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 app...
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