to identify the source of funding for such purchase and for stabilization, rehabilitation and redevelopment of the Property, make certain determinations regarding the Property, and otherwise comply with applicable laws regarding the acquisition of the Property; NOW,THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: Section 1. Unless other funds become available for use by the City as determined by the City Council, moneys from the Historic Preservation Fund and the General Fund shall be used to pay the amount of Nine Hundred Fifty Thousand Dollars ($950,000) for the Property located at 540 and 544 Front Street, Louisville, Boulder County, Colorado, as further described in and subject to the terms and conditions of the Purchase Contract therefor. Section 2. City payment for the Property shall be made in cash, certified funds or City warrant, subject to the Purchase Contract and to any necessary budgetary transfers or supplementary budgets and appropriations in accordance with State law. Such City payment is subject to and Ordinance No. 1622, Series 2012 Page 1 of 4