Colorado § 30-31-108 - Disposal of property in county revitalization area.

§ 30-31-108. Disposal of property in county revitalization area.

(1) (a) An authority may sell, lease, or otherwise transfer real property or any interest therein acquired by the authority as part of the county revitalization project for residential, recreational, commercial, industrial, or other uses, or for public use in accordance with the county revitalization plan, subject to such covenants, conditions, and restrictions, including covenants running with the land and the incorporation by reference of the provisions of the county revitalization plan or any part thereof as the authority deems to be in the public interest or necessary to carry out the purposes of this article 31.

(b) The purchasers, lessees, transferees, and their successors and assignees described in this subsection (1) are obligated to devote the real property described in this subsection (1) only to the land uses, designs, building requirements, timing, or procedures specified in the county revitalization plan and may be obligated to comply with other requirements that the authority determines are in the public interest, including the obligation to begin any improvements on such real property that are required by the county revitalization plan within a reasonable time.

(c) (I) The real property or interest described in subsection (1)(a) of this section must be sold, leased, or otherwise transferred at not less than its fair value as determined by the authority for uses in accordance with the county revitalization plan.

(II) In determining the fair value of real property for uses in accordance with the county revitalization plan, an authority shall take into account:

(A) The uses provided in the county revitalization plan;

(B) The restrictions upon and the covenants, conditions, and obligations assumed by the purchaser or lessee; and

(C) The objectives of the county revitalization plan in relation to taking advantage of revitalization areas.

(d) (I) Real property acquired by an authority which, in accordance with the provisions of the county revitalization plan, is to be transferred must be transferred as rapidly as feasible in the public interest consistent with the county revitalization plan.

(II) Any contract for the transfer of real property described in this section and the county revitalization plan, or any part of the contract or plan as the authority may determine, may be recorded in the land records of the county in such manner as to afford actual or constructive notice.

(2) (a) An authority shall only dispose of real property in the county revitalization area to private persons under such reasonable competitive bidding procedures as the authority prescribes or as provided in this subsection (2).

(b) (I) An authority, by public notice by publication once each week for two consecutive weeks in a newspaper having a general circulation in the county, before the execution of any contract to sell, lease, or otherwise transfer real property, and before the delivery of any instrument of conveyance pursuant to this section, may invite proposals from and make available all pertinent information to any person interested in undertaking the redevelopment or rehabilitation of the county revitalization area or any part thereof.

(II) Notice given in accordance with this subsection (2)(b) must identify the relevant portion of the area and must state that such further information as is available may be obtained at the office designated in the notice.

(c) An authority shall consider all redevelopment or rehabilitation proposals received in accordance with subsection (2)(b) of this section and the financial and legal ability of the persons making the proposals to carry them out and may negotiate with any persons for proposals for the purchase, lease, or other transfer of any real property acquired by the authority in the county revitalization area.

(d) An authority may accept such proposals as it deems to be in the public interest and in furtherance of the purposes of this article 31.

(e) An authority shall file a notification of intention to accept a proposal with the governing body not less than fifteen days before any such acceptance. Thereafter, the authority may execute the proposal in accordance with the provisions of subsection (1) of this section and deliver deeds, leases, and other instruments and take all steps necessary to effectuate the proposal.

(3) An authority may temporarily operate and maintain real property acquired in the county revitalization area pending the disposition of the property for redevelopment without regard to the provisions of subsection (1) of this section for such uses and purposes as it deems desirable even if those uses and purposes are not in conformity with the county revitalization plan.

(4) Notwithstanding subsection (1) of this section, an authority may set aside, dedicate, and devote project real property to public uses in accordance with the county revitalization plan or set aside, dedicate, and transfer real property to the county or to any other appropriate public body for public uses in accordance with the county revitalization plan with or without compensation for such property, with or without regard to the fair value of such property as determined in subsection (1) of this section, and upon or subject to such terms, conditions, covenants, restrictions, or limitations as the authority deems to be in the public interest and as are consistent with the purposes and objectives and the other applicable provisions of this article 31.

Source: L. 2024: Entire article added, (HB 24-1172), ch. 387, p. 2652, § 1, effective August 7.