City Council Minutes 1999 05 18 - Laserfiche WebLink

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stated that this doesn't address the shift. However, when the City purchases Parcel 2, it will be buying just the area north of this assumed right-of-way. Sisk questioned whether the City would be required to obtain approval for such a right- of-way purchase from the voters, as the City is going to use open space dollars for this purchase and if the right-of-way shifts the City is then buying property with open space dollars. Light replied, such an approval would be required unless Council reserves the ability in the documents to say that a portion of the property may be right-of-way. He explained that the City has done that with respect to potential Dillon Road and S 104th Street right- of-ways. He stated that it could be added as respects Northwest Parkway right-of-way, but only to the extent of the possible fifty-foot shift. Sisk expressed concern that using open space dollars will cause the City to be faced with the same position as it was with Colony Square. He expressed support for including a provision regarding potential Northwest Parkway right-of-way. He explained that this would be important in allowing the City to have flexibility, especially given the uncertainties of ownership and the Dillon Road Annexation Agreements that were executive with the Trillium Property owners and Boulder County Land Venture owners. Light replied that the original annexation agreement was between the City, Mizel, Boulder County Land Venture, and the railroad, with Trillium being a successor to the railroad. Sisk stated that Louisville should not be the one to assume the complete burdens of Dillon Road or 104th Street. He suggested that the equities be such that the County would convey the properties to the City, without any further compensation. Howard agreed with Sisk regarding the use of open space money. He asked for clarification that the residential units being assigned to the property (until the City of Louisville completes the purchase of its portion of the property) would act as a lien against the possibility of Louisville not paying for its section of open space. Davidson explained that, in case that the Northwest Parkway does not come to pass and, therefore, the $5 million from the Northwest Parkway would not be available, this would provide a way for Louisville to recover those funds. The residential units could be moved to one corner of the property and sold as residential land to recover the $5 million that would have been provided from the Northwest Parkway. Howard questioned how many houses there would be. Light replied there are thirty-one units of density associated with Boulder County Land Venture and thirty-four units of density on the Trillium property, for a total of sixty-five. Howard questioned whether sixty-five dwellings would generate $5 million.