Ordinance 2017-1745 - Laserfiche WebLink

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Section 2. The Mayor is hereby authorized to execute the IGA on behalf of the City Council of the City of Louisville, except that the Mayor is hereby further granted the authority to negotiate and approve such revisions to said IGA and other documents concerning the acquisition of the Property as the Mayor determines are necessary, desirable or appropnate for the protection or best interests of the City or for completion of the transactions contemplated under the IGA and Purchase Agreement, so long as the City's contnbution to the purchase pnce, exclusive of all closing, transactional and other costs, does not exceed twenty-five percent (25%) of the final purchase pnce. Section 3. The Mayor, City Manager, and City Staff are further authorized to do all things necessary on behalf of the City to perform the obligations of the City under the IGA, and to execute and deliver any and all documents necessary to effect the acquisition of the Property under the terms and conditions of the IGA and Purchase Agreement. Without limiting the foregoing, the City Council hereby authonzes the Mayor and City Manager, or either of them, to execute and deliver on behalf of the City the reciprocal conservation easements over the Property provided for in the IGA, the surface non -disturbance covenant provided for in the IGA, the nght of refusal agreement affecting the "Centennial House Lot" provided for m the Purchase Agreement, and any and all other closing documents required by the title company or other documents necessary or appropnate to effect the transactions contemplated under the IGA and Purchase Agreement. Section 4. The City Council finds and determines that the City's mterests in the Property are being acquired as open space Section 5. Unless other funds become available for use by the City as determined by the City Council, funds made available from the Open Space and Parks Fund shall be used for the City's purchase of an undivided fee interest in and reciprocal conservation easements over the Property, and payment of all other pre-closmg transactional costs and closing costs Section 6. City payment for the Property shall be made in cash, certified funds or by wire transfer, subject to the IGA and to any necessary budgetary transfers or supplementary budgets and appropnations in accordance with State law Section 7. Nothing in this Ordinance is intended to nor should be construed to create any multiple -fiscal year direct or indirect City debt or fiscal obligation whatsoever All financial obligations of the City under the IGA shall be from year to year only, and payments thereunder shall be subject to annual appropnation in the sole and absolute discretion of the City Council of the City Section 8. All actions previously taken by the City Council and the officers, employees and agents of the City which are directed toward the transactions descnbed herem or in the documents referred to herein and which are not mconsistent herewith are hereby ratified, approved and confirmed Section 9. The City Council herewith fords, determines and declares that this ordmance is genuinely and urgently necessary for the immediate preservation of the public health, safety and welfare because of the need to timely effectuate the closing under the Purchase Agreement and IGA to enable the City's acquisition of mterests in the Property and its preservation as open space The City Council further finds that the time constraints placed upon the City for review and final Ordinance No 1745, Senes 2017 Page 2 of 3