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Davidson opened the public hearing and asked if there were any persons in the audience <br />that wished to speak in favor or against Ordinance No. 1326, Series 2000. <br /> <br />Hearing none, Davidson closed the public hearing. <br /> <br />Sisk moved Council approve Ordinance No. 1326, Series 2000, and add a section that <br />would provide the additional revenue be explicitly used for purchase of water rights, <br />seconded by Levhin. <br /> <br />Mayer asked Phare with respect to a 150-year drought scenario, how many acre-feet <br />would be obtained from the rights now being sold. <br /> <br />Phare stated that Marfell Lakes were estimated to yield 52 acre feet per year during 63' - <br />64'design drought. South Boulder Canon would yield none. <br /> <br />Mayer noted that he did not see Marfell Lakes in the Grace Mar sale and asked if the <br />additional rights would be in Leyner-Cottonwood, Erie and Coal Creek Ditch. <br /> <br />Phare stated 2.5 shares of Leyner-Cottonwood Ditch would yield approximately 1.5 acre- <br />feet during the designed drought and 10 shares of Erie and Coal Creek Ditch may yield 2 <br />acre-feet. <br /> <br />Mayer pointed out that the City is short on drought water, and sale of the 3.5 acre-feet <br />would provide revenue to purchase additional shares of safe flow water. <br /> <br />Roll call vote was taken, the motion carried by a vote of 6-0. <br /> <br />RESOLUTION NO. 16, SERIES 2000 - A RESOLUTION APPROVING THE <br /> BUYING AND SELLING OF WATER RIGHTS <br /> <br />Davidson called for Staff introduction. <br /> <br />Tom Phare, Director of Public Works, stated that Resolution No. 16, Series 2000 is a <br />sales agreement between Grace Mar Water Inc. and the City of Louisville. Grace Mar is <br />a county subdivision located to the northeast of Louisville. They approached Staff <br />regarding the purchase of some of the City's less valuable rights as Grace Mar has a well <br />that requires augmentation water. The agreement provides for the City to sell water rights <br />to Grace Mar from three ditch companies. The City owns direct flow rights of 30 shares <br />of South Boulder Canon Ditch, t0 shares of Erie and Coal Creek Ditch, and 2.5 shares of <br />Leyner-Cottonwood Ditch. The total yield during the drought is 3-4 acre feet per year. <br />The total purchase price for the water rights is $160,000. The City's original purchase <br />price for these water rights was approximately $125,000. The sale of the water rights <br />will provide funds for the City to pursue other water rights better suited to meet the firm <br />water supply needs. It will also eliminate the need to go through the expense of a court <br />proceeding transferring the water to municipal use. <br /> <br />7 <br /> <br /> <br />