Fort Collins is constant to maneuver ahead with the acquisition of the previous Hughes Stadium land, hoping to shut on the sale in March.
The sale has been a very long time coming since voters accredited it in 2021, passing a poll measure that required the town to aim to buy the land from Colorado State College and keep it as open area.
In August of that 12 months, CSU, Fort Collins and Cottonwood Lands and Farms — proprietor of the Strauss Lake property close to the intersection of Ziegler and Horsetooth roads — signed a memorandum of understanding with quite a few agreements and conditions that will end result within the metropolis shopping for the Hughes land from CSU and Cottonwood promoting a part of the Strauss Lake property to the college for growth of reasonably priced housing.
The deal was contingent on the town approving Cottonwood’s zoning and growth plans for its whole 185 acres. As soon as that was in hand, Cottonwood mentioned it could carve out and promote 24 acres to CSU.
Nonetheless, after virtually a 12 months of silence on the sale’s progress, the Coloradoan has confirmed that Cottonwood Lands and Farms is not a part of the dialog.
Tiana Kennedy, spokesperson for the CSU System, advised the Coloradoan in early December 2022 that “CSU is working with the town on the acquisition and sale settlement for the Hughes property … CSU has not entered into any separate settlement with Invoice McDowell,” who owns Cottonwood.
Travis Storin, chief monetary officer for the town, confirmed that the town can also be not working with Cottonwood in regard to the Hughes land. “From the town’s perspective the MOU has expired and we don’t have any lively work with Mr. McDowell,” Storin mentioned in an electronic mail to the Coloradoan Thursday.
In a written assertion, McDowell admitted that the plan is not what it was concerning his land and CSU, however maintained the businesses are nonetheless working collectively in some kind.
“Whereas it not seems possible that an outright land swap as initially envisioned will happen, we’re nonetheless shifting ahead with growth of our property; the challenge will nonetheless embody a major factor of reasonably priced housing; and we’re nonetheless actively working with each CSU and the town to find out precisely what that can seem like,” McDowell mentioned.
Want a refresh?This is our timeline of the Hughes Stadium website redevelopment
No matter what occurs with Cottonwood, the town — which by no means had plans to purchase or promote land from a 3rd occasion as a part of the Hughes buy — continues to be shifting ahead with buying the Hughes land from CSU and mentioned funding choices at a current metropolis council finance assembly.
On the Jan. 5 council finance assembly, accounting director Blaine Dunn and Storin reviewed financing choices with the committee.
The whole price of the land is predicted to be $12.5 million, most of which can be coated by tax-exempt bonds generally known as certificates of buy, or COPs. 4 million is predicted to come back from the town’s normal fund and pure space fund, although it is but to be decided how a lot of the $4 million every of these funds would contribute. Dunn mentioned “prices can be allotted proportionally to corresponding funds as soon as land use is decided.”
The remaining $8.5 million wanted for the acquisition will come from a COP with a 10-year time period, a set rate of interest and semiannual funds beginning in June 2023. Funds will conclude in December 2032, in response to the presentation.
In different metropolis information:The land use code is again earlier than Metropolis Council subsequent week. This is what might occur.
Molly Bohannon covers Fort Collins authorities for the Coloradoan. Observe her on Twitter @molboha or contact her at mbohannon@coloradoan.com. Help her work and that of different Coloradoan journalists by buying a digital subscription right this moment.
Comments