City Council Minutes 1994 05 03 - Laserfiche WebLink

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West was unsure. Howard moved that Council pass this Annexation on to the Planning Commission with Council's comments. Seconded by Levihn. All in favor with Keany being absent and Mayer voting against. DISCUSSION/ACTION - PURCHASE CONTRACT AND CONSERVATION EASEMENT, WAREMBOURG AND CITY OF LOUISVILLE Lathrop stated that the City of Louisville will be purchasing 50 acres of the Warembourg's property outright, a Conservation Easement on the remaining 41 acres, and a separate one acre tract that is part of the old Dutch Creek Subdivision and is contiguous to the existing Warembourg property. The City would also be purchasing a first-right-of-refusal on the 41 acres that would remain under the conservation easement. Tami Tanoue, acting City Attorney, reviewed City Attorney Susan Griffith's summary, and had one addition requested by Warembourg's attorney: a change to page 2, paragraph 4, to conform the date on which a title of commitment would be provided, since the date and the draft is. the date that precedes this meeting (May 3, 1994). Sisk stated that the Warembourgs are contemplating a 1031 exchange and he did not see in the Contract where it binds the transferee, i.e. the 1031 exchanging party, to the provisions of this agreement. He also did not see anything about the Contract being binding upon heirs, assigns of the Contract. He questioned how, if the Warembourgs choose the 1031 exchange, the Contract will then, as right-of-first-refusal, impact the third party. He felt language to protect the City in that regard should be added. He also wondered about the original $2 million closing and now the Warembourgs may have a choice of $1 million at closing, with having the remainder paid in installments. He wondered about the interest rate and Amendment 1 problems. Lathrop stated that the City would make the payment into an escrow account and it would be disbursed however the Warembourgs chose. Sisk wanted to make sure that the City pays the $2 million in 1994 and that is the end of the City's involvement. Mayer stated that in Exhibit C, page 5, paragraph 20, should be deleted. He felt the City should have land dedication if the property is sold to a third party. Davidson asked for the cost for the City to run water lines to the property. Tom phare, Public Works Director, stated that there is a water line on Jackson Street suitable for direct tapping, with a rough estimate of $10,000 - $20,000. 15