Title
RESOLUTION APPROVING PURCHASE OF AND ACCEPTING TITLE TO CERTAIN PROPERTY AND THE CONVEYANCE OF A CONSERVATION EASEMENT THEREON
Body
Summary and Background Information:
On July 31, 2012, a master plan for the distribution of the $10 million Foundation Fund from the Natural Resource Damage ("NRD") settlement associated with the Rocky Mountain Arsenal was approved by the State Trustees. Commerce City was awarded $2.6 million. Per the master plan, this funding is to be used to acquire, remediate and restore two properties along the Sand Creek Regional Greenway (WE Holdings and Multi-Contractors.) See attached map for reference.
City Council passed Resolution 2012-24 on June 18, 2012 approving the use of the NRD settlement funds for the acquisition, remediation and restoration of the WE Holdings and Multi-Contractors properties. The two properties are collectively being acquired for $112,000 below the combined appraised values (WE Holdings/Weaver was appraised at $930,000 and purchased for $700,000 and Multi-Contractors was appraised at $740,000 and purchased for $858,000.) $1,440,000 is coming directly from the State (NRD settlement funds) and $118,000 is coming from Adams County Open Space pass through tax dollars and Conservation Trust Fund (Lottery) dollars that were approved through the 2014 CIPP budget. A closing date of January 17, 2014 has been set for both properties.
A resolution from City Council approving the funding agreements between Commerce City and the State of Colorado for the acquisition of the two properties is required.
Staff Responsible (Department Head): Carolyn Keith
Staff Member Presenting: Mike Brown
Financial Impact: $1,558,000
Funding Source: Natural Resource Damage Settlement (NRDS) Funds, Conservation Trust Funds (Lottery), and Adams County Open Space (ACOS) Sales Tax Funds
Staff Recommendation: Approval
Suggested Motion: