Title
A Resolution authorizing the acquisition of real property and a temporary easement using PPRTA funds for the Marksheffel Road - North Carefree to Dublin Project
Presenter:
Gayle Sturdivant, PE, PMP, City Engineer/Deputy Public Works Director
Kellie Billingsley, Real Estate Services Manager
Body
Summary:
The acquisition proposal would authorize the City of Colorado Springs Real Estate Services Manager and the Public Works Director to enter into Real Estate Purchase and Sale Agreements with Southwest Equity Associates, LLP and Trigon Land & Cattle Company (the “Property Owners”) to acquire approximately 93,446 square feet of real property and a temporary construction easement of approximately 7,671 square feet from Southwest Equity Associates, LLP; and, approximately 30,657 square feet of real property from Trigon Land & Cattle Company (the “Properties”) in connection with the Marksheffel Road - North Carefree to Dublin Project (the “Project”).
The negotiated purchase price of the Properties is shown below:
|
Property Owner |
TSN |
Acquisition Amount |
|
Southwest Equities Associates, LLP |
5321001003 |
$571,200.00 |
|
Southwest Equities Associates, LLP |
5316002020 |
$107,700.00 |
|
Trigon Land & Cattle Company |
5316002021 |
$107,300.00 |
|
Total |
|
$786,200.00 |
Background:
The Project was identified by the Pikes Peak Rural Transportation Authority (“PPRTA”) as an “A-list” priority project. The PPRTA committed funding for the Project, which commenced construction in May 2023, and is anticipated to be completed in December 2026.
The Properties to be acquired will allow for the widening of Marksheffel Road and for the construction of the corresponding infrastructure (see attached Location Map for Project location).
Pursuant to Chapter 9 of The City of Colorado Springs Procedure Manual for the Acquisition and Disposition of Real Property Interests, Revised 2021 (“RES Manual”), an appraisal for the Properties and affected improvements was obtained, which supports the total purchase price of $786,200.00. Pursuant to the RES Manual, City Council must approve property acquisitions if the total acquisition amount of the property interest acquired in the transaction exceeds $100,000.
Following City Council approval, the PPRTA Board is scheduled to consider the acquisition at the November 13, 2024 meeting.
Staff requests that City Council approve the Resolution for acquisition of the Properties. Additionally, the attached Resolution authorizes the City’s Real Estate Services Manager and the Public Works Director to execute all documents necessary to complete the acquisition.
Previous Council Action:
On August 23, 2022, City Council endorsed the extension of the Pikes Peak Rural Transportation Authority Capital Program in Resolution No. 121-22. Subsequently, on November, 2022, the citizens approved Ballot Issue 5A extending the PPRTA Capital Program until December 31, 2034, and the issue included this Project.
Financial Implications:
This acquisition cost for the Properties is accounted for in the Project budget.
City Council Appointed Board/Commission/Committee Recommendation:
N/A
Stakeholder Process:
The Property Owners have been engaged with the Project throughout the engineering phase.
Alternatives:
To disapprove of the Resolution and not authorize the City to acquire the Properties.
To approve the Resolution and authorize the City to acquire the Properties.
Recommended Action
Proposed Motion:
Move approval of the proposed Resolution authorizing purchase of the Properties needed for the Marksheffel Road - North Carefree to Dublin Project.
Summary of Ordinance Language
N/A