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<br />being later this week. It was anticipated that the City of Louisville will participate to some degree <br />with the County in the purchase of this land. <br /> <br />Davidson called for anyone wishing to speak on Resolution No. 35. <br /> <br />NONE <br /> <br />Davidson closed the public hearing and called for Council comments or questions. <br /> <br />Sisk asked if this would in anyway put the City's financial situation in peril. <br /> <br />Dianne Ray, Finance Director, assured Sisk it would not. <br /> <br />Lathrop wanted to know the City's financial obligation. <br /> <br />Davidson explained that it is a public/private partnership for the purchase of about 78 acres of which <br />45 acres would be purchased jointly by the County and the City of Louisville for $12,000/acre with <br />the City and County splitting that amount. For the remaining approximately 31.5 acres, the County <br />is working with a residential developer to purchase that land for a low density development. Should <br />the County be unable to accomplish that public/private partnership, the City would buy the 3 1.5 acres <br />from the County and attempt to do the same thing. If the public/private partnership goes forward <br />with the County, the City's total expenditures would be about $227,000, leaving $1.1 million for the <br />31.5 acres. <br /> <br />Sisk moved that Council approve Resolution No. 35, Series 1996, to amend the 1996 Budget. <br />Seconded by Mayer. Roll call was taken. Motion passed by a 7 - 0 vote. <br /> <br />ORDINANCE NO. 1216, SERIES 1996 - AUTHORIZING THE RELEASE OF ANY <br />INTEREST OF THE CITY OF LOUISVILLE IN AN EASEMENT LOCATED IN COAL <br />CREEK RANCH, FILING NO.1 - 2ND READING - PUBLIC HEARING (PUBL. LSVL. <br />TIMES 5/11/96) <br /> <br />Griffiths read by title only Ordinance No. 1216, Series 1996, "An ordinance authorizing the release <br />of any interest of the City of Louisville in an easement located in Coal Creek Ranch, Filing No.1." <br /> <br />Paul Wood, Planning Director, stated that this had been approved at first reading without revision. <br /> <br />Davidson opened the public hearing calling for anyone wishing to speak on Ordinance No. 1216. <br /> <br />NONE <br /> <br />Davidson closed the public hearing and called for Council comments, questions, or motions. <br /> <br />6 <br />