City Council Minutes 2007 06 19 - Laserfiche WebLink

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City Council Meeting Minutes June 19, 2007 Page 9 of 13 Land Management Director Robson reported on the contract negotiations for purchase of a 12.8 acre parcE~1 of open space owned by the Damyanovich family and located at the west end of Dyer Road. The portion of land to the north of Dyer Road contains a single-family home, a historic barn, several outbuildings, and water rights associated with a natural spring and Marshall Reservoir. The portion of land located to the south of Dyer Road is vacant and is adjoined by U.S. Highway 36. The parcels are zoned "Rural Residential" by Boulder County and are noted as "Open Road Corridor" areas within the Boulder County Comprehensive Plan. Both the Seller and City staff have contracted for separate real estate appraisals of the property. Both parties have agreed on a purchase price of $1,017,500 which represents the mid-point of the two independent appraisals conducted on the property. As the City has no need to retain the single family home, barn, and various outbuildings on the property, a smaller lot of approximately 1.5 acres will be subdivided from the larger parcel and resold to a private party for use as a residential lot, with the procee!ds helping to defray the costs of the open space acquisition. Prior to sale of the residential lot, a conservation easement would be placed over the historic barn, home and land to ensure only limited modifications to the site will occur in the future. The Boulder County Open Space Department has committed $200,000 toward the purchase of the property. Although Boulder County would own a conservation easement over the property, the City of Louisville will have management responsibility on the land so that it may be managed consistently with the 30+ acres of existing City open space which surrounds the property. After resale of the home and payment from Boulder County, the net cost to the City of Louisville for approximately 11.3 acres of open space would likely be in the range of $292,500 - $337,,500 depending on the sale price of the home. Based on its ecological value" view shed value, and proximity to adjoining open space owned by the City, the Louisville Open Space Advisory Board and Land Management Staff agrees the! property will make for a high quality addition to Louisville's open space portfolio. Ordinance No. 1520 authorizes the purchase from the Damyanovich family" The ordinance included second reading amendments to additionally authorize the sale of conservation easements to the County over the residential lot and open space parcel. Mayor Sisk opened the public: hearing and requested public comment. COUNCIL COMMENT Council member Sackett favored the acquisition, but voiced his concern over the loss of business development on the property. Land Management Director