To: Honorable Mayor and Members of Town Council
From: Michael J. Hyman, Town Attorney
Title
Resolution Accepting the Conveyance of Certain Real Property from the Village North Tenth Amendment Property Owners Association, Inc., By Special Warranty Deed [located north of East Wolfensberger Road along Malibu Street near Park Street]
Body
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Executive Summary
Formed in 2001, the Village North Tenth Amendment Property Owners Association, Inc. (the “Association”), is a Colorado nonprofit corporation for the purpose of enforcing covenants related to the Village North Tenth Amendment Subdivision (the “Subdivision”). The Association’s primary function is to own and maintain a common driveway for the benefit of its members. That driveway is referred to as Tract A-1 on the Subdivision plat.
There are five lots in the Village North Subdivision. Over time, the Town has acquired ownership of four of these lots, most recently for its new Public Safety Training Facility. Now that the Town owns the majority of the lots within the Subdivision, Village North wishes to transfer ownership of its sole capital asset, Tract A-1, to the Town and thereafter dissolve. The Town is willing to accept the transfer of Tract A-1 and assume responsibility for its future maintenance. As a result, the Town will no longer bear the financial burden of funding its share of the carrying costs and related administrative expenses of the Association.
Staff Recommendation
Staff recommends accepting the conveyance of Tract A-1 as outlined in the attached resolution.
Proposed Motion
“I move to approve the Resolution as introduced by title.”
Attachments
Attachment A: Resolution
Exhibit 1: Warranty Deed
Exhibit 2: Agreement