The City of Fort Collins and Colorado State University are moving forward to finalize agreements for the City’s purchase of the former Hughes stadium property for an agreed-upon price of $12.5 million, as provided in their Memorandum of Understanding.
On Aug. 20, the City and the CSU System entered into a Memorandum of Understanding addressing the Hughes Stadium acquisition. That MOU also includes Cottonwood Land and Farms, a private landowner who has been instrumental in helping to find a solution that would provide an alternative parcel for CSU’s affordable housing needs. Cottonwood is continuing work to secure development approval for its Strauss Lakes Property.
“We believe this plan ensures the City is responsive to the will of the voters who asked that this remain open space – and it allows CSU to uphold its fiscal responsibility on behalf of the taxpayers of Colorado,” CSU System Chancellor Tony Frank said. “As always, we appreciate our ongoing relationship with the City and are glad we’ve been able to find a mutually acceptable compromise on this sale. We were, of course, disappointed to lose the option of affordable housing for our employees at the Hughes site, and we will continue to prioritize opportunities such as our partnership with Cottonwood to address that critical need because it isn’t going away.”
An overview of the proposed process will be discussed at the Nov. 23 Council Work Session. Fort Collins City Council will discuss financing options that will allow for an accelerated purchase of the property, likely to be completed in the first half of 2022. They will also discuss the public engagement process that will help determine future land use.
“We are excited for the opportunity to move forward with the purchase of this property that many in our community hold dear and look forward to co-creating the future vision for the land that honors the will of our voters,” said Interim City Manager Kelly DiMartino. “We also appreciate the continued partnership with CSU and our shared goal to enhance affordable housing options within Fort Collins.”