Fort Collins
Fort Collins renewal board approves $1.265 million North College purchase
The amended budget adds $250,000 to cover the price gap, insurance and upkeep. If the purchase closes, the authority would take over as landlord to two tenants under their existing leases.
The Fort Collins Urban Renewal Authority board approved a $1.265 million agreement to buy 1630 North College Avenue and added $250,000 to its 2026 budget for the purchase and property upkeep.
The agreed price is $215,000 above the $1.05 million previously appropriated. A staff member said the additional $250,000 would cover the price gap and provide “a little bit of funding to be able to maintain and secure the property” through year-end. The staff report says the money also covers insurance and other maintenance costs, and that the amended 2026 budget remains balanced as required by law.
The building, constructed in 1997, has 4,900 square feet on a 0.95-acre site and is occupied by two tenants. If the authority buys the property, it would assume their leases and become the landlord. The lease terms and planning for 1636 North College should give the tenants time to complete their leases and phase out, a speaker told the board.
The property sits next to 1636 North College and is central to a potential redevelopment area, according to the staff presentation. A finance report says the two acquisitions together secured roughly six acres for a neighborhood center that would include community-service assets.
The authority authorized negotiations to buy the property on Feb. 23, 2023. It authorized the use of eminent domain on June 4 if negotiations failed. After more than 12 months of negotiations with the owner, it reached an agreement in October.
A finance update says the preliminary 2027 tax warrant showed an anticipated revenue decrease of about $500,000 from 2026 and an approximately $2 million cumulative reduction in net cash available from 2027 through 2030. It says revised revenue forecasts and higher operating costs tied to Plaza Unidas and property maintenance reduced estimated available funds from about $6.8 million to about $4.3 million. Staff were still discussing the preliminary August warrant with the county assessor. The final warrant was expected in November.