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HomeMy WebLinkAboutordinance.council.030-87 ORDINANCE NO. ~ (Series of 1987) AN EMERGENCY ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, PURSUANT TO SECTION 4.11 OF THE CITY CHARTER APPROVING THE ACQUISITION BY THE CITY OF ASPEN FOR OPEN SPACE PURPOSES OF THAT PROPERTY LOCATED WITHIN SECTION 2 AND SECTION 11 T. 10 S., R. 85 W. OF THE SIXTH P.M., COUNTY OF PITKIN, COMMONLY KNOWN AS THE "ZOLINE FOUNDATION PARCEL", MORE PARTICULARLY DESCRIBED AS PARCEL A ON THE PLAT ANNEXED AS EXHIBIT "A", IN ACCORDANCE WITH THE PROPOSED FARM AND RANCH CONTRACT TO BUY AND SELL REAL ESTATE ANNEXED AS EXHIBIT "B", THE TERMS OF WHICH ACQUISITION INCLUDE: 1. CONVEYANCE TO THE CITY OF APPROXIMATELY 45.48 ACRES (PLUS OR MINUS THREE ACRES); 2. COMPENSATION TO THE OWNER OF SAID PROPERTY OF $1,375,000.00 (SUBJECT TO CUSTOMARY PRORATIONS) TO BE PAID AS FOLLOWS: a. $50,000.00 UPON THE EXECUTION OF THE PURCHASE AND SALE AGREEMENT; b. AN ADDITIONAL $250,000.00 AT CLOSING; c. EXECUTION AT CLOSING OF A NON-RECOURSE PROMISSORY NOTE IN THE PRINCIPAL AMOUNT OF $1,075,000.00 SECURED BY A FIRST DEED OF TRUST ON THE PROPERTY WITH INTEREST AT THE RATE OF 10% PER ANNUM, PAYABLE WITH QUARTERLY INTEREST PAYMENTS ONLY FOR THE FIRST FIVE YEARS, AND EQUAL INSTALLMENTS OF PRINCIPAL OF $107,500.00 AND QUARTERLY INSTALLMENTS OF INTEREST THEREAFTER FOR 10 YEARS, AT THE END OF WHICH PERIOD OF TIME THE ENTIRE BALANCE SHALL BE DUE AND PAYABLE; THERE SHALL BE NO PREPAYMENT PENALTY; AND AUTHORIZING BOTH THE MAYOR AND THE CITY MANAGER TO EXECUTE ON BEHALF OF THE CITY OF ASPEN SUCH DOCUMENTS AS ARE NECESSARY TO CONSUMMATE THE ACQUISITION This ordinance is an emergency ordinance inasmuch as the subject parcel is and has been targeted as a valuable land acquisition by the City and said property has been placed up for public auction for acquisition by private parties, said auction to be held July 19, 1987, unless said acquisition is consummated by the City Council prior thereto. WHEREAS, it has been brought to the attention of the City Council that that real property, consisting of approximately 45.48 acres (plus or minus three acres) located within the City of Aspen, commonly known as the "Zoline Foundation Property" is scheduled for sale by public auction on July 19, 1987, and may be sold to private parties unless acquired by the City; and WHEREAS, the acquisition of said parcel by the City is hereby determined by the City Council to be necessary for the preservation of the public health, peace, safety and welfare of the City of Aspen, its citizens and visitors and the City Council desires to approve and authorize the acquisition of said parcel for purposes of open space as referred to in Section 13.4 of the City Charter in order to avoid the sale thereof to private parties at the public auction scheduled for July 19, 1987; and WHEREAS, the City Manager, on instructions from the City Council, has negotiated the purchase of the aforesaid parcel, on the terms and conditions set forth in that "Farm and Ranch Contract to Buy and Sell Real Estate", annexed hereto and incorporated herein as Exhibit "B", among which are the following terms and conditions: 1. Purchase by the City of approximately 45.48 acres (plus or minus three acres); 2. Compensation to the owner of $1,375,000.00 (subject to customary prorations), to be paid as follows: a. $50,000.00 upon the execution of the contract appended as Exhibit "B"; b. An additional $250,000.00 at closing. c. Execution at closing of a non-recourse promissory note in the principal amount of $1,075,000.00 secured by a first deed of trust on the property with interest at the rate of 10% per annum, payable with quarterly interest payments only for the first five years, and equal annual install- ments of principal of $107,500.00 and quarterly interest payments thereafter for 10 years, at the end of which period of time the entire balance shall be due and payable; there shall be no prepayment penalty; and