City of Colorado Springs
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File #: 19-510    Version: 1 Name:
Type: Resolution Status: Mayor's Office
File created: 8/14/2019 In control: City Council
On agenda: 9/24/2019 Final action: 9/24/2019
Title: A resolution authorizing the disposal of surplus, City-owned property to JVKHE-2, LLC, ("Purchaser") as the one logical, potential purchaser. Presenter: Greg Phillips, Director of Aviation, Colorado Springs Airport
Attachments: 1. Exhibit A-Approved Concept Plan-Peak Innovation Park 121818, 2. Exhibit B-2019.08.20 Hotel Site(s) Exhibit, 3. Hotel Letter of Support...8.28.19.pdf, 4. Exhibit C - FAA Instrument of Release.pdf, 5. 8-28-19 - Marriott Backup Memo.pdf, 6. 8-28-19 - Resolution for Marriott Hotel 6 acres.pdf, 7. Signed Resolution 85-19.pdf

Title
A resolution authorizing the disposal of surplus, City-owned property to JVKHE-2, LLC, ("Purchaser") as the one logical, potential purchaser.

Presenter:
Greg Phillips, Director of Aviation, Colorado Springs Airport

Body
Summary:
The Colorado Springs Airport ("Airport") requests City Council to adopt a resolution authorizing the disposal of surplus, City-owned land to Purchaser as the one logical, potential purchaser in accord with City Code ? 7.7.1804(B) and the City of Colorado Springs Procedure Manual for the Acquisition and Disposition of Real Property Interest ("Real Estate Manual").

Background:
The Airport controls Peak Innovation Park, which is approximately 900 acre mixed use business park development located south of the Colorado Springs Airport terminal ("Development Project"). Federal statutes require the Airport to remain self-sustainable and this mandate is a primary basis for establishing the Development Project. As a large scale development project, portions of the project must be strategically sold while other portions will be leased on a long-term basis.

Here, the Purchaser initiated contact with the City expressing an interest in purchasing a seven acre parcel of land within Peak Innovation Park for the development of a Courtyard by Marriott brand hotel and Residence Inn by Marriott brand hotel (or a similar brand approved by the Airport) by Marriott brand hotel. Selling the land for the two hotel projects fits with the Airport's strategy of development because:

(i) The Development Project is in a youthful phase, meaning it has significant undeveloped "greenfield". These hotel projects will bring in primary public infrastructure that will also serve adjacent land. As a result, the cost of future development is lowered and this, in turn, increases the Peak Innovation Park land value and marketability;

(ii) This deal brings financing ability for the Peak Metro District that will pay a significant portion of the costs...

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