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Keany asked Simmons whether the City of Louisville would be making budget <br />adjustments to show that the funds will be coming from the Conservation Trust Fund and <br />not the General Fund. He explained that since the City is not going to be selling the <br />property, the other half of the property that was originally purchased with General Funds <br />and was going to be sold for development should now come from the Conservation Trust <br />Fund. <br /> <br />Simmons replied that when the property was purchased there was no stipulation as to <br />how the General Fund would ever be repaid for any of the land that was purchased. He <br />explained that it would be a Council decision as to where the proceeds from this sale <br />would be placed. <br /> <br />Lathrop asked Simmons to clarify the sale of the development rights. <br /> <br />Simmons explained that under the terms of the Northwest Parkway Intergovernmental <br />Agreement this parcel was in the planned boundary and designated as a City preservation <br />area with a density of one unit per five acres. The parcel is approximately 33.7 acres in <br />size, which results in 6.6 development units which can be made available for transfer to <br />other parcels. <br /> <br />Lathrop asked for clarification that the City of Louisville is selling thirty-three acres for <br />$375,000 and that the proceeds from the sale of development rights will be split equally <br />between the City of Louisville and Boulder County. <br /> <br />Simmons replied, yes, however the development rights are to be sold by mutual <br />agreement between the City of Louisville and Boulder County. <br /> <br />Davidson asked to clarify that the City of Louisville is not selling the thirty-three acres, <br />simply an undivided half interest in the thirty-three acres. <br /> <br />Lathrop asked whether the development rights are rounded-up to seven or down to six. <br /> <br />Light explained that the City of Louisville is selling an undivided one-half interest in both <br />the property and the development rights that go with it. He stated that the County will <br />own an undivided half-interest in 6.6 units of residential density. He explained that both <br />parties would have to mutually agree to convey the development rights to a third party. <br /> <br />Lathrop explained that he is attempting to determine what the City of Louisville will <br />receive from this sale. He stated that development rights today are worth approximately <br />$50-60,000 and 6.6 units would result in $300,000 to be split between the City of <br />Louisville and Boulder County, resulting in the receipt of approximately one-half million <br />dollars for the property. <br /> <br />Simmons replied, yes. <br /> <br />9 <br /> <br /> <br />