WHEREAS, the City Council deems it to be in the best interest of the City of Aspen, its citizens and visitors to acquire the "Zoline Foundation Property" in accordance with the contract appended hereto as Exhibit "B", and desires to approve, as an emergency ordinance for the reasons hereinabove stated, such acquisition and authorize both the Mayor and City Manager to execute on behalf of the City of Aspen said contract, as well as such other documents as may be necessary to consummate the acquisition; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO: 3 Section 1 That the City Council does hereby approve the acquisition of the "Zoline Foundation Property" described as Parcel "A" on that plat appended hereto and incorporated herein as Exhibit "A" in accordance with the terms of that Farm and Ranch Contract to Buy and Sell Real Estate annexed hereto and incorporated herein as Exhibit "B" for the purpose of open space as referred to in Section 13.4 of the City Charter and does hereby authorize both the Mayor and the City Manager to execute said agreement on behalf of the City of Aspen, as well as such other documents as may be necessary to consummate the acquisition, upon approval as to form of said documents by the City Attorney. Section 2 If any section, subsection, sentence, clause, phrase or portion of this ordinance is for any reason held invalid or unconstitutional in a court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision and shall not affect the validity of the remaining portions thereof. Section 3 This ordinance shall be adopted as an emergency ordinance pursuant to Section 4.11 of the City Charter. Such ordinance is necessary for the preservation of the health, peace, safety and welfare of the City of Aspen, its citizens and visitors inasmuch as an opportunity for acquisition by the City on the terms set 4 forth in the contract appended hereto will be lost if said auction proceeds. Section 4 A .public hearing on the ordinance shall be held on the~-~~ day of ~.~ , 1987, in the City Council Chambers, Aspen city Hall, Aspen, Colorado. INTRODUCED, READ AND ORDERED PUBLISHED as provided by law by the City Council of the City of Aspen on the /~3 day of ~~ ,1987. ~~l~liam Li Stifling, ~ayor ~ ATTEST: athryn S~ Koch~ City Clerk FINALLY adopted, passed and approved this~-~-'~-~day of ~~ ,1987. William L. st~i~g, Mayo~ ATTEST: Kathryn ~ Xoch, City Clerk EXHIBIT A To that Warranty Deed made the 10th day of August, 1987, between the Zoline Foundation as Grantor and the city of Aspen, Colorado, as Grantee: A parcel of land situated i'n Section 2 and Section 11, Tc~nsh/p 10 South, Range '. 85 Nest o~ the Sixth Principal ~rfdlan, County o~ Pitkln, State o~ Colorado; said parcel b~ing more particularly descri~, as ~o!lc~s: Cc~ncing at the South (~mrter Corner o~ Section 2, a 1954 Burt~u of Land Management Bz-uss Cap in place; thance N.40~31'02''W- 397.79 feet to tb~ ~ Point of Beg. innS; t~ S.O0°58'04'q4- 964.49 feet to the northerly ri~t-of- ~y of Colorado State Hig~y No. 82; ~ N.60°51'38'~' along sa/d right-of- ~¥ (accord~ to Coloz-ado Department of H/gh~a~s Project No. 2012-B) 740.77 ~eet; t_hen~e ccntim~ng alcrg said right-of-way a3. cr~' the ~ o-~ a curv~ to the right havlrg a radius oX 5680.00 feet ar~ a c~nt~-al ar~le of 07°08'07'', a d4~tar~e of 707.35 feet (chord bears N.57'!7'35"W. 706.89 feet) to the westerly !ine of Lot 21; ~ leaving said right-of-way N.00°58'04''E. along the w~sterl¥ llne of sa~d Lot 21 226.41 ~eet; theme~ N.02°28'04''E. alc~g the westerly llne of sa/d Lot 21 ar~ Lot 17, 1308.O4 feet to the existing southerly rlght-of-w~y lense of County Road No. 12-A; thence leav~ sa/d westerly lot line S.85°42'33"E. along ss/d southerly right-of .-W~¥ fence 7.7~ ~eet; thenme ccntir~ along sa/d right-of-w~y fence N.88°00'39''E. 857.50 feet; thence S.07°16'09'~. ~_lo~g a north-south fe~L-e ~u~ ~ence exter~, 763.01 ~eet; tlmence S.36°2!'42"E. 725.00 feet to the True Point o~ Beg. Lnn~r~; sald parcel oon~ 45.48 acres, ~xDre or less.