Title
A resolution authorizing a land exchange between the City of Colorado Springs and OGC RE1, LLC
Presenter:
Kathleen Krager, Transportation Manager, Public Works Department
Body
Summary:
This exchange will trade 8,702 square feet of excess City-owned property along the Pikes Peak Avenue right of way ("City Property") for 41,037 square feet of land within the Shooks Run drainage area currently owned by the OGC RE1, otherwise known as Catalyst Campus ("Catalyst Property"). The City Property was purchased in the early 1980's to improve the intersection of Pikes Peak Avenue and Colorado Avenue. The City Property was not used in the construction of the intersection and is not needed for future improvements. Of the 8,702 square feet, approximately 4,700 square feet is the main access to Catalyst Campus. The remaining 4,000 square feet is in landscaped area that is maintained by the City. Catalyst Campus has requested this area so that it can improve and maintain the landscape area and maintain its access.
Because the estimated fair market value for both the City Property and the Catalyst Property is less than $20,000 appraisals are not required under the City's Real Estate Manual. The City's Real Estate Services division is conducting value findings of the properties in accordance with the Real Estate Manual.
The City will benefit from the proposed exchange, because the City will receive a parcel almost five times the size of the parcel it is conveying and the City will obtain ownership of Shooks Run, which will allow for stormwater maintenance and future park improvements. The Catalyst Property is of value to the Parks, Recreation and Cultural Services Department as it provides a future opportunity to link the Shook Run Trail to businesses and neighborhoods along the corridor and to downtown. The importance of this future trail connection has been further strengthened by community input and preliminary plans identified during the current Envis...
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