Title
A RESOLUTION APPROVING THE CONVEYANCE OF REAL PROPERTY GENERALLY LOCATED AT BOWEN COURT TO ADAMS COUNTY SCHOOL DISTRICT 14, FOR A CHILD CARE AND EDUCATION SITE.
Body
Summary & Background
The Commerce City Urban Renewal Authority (CCURA) owned the property at 5650 Bowen Court from 1979 until 1993, intent on developing a residential development for the housing authority (see Project Map). The residential development never came to fruition so the CCURA conveyed the property to the City in 1993 for operating the Commerce City Child Care Center. The lot size is 1.247 acres.
The City subsequently entered into a lease with Adams County School District 14 (ACSD14) on December 1, 2004 and ACSD14 uses the structure for a pre-school (see Attached Lease). The lease had an original expiration date of June 30, 2013 but the terms of the lease provided for a 10-year extension providing an expiration date of June 30, 2023. Although the lease has expired, the terms of the lease are in effect until the lease is officially terminated.
The lease terms require ACSD14 to be responsible for the maintenance of the structure. A new roof was installed in 2023. In an effort to reduce the property inventory of the City and due to the fact ACSD14 has a good use of the property benefiting the community, Staff recommends the City Council divest the property from its inventory and deed it to the ACSD14.
The prepared Special Warranty Deed includes a possibility of reverter, which means that if ACSD14 or their grantees ever cease to use the Property for the intended purpose, the Property will automatically revert back to the City.
Staff Responsible (Department Head): Larius Hassen, Director of Public Works
Staff Presenting: Larius Hassen, Director of Public Works
Financial Impact:
An appraisal is being obtained to determine the fair market value of the property but the Adams County Assessor appraised the value of the property at $784,148. Divesting the property to ACSD14 would alleviate any maintenance responsibility for the property by the City.
Funding Source: N/A
Staff Recommendation:
Approve a Resolution approving the divesting and conveyance of City owned property located at 5650 Bowen Court to the Adams County School District 14.
Suggested Motion:
Motion to approve a Resolution approving the conveyance of City owned property located at 5650 Bowen Court to the Adams County School District 14, through a Special Warranty Deed with a Possibility of Reverter.