Title
An Ordinance Creating A New Section 507 (Waiver Of Rights Of First Refusal And First Offer On Qualifying Multifamily Residential Or Mixed-Use Rental Properties) Of Part 5 (Acquisition And Disposition Of Real Property Interests) Of Article 2 (City Properties) Of Chapter 3 (Public Property And Public Works) Of The Code Of The City Of Colorado Springs 2001, As Amended, As Related To Colorado House Bill 24-1175 And A Local Government’s Right Of First Refusal And First Offer To Purchase Qualifying Property For The Purpose Of Providing Long-Term Affordable Housing Or Mixed-Income Development
Presenter:
Lynette Crow-Iverson, Council President Pro Tem and Councilmember At Large
Body
Summary:
The State of Colorado approved House Bill 24-1175 on May 30, 2024 (the “Bill”), creating local government rights of first refusal and first offer to purchase qualifying multifamily property for the purpose of providing long-term affordable housing or mixed-income development. City Council wishes to waive the rights of first refusal and first offer as created by the Bill.
Background:
N/A
Previous Council Action:
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Financial Implications:
N/A
City Council Appointed Board/Commission/Committee Recommendation:
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Stakeholder Process:
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Alternatives:
N/A
Recommended Action
Proposed Motion:
Approve the ordinance as presented
Summary of Ordinance Language
An Ordinance Creating A New Section 507 (Waiver Of Rights Of First Refusal And First Offer On Qualifying Multifamily Residential Or Mixed-Use Rental Properties) Of Part 5 (Acquisition And Disposition Of Real Property Interests) Of Article 2 (City Properties) Of Chapter 3 (Public Property And Public Works) Of The Code Of The City Of Colorado Springs