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complete the dedication of appurtenant water <br />rights with respect to the Coal Creek Ranch <br />project. However, at the time one-half of the <br />Marshall Lake stock and one-half of the South <br />Boulder and Coal Creek stock was tied up in a <br />bankruptcy proceeding for one of the former <br />owners. Recently the Bank's attorneys contacted <br />the City stating that they had obtained clear <br />title to the the water rights and wish to deliver <br />those to the City in exchange for the letter of <br />credit which the City still holds. This <br />transaction does not involve the incurrence of <br />debt. Council is being asked to authorize the <br />purchase of the ditch stock from First Interstate <br />Bank in exchange for the letter of credit. <br />In another transaction, Williamson stated that <br />negotiations have concluded to purchase 2.0 shares <br />of Dry Creek No. 2 ditch stock from Keith Cowan <br />and Beverly Cowan for $12,000 cash. The $6,000 <br />per share purchase price is the same as was paid <br />in the City's last transaction in 1985. This is a <br />cash transaction and does not involve the <br />incurrence of debt. <br />Mohr moved and Mayor Fauson seconded to approve <br />the Purchase of First Interstate Bank Water Rights <br />and the purchase of Dry Creek No. 2 Ditch Stock. <br />Motion carried with Anderson and Sackett <br />abstaining on the First Interstate purchase. <br />PUBLIC COMMENTS None. <br />COUNCIL COMMENTS AND COMMITTEE <br />REPORTS Ferrera referenced comments in a newspaper <br />editorial regarding agreements between the City of <br />Louisville and Boulder County. Stahl provided <br />copies of the intergovernmental agreements <br />concerning the funding of South Boulder Road <br />approved by Louisville City Council on April 18th <br />and a second agreement approved by Council on <br />April 20th providing for the future joint purchase <br />of open space parcels with Boulder County <br />specifically contingent upon landfill revenue <br />being received by Louisville. Stahl stated that <br />there is no mention of the proposed sales tax <br />election and Louisville's support or non-support <br />of the issue. Stahl stated that this document <br />contains factual information contrary to the <br />recent editorial, nor did he participate in any <br />discussions with Boulder County Commissioners <br />regarding Louisville's position on the sales tax <br />issue. <br />4 <br />