Title
A Resolution Authorizing the Disposal of Surplus City Property to Project Raptor (the Purchaser")
Presenter:
Troy Stover, Business Park Development Director, Colorado Springs Airport Economic Development
Body
Summary: This resolution involves a request to City Council to authorize the disposal of surplus City property held for development as a part of Peak Innovation Park. The property is not required for airport operations. The transaction falls under ? 5.7 of the Colorado Springs Procedure Manual for the Acquisition and Disposition of Real Property Interest, Revised 2021 (the "Real Estate Manual") as a sale of surplus property offered for sale by listing. Reasons favoring the sale include airport self-sufficiency, economic development, job growth, and infrastructure development. The proposed conveyance is approximately 12.693 acres.
Background:
The approximately 12.693 acres proposed for sale are situated north of Milton E. Proby Parkway, and the Airport has entered into a Purchase and Sale Agreement ("PSA"), subject to City Council approval. The City's Real Estate Services department obtained an appraisal of the property to establish its fair market value ("FMV"), and the purchase price in the PSA is equal to or greater than the FMV established under the appraisal. No other city department or enterprise has expressed an interest in the property, except for the preservation of rights related to certain utility infrastructure.
The City purchased the subject property by deeds dated December 10, 1976, and December 19, 1977, with Federal Aviation Administration ("FAA") grant funds for the purpose of runway approach protection and airport development. The Airport discussed the potential sale of the property with the FAA and the FAA agreed the intended purpose is a compatible land use with the Airport. Accordingly, the FAA currently supports the sale of the land and will provide a letter of release for the sale prior to closing.
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