Title
A Resolution Amending City Council Resolution No. 53-17
Presenter:
Jeff Greene, Chief of Staff for Mayor
Bob Cope, Economic Development Officer
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Body
Summary:
A resolution to approve amending the City Council Resolution No. 53-17, a resolution authorizing a land exchange between the City of Colorado Springs and CSJ No. 7 LLC and Urban Enterprises, LLC.
Background:
On April 25, 2017, City Council approved Resolution No. 53-17 authorizing a land exchange between the City of Colorado Springs and CSJ No. 7 LLC and Urban Enterprises, LLC, in support of the Southwest Downtown Urban Renewal Area and as part of the CDOT I-25/Cimarron Improvement Project.
The land exchange involves the exchange of two (2) City-owned properties known as 25 and 125 Cimino Drive for a portion of a privately owned parcel know as 301 Cimino Drive.
On October 22, 2019, City Council approved Resolution No. 106-19 to amend the proposed land exchange to allow the City to remove 25 Cimino from the exchange, conditioned on the payment of Two Hundred Fourteen Thousand Five Hundred Dollars ($214,500.00) to the City by Owner.
Due to extenuating circumstances the land exchange has not been concluded.
The proposed resolution provides that, only in the event of a court ordered environmental remediation, the City may retain responsibility for the court ordered remediation of 25 Cimino, and in such event Owner shall purchase 25 Cimino for a purchase price of $3,683,100.00.
Owner or related entity has committed to build the landing, staircase, and elevator for the Southwest Downtown pedestrian bridge at a cost of approximately $2.6 million. Owner or related entity has also committed to pay approximately $4.2 million toward the general cost of the pedestrian bridge. The bridge landing is to be located on 125 Cimino. The off-site fabrication of the bridge has commenced, thus the conveyance of 125 Cimino is urgent.
Previous Council Action:
On April 25, 2017, City Council approved Resolution No. 53-17 authorizing a land exchange between the City of Colorado Springs and CSJ No. 7 LLC and Urban Enterprises, LLC.
On October 22, 2019 City Council approved Resolution No. 106-19 to amend the proposed land exchange.
Financial Implications:
Without this amendment to the Land Exchange the placement of the Southwest Downtown pedestrian bridge could be delayed, and the City may be required to purchase that portion of 301 Cimino to finalize the CDOT I-25/Cimarron Improvement Project.
City Council Appointed Board/Commission/Committee Recommendation:
N/A
Stakeholder Process:
N/A
Alternatives:
N/A
Recommended Action
Proposed Motion:
Approve a Resolution Amending City Council Resolution No. 53-17.
Summary of Ordinance Language
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