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AN ORDINANCE AMENDING THE 2012 BUDGET OF THE CITY OF COMMERCE CITY, COLORADO, BY APPROPRIATING A PORTION OF THE UNENCUMBERED FUND BALANCE OF THE PARK IMPACT FEE FUND IN THE AMOUNT OF $947,745, FOR THE VAUGHN PROPERTY PURCHASE AND AUTHORIZATION THE EXPENDITURE THEREOF.
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Summary and Background Information:
This site of approximately 108 acres is under contract and scheduled for closing November 30, 2012. An appraisal, phase one environmental assessment and boundary survey have been completed. The estimated purchase price is $917,745 and could be funded from the Park Impact Fee account. An additional $30,000 is needed for due diligence items. Staff has applied for an Adams County Open Space Grant in the amount of $440,000. If successful, this grant would reduce the City's cost to approximately $507,745. The Adams County Open Space Board recommended approval of the grant to the County Commissioners. It is anticipated County Commissioners will approve the grant in mid November 2012.
A portion of this property is needed for the Second Creek Outfall drainage improvements that have been identified as a Recovery Fund project for the Northeast Greenway Corridor (NGC)/Natural Resource Damage Settlement (NRDS) funding. The remainder of the site is needed for the future Second Creek Community Park site, as identified in the Prairieways Action Plan.
Initial discussions on this matter were previously discussed with City Coucil when staff presented it on September 10, 2012 study session.
Q: Was there earnest money pledged?
A: The purchase contract stipulates earnest money in the amount of 10% of the purchase price as requested by seller ($86,700). The Finance Director and the City Attorney determined that a separate escrow account was not necessary given adequate funding to cover the earnest amount existed and was appropriated in the Second Creek Drainage Basin fund, as such, a memo indicating the funds availability was provided.
Q: Was an appraisa...
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