HomeMy WebLinkAboutordinance.council.074-90
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ORDINANCE NO. ~
(Series of 1990)
AN ORDINANCE AUTHORIZING AND APPROVING THE PURCHASE OF APPROXI-
MATELY TWENTY-FIVE (25) ACRES OF LAND SITUATED WITHIN THE CITY OF
ASPEN, AND OTHERWISE KNOWN AS THE "MEADOWS CONSERVATION LAND",
AND DESIGNATING $2,125,000.00 FROM THE LAND FUND FOR THE PURCHASE
OF SAME.
WHEREAS, a sub-committee of the city Council and members of
the city staff have negotiated the proposed purchase by the City
of Aspen of approximately 25 acres of land situated within the
City and commonly known as the "Meadows Conservation Land" on
terms and conditions as set forth in that certain Contract to Buy
and Sell Vacant Real Estate attached hereto and fully incor-
po rated herein as Exhibit "A"; and
WHEREAS, the land to be purchased includes fragile and
valuable riparian habitat along both sides of Castle Creek and
along the Roarlng Fork River, as well as wetlands and grasslands;
and
WHEREAS, portions of the land to be purchased are comprised
of areas with significant historical, cultural and environmental
importance to the citizens of the city of Aspen; and
WHEREAS, the purchase of the Meadows Conservation Land will
reserve to the citizens of the city of Aspen and visitors alike
an accessible and unspoiled natural habitat in a shrinking and
evermore costly native environment; and
WHEREAS, the City Council has determined that the purchase
of the Meadows Conservation Land wlll provide necessary and
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beneficial open space for passive recreational activities,
hiking, biking, cross-country skiing and fishing; and
WHEREAS, the City Council has determined that the expendi-
ture of $2,125,000.00 from the Land Acquisition Including Open
Space and Capltal Improvement Fund (Land Fund) to purchase the
Meadows Conservatlon Land is consistent with both the purposes
and intent of such fund.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ASPEN, COLORADO, THAT:
section 1
The Contract to Buy and Sell Vacant Real Estate as hereto-
fore negotiated between the City and Savanah Limited Partnership
for the purchase of the Meadows Conservation Land, and attached
and incorporated herein as Exhibit "A", is hereby ratified and
approved.
section 2
The sum of Two Million One Hundred Twenty-five Thousand
Dollars and No Cents ($2,125,000.00) is hereby designated and
authorized to be expended from the Land Acquisition Including
Open Space and Capital Improvements Fund (Land Fund) for the
purchase of that certain portion of the Aspen Meadows Property
comprising approximately twenty-flve (25) acres, more or less,
situated within the city of Aspen and commonly known as the "Mea-
dows Conservation Land".
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section 3
Pursuant to section 10.8 of the Home Rule Charter for the
City of Aspen, the Mayor and/or the City Manager is hereby
authorized and directed to execute a long term (more than one
year) installment purchase contract for the purchase of the
Meadows Conservation Land, 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. Such purchase
contract shall include, at a mlnimum, the following terms:
(a) Purchase by the City of the approximately 25 acres,
more or less, constituting the Meadows Conservation
Land;
(b) Payment of consideration to the seller in the sum of
$2,125,000.00 (subject to customary prorations), to be
pald as follows:
(i) $100,000.00 upon execution of a contract to buy
and sell;
$900,000.00 at closing;
Execution at closing of a non-recourse promis-
sory note payable to seller in the principal
amount of $1,125,000.00 as amortized over three
(3) years at zero (0) percent interest, payable
in installments of $375,000.00 per year, prin-
cipal and interest, and secured by a first deed
of trust encumbering the land in favor of the
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(ii)
(iii)
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seller. Payments shall commence on the first
anniversary of the closing and shall be due on
the same date of each succeeding year until the
balance outstanding is paid in full. There
shall be no penalty for prepayment.
Section 4
Only such funds from the Land Fund as designated herein
shall be made available and expended for the purchase of the
Meadows Conservation Land and no general or other revenue sources
of the City shall be charged, committed or utilized to satisfy
the indebtedness created by such purchase.
section 5
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 independ~nt
provision and shall not affect the validity of the remaining
portions thereof.
Section 6
A public hearlng on the ordinance shall be held on the /D~
day of
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, 1990, 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 =<~~ day of
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, 1990.
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ATTEST:
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FINALLY adopted, passed and approved this /D%L
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ATTEST:
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day of
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William L. stirling, Mayor
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