A bill for an ordinance approving a proposed Agreement between the City and County of Denver and FC Stapleton II, LLC relating to the land sale of a parcel of former Stapleton land located in Denver and known as Section 10 Arsenal Railroad Parcel. Approves a land sale agreement with FC Stapleton II, LLC for a parcel of former Stapleton land located in Denver and is known as Section 10 Arsenal Railroad Parcel that is approximately 515,956 square feet or 11.845 acres in size for $431,452.44, minus closing costs. The land is outside the Master Lease and Disposition Agreement and is a strip of land underlying the old Arsenal Railroad bounded on the south by East 56th Avenue and between Dallas Street and Havana Street in Council District 8. The last regularly scheduled Council meeting within the 30-day review period is 9-19-16. The Committee approved filing this resolution by consent on 8-18-16.
Perfect. Thank you. Okay, let's get onto the bill for introduction. 609. Can you pull that up? I have Ortega. What would you like to do with this? Just a question. Go ahead. So first of all, the proceeds from the sale of this property, does that stay within the Airport Enterprise Fund? It does. Okay. And then the second question is. So can you tell us what what's going to happen with this property and whether or not Denver explored any uses for that site? I mean, all too often we. You know, we have property that we either sell or we're purchasing. And so I'm trying to figure out how that fit into the big picture of our real estate needs in the city. So this particular sale and but I said Denver International Airport, this particular sale was a direct. Negotiation with F.C.. Stapleton. They're in the process of purchasing the land adjacent to this to the den property. And they need to acquire this parcel. To complete the planned improvements stated in their approved general development plan for North. Stapleton. So really they're the only logical person purchaser due to the parcel location. And that's that's why this makes sense for. Them to purchase this industrial commercial. Can you give me an idea of what kind of development? It's an old Arsenal railroad easement. But the type of development that might be going on this site. I don't know exactly what they're going to be developing next to this site that I can get back to you with. Okay. That would be appreciated. Sure. Absolutely. Thank you. No further questions. Yeah. Thank you, Councilwoman. Councilman Espinosa. Yeah. Okay. Questions. Last comment. I mean, it did it did I do my math, right? That comes out to about 35, $36,000 per acre. 11.845 acres. Can you provide me sort of the appraisals that helped set this price for this property? So this was actually sold at the master lease and disposition agreement price. So that's a special price. And then that was set back when for city was was this identified as a parcel that was subject and available for that agreement? I mean, that price this specific one is actually located outside the master lease and disposition agreement. But because it is a railroad easement land, we decided that the. Land price was determined by the MLG price versus the fair market value. Price. So I'm sure the answer is yes, but please confirm if the affordable housing fund bill, you know, ordinance gets passed that this price, this property in it's developable at some point down the road would be subject to that affordable housing and not roll into their current housing agreements. Might be a little this will be on second reading next week, so I can absolutely get that to you before then. All right. Thank you. Cancer kills 100. Okay. All right. So 609. How about 605? Madam Secretary can get that up. Is a five. Councilman Flynn, what would you like to do it?