Title:
A Resolution recognizing a partial donation of approximately 174 acres of land to the Colorado Springs Municipal Airport
Presenter:
Alexandru Kovacs, Director of Aviation, Colorado Springs Airport
Body
Summary:
This resolution requests City Council authorization to recognize a partial donation associated with Parcel 4B and Parcel 5. Based on an independent certified appraisal, Parcel 4B has a fair market value of $2.04 per square foot and Parcel 5 has a fair market value of $1.92 per square foot, which exceeds the negotiated purchase price of $1.68 per square foot. In accordance with Section 4.4 of the City of Colorado Springs Procedure Manual for the Acquisition and Disposition of Real Property Interests (the “RES Manual”), the excess value can be acknowledged as a donation to the City with City Council approval.
Background:
On May 31, 2023, the Airport entered into a Purchase and Sale Agreement (PSA) with Phased Acquisitions for approximately 562 acres of land (the “Overall Property”). The PSA divides the Overall Property into six parcels to be acquired in four phases over five years.
Under the amended PSA, the phased acquisitions are scheduled as follows:
• Phase 1 - October 31, 2023: Parcels 1-3, approximately 287 acres at $18,355,498.30
• Phase 2 - September 17, 2025: Parcel 4A, approximately 54.9 acres at $3,670,375.95
• Phase 3 - September 1, 2026: Parcels 4B and 5, approximately 174 acres at $12,651,638.09
• Phase 4 - September 15, 2027: Parcel 6, approximately 45 acres at $3,548,210.59
The Seller has requested recognition of a partial donation for Parcel 4B and Parcel 5, equal to the difference between the appraised fair market values ($2.04/sq ft for Parcel 4B and $1.92/sq ft for Parcel 5) and the agreed-upon purchase price ($1.4656/sq ft). This partial donation requires City Council approval.
Previous Council Action:
City Council previously authorized acquisition of 562 acres of property in a phased acquisition pursuant to Resolution No. 145-23 to include the authorization of a partial donation for Parcel 2.
City Council previously authorized a partial donation for Parcel 4A pursuant to Resolution No. 119-36.
Financial Implications:
N/A
City Council Appointed Board/Commission/Committee Recommendation:
N/A
Stakeholder Process:
N/A
Alternatives:
Approve or deny a resolution recognizing the partial donation associated with Parcel 4B and Parcel 5.
Recommended Action
Proposed Motion:
Move to approve a resolution recognizing the partial donation of approximately 174 acres of land associated with Parcel 4B and Parcel 5 to the Colorado Springs Municipal Airport.
Summary of Ordinance Language:
N/A