HomeMy WebLinkAbout760460.tiff RESOLUTION
RE : AMENDMENTS TO AGREEMENT FOR SALE AND PURCHASE OF REAL ESTATE
BETWEEN WELD COUNTY, COLORADO AND C. RICHARD McCOY.
WHEREAS, the Board of County Commissioners of Weld County ,
Colorado, are vested with the authority of managing the affairs
of Weld County, Colorado, and
WHEREAS, on the 11th day of February, 1976, Weld County
as Seller and C. Richard McCoy as Purchaser, entered into an
agreement for sale and purchase of real estate wherein Weld
County agreed to selland C. Richard McCoy agreed to purchase
the following described real estate, to-wit :
Lots 1, 2, 3, 4 and 5 inclussive , Cranford
Subdivision, Block 162, City of Greeley,
Weld County, Colorado, and
WHEREAS, the Board of County Commissioners of Weld County,
Colorado, deem it advisable to change certain of the terms of
said agreement .
NOW, THEREFORE, BE IT RESOLVED that said agreement for sale
and purchase of real estate, a copy of which is attached to this
Resolution and made a part hereof , is hereby amended to read as
follows :
1 . Paragraph No. 5 is amended to read as follows :
It is understood and agreed that Purchaser shall
make an immediate application for a loan or loans
upon said premises and improvements, and that pay-
ments prior to the disbursement of said loan or
loans shall be Five Thousand Dollars ($5 , 000. 00)
cash in hand paid at the time of the signing of
this contract , receipt of which hereby acknowledged,
and the balance of the purchase price shall be due
and payable upon approval and disbursement of
said loan or loans and delivery of deed by Seller
to the Purchaser . Interest on the $5, 000. 00 paid
to the County , shall be retained by the County
Commissioners for maintenance costs of the real
estate described above.
2. Paragraph No. 7 is amended to read as follows :
Taxes on said premises shall be the obligation of
C. Richard McCoy from and after the date of closing.
3. Paragraph No. 10 is amended to read as follows :
This transaction shall be closed by delivery of
the deed, possession, title insurance commitment
and payment of the balance of the purchase price
on or before October 30, 1977.
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�, a 760460
The above and foregoing Resolution was, on motion duly
made and seconded, adopted by the following vote on the 15th
day of November, A.D. , 1976 .
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
X- 451:ilee-e92-,'
ATTEST:
Weld County Clerk and Recorder
and Clerk to the Board ;
BY: . /,L , < ;( ..A-hi
" Deputy County 'Clerk
r '
A1PRO ED AS TO FORM: ;f'
County Attorney
-2-
AUHI?ERIENE l UH SALI' AND I'UR('II;1SP: .`
OF HEAL ESTATE
THIS AGREEMENT, Made at Greeley, Colorado, this 11th day
of February, 1976, between WELD COUNTY, a quasi municipal corporation
of the State of Colorado (Seller) and C. RICHARD McCOY, (Purchaser). —
WITNESSETH THAT in consideration of the payment by Purchaser
to the Seller the sum of One Hundred Eighty Six Thousand Dollars ($186, 000. 00)
in cash, the Seller agrees to sell to the Purchaser the property, including all
improvements thereon and all fixtures of a permanent nature currently on the _
premises except as may be provided for with all casements and rights-of-way
and appurtenances thereto, more particularly described as follows:
Lots 1, 2, 3, 4 and 5 inclusive, Cranford Subdivision,
Block 162, City of Greeley, Weld County, Colorado.
This agreement of sale and purchase is subject to the following
conditions:
1. That Purchaser shall proceed with due diligence to develop subject '
property as an elderly housing under the cooperation of various government
agencies, including the obtaining of appropriate zoning therefor.
2. That Purchaser will apply and can obtain a firm commitment from
F. H.A . for Section 231 financing for housing for the elderly.
3. That Purchaser will apply and can obtain an award from H. U. D.
to provide Section 8 funds for elderly rental supplements for the project.
4. That subject to the approval and disbursement of the aforementioned
commitment and loans as provided for in 1, 2, and 3 hereinabove, Purchaser
agrees to pay for subject property the sum of One Hundred Eighty Six Thousand
Dollars ($186, 000. 00) upon disbursement of said F. H. A . loan.
5. It is understood and agreed that Purchaser shall make an immediate
application for a loan or loans upon said premises and improvements, and that
payments prior to the disbursement of said loan or loans shall be Five Thousand
Dollars ($5, 000. 00) cash in hand paid at the time of the signing of this contract,
receipt of which hereby acknowledged, and the balance of the purchase price shall
be due and payable upon approval and disbursement of said loan or loans and delivery
of deed by Seller to the Purchaser.
6. Seller shall furnish to Purchaser a commitment to insure the title
to said property which shall reveal a marketable title to said property in the
Seller and after full payment shall cause to be issued to Purchaser a title in-
surance policy by which a marketable title to the above described property free
and clear of liens and encumbrances is insured by the Seller.
7. Taxes on said premises for the year 1976 due and payable in 1977
shall be prorated as of date of closing.
8. Hazard insurance covering the improvements on said property
shall be carried by the Purchaser from and after the date of the execution of
this agreement and risk of loss thereafter shall be the Purchaser, and proof of
such insurance coverage shall be delivered to Seller.
