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RESOLUTION NO. 57 <br />SERIES 2012 <br />A RESOLUTION APPROVING AND ACCEPTING THE TRANSFER OF A <br />PURCHASE CONTRACT FOR PURCHASE OF THE HISTORIC GRAIN <br />ELEVATOR PROPERTY LOCATED AT 540 AND 544 FRONT STREET <br />WHEREAS, the Downtown Louisville Historic Grain Elevator is a significant <br />historic structure in the community which helps tell the story of the area's agricultural <br />history; and <br />WHEREAS, the preservation, restoration and rehabilitation of the Elevator is a <br />project worthy of funding from the City's Historic Preservation Fund (HFP); and <br />WHEREAS, the Historic Grain Elevator is at risk of being demolished by the <br />current owners of the property; and <br />WHEREAS, Amterre Property Group, LLC ( "Amterre ") has a transferrable <br />purchase contract for purchase of the Historic Grain Elevator property, a copy of which <br />contract is attached hereto as Exhibit "A" and incorporated herein by this reference; and <br />WHEREAS, Amterre and the City are parties to a certain Rehabilitation Grant <br />Program Agreement, which Agreement provides that in the event Amterre does not <br />purchase the property, Amterre shall assign its purchase contract to the City in exchange <br />for reimbursement by the City of earnest money paid by Amterre and certain actual <br />expenses incurred by Amterre; and <br />WHEREAS, pursuant to said provision of the Agreement, Amterre has given <br />notice of its agreement to assign the purchase contract; and <br />WHEREAS, the City Council finds that purchasing the Historic Grain Elevator <br />property from the current owner is the best course of action for the City to pursue in order <br />to further potential preservation, stabilization, restoration and rehabilitation of the <br />Historic Grain Elevator; and <br />WHEREAS, the City Council states that it is its intent, upon any purchase of the <br />property from the current owner, to stabilize the Historic Grain Elevator property and sell <br />the property with landmarking and/or a conservation easement for the protection of <br />historic resources; <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF <br />THE CITY OF LOUISVILLE, COLORADO THAT: <br />Section 1. The City Council hereby approves of and accepts the transfer to <br />the City of the attached purchase contract between Amterre Property Group, LLC <br />( "Amterre ") and Barbara R. Stahr, Michael K. Decker, and Phillip T. Decker dated May <br />Resolution No. 57, Series 2012 <br />Page 1 of 2 <br />