HomeMy WebLinkAboutordinance.council.038-94
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ORDINANCE
(Series
NO. 36
of 1994)
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO,
APPROVING THE ACQUISITION BY THE CITY OF ASPEN OF THAT CERTAIN
PROPERTY WITH A MAILING ADDRESS OF 210 MIDLAND AVENUE IN THE CITY
OF ASPEN (COMMONLY KNOWN AS THE SNYDER PROPERTY AS MORE FULLY
DESCRIBED HEREIN), AND TO AUTHORIZE THE MAYOR AND CITY MANAGER TO
EXECUTE ON BEHALF OF THE CITY OF ASPEN SUCH DOCUMENTS AS ARE
NECESSARY TO CONSUMMATE THE ACQUISITION.
WHEREAS, the city council of the city of Aspen has deter-
mined that it is in the City'S best interest to purchase the
property commonly referred to as the snyder property situated in
the City of Aspen and more fully described herein upon certain
terms and conditions; and
WHEREAS, the property owners have indicated their desire to
sell the property to the City of Aspen; and
WHEREAS, the Aspen/Pitkin County Housing Authority executed
a "Vacant Land/Farm and Ranch Contract to' Buy and Sell Real
Estate" (appended hereto as Exhibit "A"), conditioned on City
Council approval; and
WHEREAS, the city Council at its July 25, 1994, meeting
(continued to the morning of July 26, 1994) did by motion approve
,
the purchase on condition that the contract be assigned to the
City of Aspen; and
WHEREAS, the parties to the contract did assign their rights
and obligations to the City of Aspen.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ASPEN, COLORADO, THAT:
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section 1
The city council of the City of Aspen hereby accepts the
assignment of the contract. rights of the Aspen/Pitkin county
Housing Authority in that certain "Vacant Land/Farm Ranch Con-
tract to Buy and Sell Real Estate" (appended hereto as Exhibit
"A") and does hereby authorize the Mayor and City Manager to
execute such other documents as may be necessary to consummate
the acquisition, upon approval as to form of said documents by
the city Attorney; provided, however, that said terms and condi-
tions contain the following general conditions:
(1) The purchase price shall not exceed Three Million
Dollars ($3,000,000.00) less Three Hundred Thousand Dollars
($300,000.00) which sellers shall donate to the city of Aspen;
and
(2) The seller agrees to the receipt of One Million Seven
Hundred Thousand Dollars ($1,700,000.00) to be paid at closing in
cash or certified check; and
(3) The seller agrees to receipt of the balance of One
Million Dollars ($1,000,000.00), in the form a promissory note
which shall include the following terms and conditions:
(a) The term of the note shall be five (5) years;
(b) The interest rate shall be four and one-half per-
cent (4.5%); and
(c)
The city's obligation under the note shall be
conditioned upon the following language:
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"Nothing contained in this promissory note
shall be construed as an obligation by the
city of Aspen beyond any amounts that may be,
from time to time, appropriated by the City
Council of the City of Aspen on an annual
basis"; and
(d) No penalty shall be assessed or due to sellers
from any acceleration on the payments of the prom-
issory note.
Section 2
This ordinance shall not have any effect on existing litiga-
tion and shall not operate as an abatement of any action or
proceeding now pending under or by virtue of the ordinances
repealed or amended as herein provided, and the same shall be
construed and concluded under such prior ordinances.
Section 3
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.
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section 4
A public hearing on the ordinance shall be held on the ~
day of a~ ' 1994, in the City Council
Chambers, Aspen city Hall, Aspen, Colorado.
INTRODUCED, READ AND ORDERED PUBLISHED as provided by law by
the ~O, the
City of Aspen on the
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day of
, 1994.
John
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S. Bennett, Mayor
ATTEST:
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Kathryn S.' och, City
FINALLY adopted,
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passed and approved this c~1~
day of
1994.
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John S. Bennett, Mayor
Nl'TEST :
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Kathryn
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