Fort Collins Urban Renewal Authority Board Meeting 8/25/22


Call to Order 00:00:00

Item #2 - Resolution No. 122 Approving the Appropriation of Funds for Appraisal Services and Special Legal Counsel 00:06:29

The purpose of this item is to consider an appropriation to support potentially acquiring property in the North College Plan Area. During a workshop series in 2019, community members identified the former Albertsons site at 1636 North College Avenue as a prime location for a community hub, a library branch, affordable housing, and a workforce development center. A Real Estate Investment Trust (REIT) currently owns 1636 North College Avenue and has a favorable lease for the property. This lease expires in 2030 which means the likelihood of the former Albertsons site redeveloping or housing needed community amenities is low. On July 28, 2022, the Authority Board considered an item that permitted the following related to the former Albertsons site: 1. Conducting a commercial real estate appraisal for the three properties; 2. Discussing funding options with City staff and the City Council Finance Committee; and 3. Begin discussions with the property owners about the Authority potentially acquiring the properties. This item proposes an appropriation of $31,000 to conduct the commercial real estate appraisal and retain legal counsel that specializes in eminent domain proceedings. This appropriation will have minimal impact on the Authority’s finances and will permit staff to works towards completing the three tasks highlighted above.

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