Title
A Resolution Authorizing the Disposal of Surplus, City-owned Property Consisting of Approximately 7 acres of Land to the Entity known as Project Mustang or its Assign ("Purchaser") in accord with the City of Colorado Springs Procedure Manual for the Acquisition and Disposition of Real Property Interests, Revised 2021, and City Code.
Presenter:
Greg Phillips
Director of Aviation
Colorado Springs Airport
.Bdy
Summary:
The Colorado Springs Airport ("Airport") respectfully requests City Council adopt a resolution authorizing the disposal of surplus, City-owned land to an entity known as Project Mustang ("Project Mustang") in accord with City Code ? 7.7.1804(A) and the City of Colorado Springs Procedure Manual for the Acquisition and Disposition of Real Property Interests, Revised 2021 ("RES Manual").
Project Mustang desires to purchase approximately 7 acres of land in Peak Innovation Park for the purpose of constructing a distribution facility totaling approximately 70,000 to 80,000 square feet. This will generate immediate proceeds intended to be used for the advancement of future revenue producing opportunities and ensuring Peak Innovation Park continues as a strong economic develop engine for the Airport and the Colorado Springs community.
Background:
The City owns that certain real property and overall mixed-use development project known as Peak Innovation Park located on Airport-controlled property, containing approximately 900 acres of land which is generally described and depicted on Exhibit A attached hereto (the "Project"). Project Mustang desires to purchase approximately 7 acres of land within the Project, as generally depicted and described on Exhibit A, for the purpose of constructing an approximately 70,000 to 80,000 square foot distribution facility.
Federal statutes and grant assurances require, among other things, the Airport to remain self-sustainable. This mandate is a primary basis for establishing the business park Pr...
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