Title
A Resolution Authorizing the Disposal of Surplus City Property to Project Manitou (“the Purchaser”)
Presenter:
Troy Stover, Business Park Development Director, City of Colorado Springs
Body
Summary:
This resolution involves a request to City Council to authorize the disposal of surplus City property held for development as a part of Peak Innovation Park. The property is not required for airport operations. The transaction falls under § 5.7 of the Colorado Springs Procedure Manual for the Acquisition and Disposition of Real Property Interest, Revised 2021 (the “Real Estate Manual”) as a sale of surplus property offered for sale by listing. Reasons favoring the sale include airport self-sufficiency, economic development, job growth, and infrastructure development. The proposed conveyance is approximately 50 acres.
Background:
The approximately 50.00 acres proposed for sale is situated within Peak Innovation Park south of Milton E. Proby Parkway. The Airport has entered into a Purchase and Sale Agreement (“PSA”) for the property, pending City Council approval. To establish the fair market value (“FMV”), the City’s Real Estate Services Department will obtain independent appraisals. The purchase price outlined in the PSA will be equal to or greater than the appraised FMV. No other City department or enterprise has expressed interest in the property, aside from preserving rights related to existing utility infrastructure.
The City acquired the subject property through deeds dated December 17, 1976, and December 23, 1977, using Federal Aviation Administration (“FAA”) grant funds for the purposes of runway approach protection and airport development. The Airport has consulted with the FAA regarding the proposed sale, and the FAA has confirmed that the intended use of the property is compatible with airport operations. Accordingly, the FAA supports the sale and will issue a letter of release prior to closing.
Previous Council Action:
N/A
Financial Implications:
Because the property was originally acquired using FAA grant funds, the proceeds from its sale will be directed to the Airport enterprise fund and must be used in accordance with federal guidelines.
City Council Appointed Board/Commission/Committee Recommendation:
N/A
Stakeholder Process:
N/A
Alternatives:
N/A
Recommended Action
Proposed Motion:
Motion to approve the resolution authorizing the disposal of surplus City property, consisting of approximately 50.00 acres parcel to Project Manitou.
Summary of Ordinance Language
N/A