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ORDINANCE NO. 1526 SERIES 2007 AN ORDINANCE AUTHORIZING THE SALE AND CONVEYANCE OF A 1.22 ACRE PARCEL OF LAND OWNED BY THE CITY AND KNOWN AS THE DAMYANOVICH HOMESTEAD PARCEL WHEREAS, the City of Louisville is the owner of a certain parcel of real property located in unincorporated Boulder County, which property is approximately 1.22 acres and is legally described in Exhibit A attached herel;o, and which property has a street address of 7507 Dyer Road, Louisville, Colorado, is commonly referred to as the Damyanovich Homestead Parcel, and is hereinafter referred to as the "Property"; and WHEREAS, the Property, which contains an existing house, barn, and accessory buildings, was not acquired and is not being held or used for any park, open space, municipal or governmental purposes, and the Property was acquired solely as excess property and a general asset to be sold and disposed of in order to help defray the costs of the City's acquisition of open space located adjacent to the Property; and WHEREAS, the City Council desires to sell the Property and pursuant to Resolution No. 59, Series 2007, the City Council has approved a Contract to Buy and Sell Real Estate (the "Purchase Contract") for sale of the Property to John and Julie McKenna for $490,000; and WHEREAS, the Purchase Contract allows the City the right to continue to market the Property and to sell the Property to another buyer for a higher price should the buyer under the Purchase Contract not waive certain conditions under the Purchase Contract and proceed to purchase the Property; and WHEREAS, the City Council desires to authorize the sale and conveyance of the Property in accordance with the terms and conditions of the Purchase Contract, and to authorize sale and conveyance of the Property fora ]price of not less than $490,000 and upon other terms and conditions that are substantially similar to those set forth in the Purchase Contract, should the buyer under the Purchase Contract not waiive certain conditions thereunder and proceed to purchase the Property; and WHEREAS, the City Council has determined it is in the best interest of the City and its citizens to sell and convey the Property upon the terms and conditions set forth herein. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LOUISVILE, COLORADO: Section 1. The City Council hereby approves and authorizes the sale and conveyance from the City to John and Julie McKenna (the "Purchaser") of the Property legally described on Exhibit A attached hereto and having; a street address of 7507 Dyer Road, Louisville, Colorado, for a purchase price of $490,000.