9. Title to said property shall be conveyed by Weld County, a, quasi
municipal corporation of the State of Colorado, free and clear of liens and
encumbrances but aubject to reservations, exceptions, convenants, conch-
dons and restric' s evidenced by instruments of cord, rights-of-way and
easements created by instruments of record or established on the premises.
10. This transaction shall be closed by delivery of the deed, possession,
title insurance commitment and payments of the balance of the purchase price
on or before October 30, 1976.
Time is of the essence hereof and if any payment or the condition hereof
is not made or performed by either Seller or the Purchaser as herein provided,
then this contract shall be void and of no effect and both parties hereto shall be
released from all obligations hereunder, at the option of the party not in default.
In the event of such default by the Purchaser and the Seller elects to treat the
contract as void, then said Five Thousand Dollars ($5, 000. 00) payment made
by Purchaser shall be retained by the Seller as liquidated damages. In the
event the non - defaulting party hereto elects to treat this contract as being in
full force and effect, then nothing herein shall be construed to prevent its
specific performance.
IN WITNESS WHEREOF, the parties hereto have hereunto subscribed
their names the day and year first above written.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
SELLER:
v
Glenn K. Billings, Chairman/
Victor L. Jacobucci
c
Roy riser -
A ' AO'
June Steinmark
ATTEST:
Weld County Clerk and Recorder Norman Carlson
and Clerk to the Board
a:," � t'h � ���-,, {it G PURCHASER :
"Deputy County Clerk
I ( ) 2
A PPROVED AS TO FORM: ( % s%
C. Richard McCoy
' Special Legal Counsel 4 ,(_. 93Osedataere
ZS
-2-
Milton J. Maslalii,
Assistant to the Pr^"dent Denver ' olorado 8021/
Teleph 303 292-2900
November 9, 1976
4f, First Denver
Mortgage Company
Mr. Dick McCoy
.11931 West 58th Ave. Subsitliary of Firs.Nabonal(3anunpor anon
Arvada, Colorado 80002
Re: Proposed 76 Unit Elderly Project
Greeley, Colorado
Dear Dick:
We are happy to have the Arvada House elderly project closed and
look forward to watching the building go up. We are convinced this
project will be successful in the Arvada area.
I have had conversations with the appropriate people at HUD and the
Colorado Housing Finance Authority concerning your Greeley project
and I am optomistic that Section 8 funds will be made available
from the FY' 77 allocations. I would recommend that you go ahead
and prepare your application for FHA.
The mechanics of finance will be like the Arvada House project
using Colorado Housing Finance Authority interim financing and GNMA
"Tandem" permanent financing. We look forward to working with you
on this project and are prepared to make the necessary applications
to the various agencies at your direction.
Sincerely,°711M. J. stalir
Assistant to the President
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GREELEY CIVIC CENT EH
GREELEY. COLORADO 60611
PHONE 1303, 353-6121
October 20 , 1976
Mr. Richard McCoy
11931 W. 58th Ave .
Arvada , CO 80002
Dear Mr. McCoy :
This letter is in response to your inquiry regarding, justifi-
cation of our additional elderly housing units in the City of
Greeley .
The Housing Assistance Plan that was approved this year by the
community development representative from HUD definitely shows
a need for elderly housing in the City . In fact , for the 1976-
1977 fiscal year we have included a request for 100 units of
new construction elderly housing and 80 units of substantial
rehabilitation elderly housing . Our goal for the three years
includes additional requests in the subsequent years for eld-
erly housing. These requests , however , are scaled down for
the purpose of integrating them into the overall housing demands
for low-income housing in the City of Greeley .
Confusion might exist on HUD' s part since the City requested an
amendment to last year' s Housing Assistance Plan to include your
80 unit substantial rehabilitation project. - If they are assum-
ing we received the allocation and that those units are under
construction , then I could understand the concerns that they ex-
pressed. In fact , we did not receive allocations for those units
and the 76 units that you are asking for in this year' s allocation
is the same project.
I would hope that the HUD officials would view the housing shortage
"A COMMUNITY OF PROGRESS"
Mr. Richard McCoy
October 20 , 1976
Page 2
dilemma that the City has with a critical eye. Any type of
housing at this point and time would definitely be of assistance .
I would strongly support your request and would be available to
you or to the HUD officials if any questions arise .
Sincerely ,
- Sam Sasaki
Planning Director
SS : eg
p1V[Mr pF
o'°> 11 , inn 1o, DEPARTME OF HOUSING AND URBAN DEVELO =NT
N I "
U F EDERAL HOUSING ADMINISTRATION '
•W Il+lll�ll *°
* • DENVER INSURING OFFICE
a° TITLE BUILDING, 909 — 17TH. STREET
°j3430 x+° •
DENVER, COLORADO 80202
REGION VIII
Federal Building
1961 Stout Street October 28, 1976 -:. ,
Denver, Colorado 80202 IN REPLY REFER TO:
8.1U
837-2475
Mr. Richard McCoy
11931 West 58th Avenue .pF ,
Arvada, Colorado 80002
Dear Mr. McCoy:
Subject: Old Weld County Hospital
NE Corner 11th Ave. at 16th St.
Greeley, Colorado
;":F�
Representatives from our Architectural , Valuation and
Cost Branches have inspected the Old Weld County Hospital
and find the property to be sound and acceptable for sub-
stantial rehabilitation , and we invite you to make an
•
application.
Sincerely,
pepsonern—
Ri//ar ii,{/( / 'L �`dfi L. arsh
Chief Underwriter ,,_....
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