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RESOLUTION NO. 78 <br />SERIES 2025 <br />A RESOLUTION APPROVING A PURCHASE CONTRACT TO BUY AND SELL REAL <br />ESTATE AT 101 W. CHERRY STREET AND AUTHORIZING THE USE OF GENERAL <br />FUND RESERVES FOR THE PURCHASE <br />WHEREAS, on July 31, 2025, the City Manager was notified that the property at 101 <br />W. Cherry Street was expected to go under contract with a closing scheduled for August 29, <br />2025; and <br />WHEREAS, the City holds a right of first refusal under the conservation easement <br />between the City of Louisville and Klubert and Helen Warembourg, executed July 19, <br />1994; and <br />WHEREAS, the purchase price for the property was $2,250,000; and <br />WHEREAS, the City had thirty (30) days to notify the seller whether it elected to <br />purchase the property under the same terms and conditions as the contract, with the <br />exception that the City would have ninety (90) days after exercising the option to close; <br />and <br />WHEREAS, on August 28, 2025, the City Council voted to exercise the right of <br />first refusal to purchase the property for $2,250,000, with the provision that the property <br />be used for a public purpose; and <br />WHEREAS, a purchase contract for the Property has been prepared; and <br />WHEREAS, the City Council desires to approve the purchase contract and approve <br />other actions in connection with the acquisition of the Property. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF LOUISVILLE, COLORADO: <br />Section 1. That certain Contract to Buy and Sell Real Estate between the City of <br />Louisville and the Helen R. Warembourg Living Trust Dated July 25, 2006, for the City's <br />acquisition of the Property (the "Purchase Contract"), a copy of which Purchase Contract <br />accompanies this resolution, is hereby approved. <br />Section 2. City Council further approves the use of monies from the City's General <br />Fund Reserves to purchase the Property and to pay the City's associated closing costs. <br />Section 3. The Mayor is authorized to execute the Purchase Contract, and the <br />Mayor is hereby further granted the authority to negotiate and approve such revisions to the <br />Resolution No. 78, Series 2025 <br />Page 1 of 2 <br />