Title
A Resolution Authorizing the Acquisition of Easements from Capital Corona II, LP And MTCOR, LLC for the Academy Boulevard - Fountain To Jet Wing Drive Project
Presenter:
Gayle Sturdivant, PE, PMP, Acting Public Works Director/City Engineer
Darlene Kennedy, Real Estate Services Manager
Body
Summary:
The acquisition proposal would authorize the City of Colorado Springs Real Estate Services Manager and Public Works Director to enter into a Memorandum of Agreement with Capital Corona II LP and MTCOR , LLC (the "Property Owners") to acquire permanent easements totaling 7,786 square feet and temporary easements totaling 10,445 square feet (the "Easements") in connection with the PPRTA-funded Academy Boulevard - Fountain to Jet Wing Drive Project (the "Project").
Background:
The Project was identified by the Pikes Peak Rural Transportation Authority ("PPRTA") as an "A-list" priority project, and the PPRTA committed funding for construction of the project in the amount of $59,497,800.00 at its Board meeting on July 6, 2022. Construction started in February 2023 and is anticipated to be completed in July 2025.
The Easements to be acquired will allow for the construction of retaining walls and sidewalks. (see 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 Easements and affected improvements was obtained, which supports the purchase price of $104,800.00. 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.
After City Council approval, the PPRTA Board is scheduled to consider the acquisition at the December 13, 2023 meeting.
Staff requests that City Council approve the Resolution for acquisition of the Easements from the Property Owners. Additionally, the...
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