$12.5 Million Sale and Purchase in the Works for Hughes Stadium Property
If you were at Colorado State in 2016, you were able to experience the last football season at Hughes. Although so many people were excited to have an on-campus stadium, there was something special and historic about the legacy of Hughes.
Since its demolition in 2018, the question has always circulated: what's going to happen to that giant piece of land? Some assumed CSU would keep ownership, while others thought it would be best if it was rezoned to the Public Open Lands zone district.
As of Monday, August 23, 2021, it seems we have our answer.
Per a press release from the Communications Director for the City of Fort Collins, Amanda King, the City, the CSU System, and Cottonwood Lands and Farms have entered into a Memorandum of Understanding (MOU) surrounding the future of the Hughes Stadium Property.
The outcome of the MOU is contingent on everyone doing their part in entering into formal agreements. But pending those contingencies, it seems the decision has been made. If everything is done correctly and is passed, the City would pay CSU $12.5 million for the Hughes Property.
The purchase of the Property is also contingent upon Cottonwood and CSU obtaining the entitlements from the property they desire.
Colorado State, along with the $12.5 million from the City, would also receive the "CSU Parcel" of the land from Cottonwood for $1 million, as well as an alternative parcel of land near Horsetooth and Ziegler.
CSU reportedly plans to use the alternative parcel for affordable housing for employees, according to CSU System Chancellor Tony Frank.
If either party involved in the MOU is unable to finalize their aspects of the memorandum by December 31, 2022, any party can terminate the agreement.