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Light replied that the default position of residential density development is permitted <br />under the Northwest Parkway Agreement at one residential unit per five acres that can be <br />clustered. He explained that a recovery using a different type of land use would require <br />an amendment to the Northwest Parkway Agreement. He stated that the property has <br />retained its industrial zoning, subject to the Northwest Parkway Agreement. <br /> <br />Lathrop stated that a default position would result from a Northwest Parkway Authority <br />that has unraveled, without funds to meet their obligations. He questioned why the City <br />of Louisville and Boulder County would be obligated to fulfill contracts for these land <br />purchases without the assistance of the $5 million that was expected. He questioned the <br />ability of then going back and trying to amend a Northwest Parkway Agreement, and <br />stated that he would prefer to include these options now. <br /> <br />Light replied that, as regards land use, the City is somewhat past that pOint. If the City <br />assumes that the Northwest Parkway Agreement is binding and enforceable between the <br />four parties, then it would require the consent of all four parties to change the land use for <br />properties governed by the Agreement. He explained that if things unraveled completely, <br />there might be some basis for a claim of breach under the Northwest Parkway Agreement <br />that would eliminate the land use restriction. <br /> <br />Davidson stated that it is Boulder County who is up-fronting the $5 million, and not the <br />City of Louisville. <br /> <br />Lathrop questioned whether the City of Louisville would want residential in this <br />particular area, should the County want to recover its $5 million. <br /> <br />Davidson replied that wording could be added to say or other such development that <br />might reimburse should the Northwest Parkway fail. He did not believe the County would <br />object to that, as they would be looking for a way to recoup their money. <br /> <br />Lathrop stated that he did not want to get locked into a residential development that <br />would be out in the middle of nowhere. <br /> <br />Simmons stated that he thought the language could be added, as long as there is an <br />understanding between the City and the County on what is necessary in order to do so. <br />He stated that the first step would be to amend the Northwest Parkway Agreement, <br />should that Agreement be in full force or not. <br /> <br />Mayer stated that the only way for this to come into effect is if the Northwest Parkway <br />Agreement becomes null and void. He explained that a basic part of the Agreement is to <br />disburse $5 million to Broomfield and $5 million to the City of Louisville. He stated that, <br />if that doesn't occur, the Agreement is not performing and, therefore, it could be expected <br />that the rest of the Agreement would not perform. He asked Light for clarification that, if <br />there were no Northwest Parkway Agreement and no $5 million, the City of Louisville <br />and Boulder County would work together. <br /> <br />9 <br /> <br /> <br />