City Council Minutes 1984 01 23 - Laserfiche WebLink

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1/23/84 Page -4- ayor Meier Stated that councilmembers had been given a memo from Noel Hobbs of Greenhorne and O'Mara. It was his feeling that when everyone had an opportunity to review this and other information, they will find what it costs for various water rights and their storage. Therefore, favored entering into this con- tract as the costs for the amount of water and storage gained would not be exhorboritant. Also favored the Mission Viejo agreement as an alternative, should council find at a latter date a different option. Councilman Luce Inquired when do we project that we will need this water? Administrator Wurl stated it would depend on how much Marshall Lake water we would be able to acquire. If we cannot keep up our pace in this area, he would anticipate in 1994-1995. Councilman Leary Commented it was his understanding that this Denver Water contract would be in lieu of buying Marshall. Would we be buying both? Administrator Wurl stated within the next three months we should have better knowledge of t:he Denver water and then it maybe possible that: council would conclude to stop short of the acquisition of additional Marshall shares. Or t:he Denver water may be at such a slow pacE~ that we would have to acquire some Mar:~hall water to make up the difference aftE,r we entered into the contract. Mr. Leary stated, when this project is com- pleted, which may not even be in this century - who can tell - at what point in Administrator Wur:L's opinion would we end up buying enough Marshall that we only need half of this water? Who dictates the market value of the water in i~he future, and obviously what you buy into you can't be held to selling it at that price in the future. Wur:L advised the price of the water is dictated by -the people that are acquiring it. It can be ;sold for what you have into it plus the interest you would have earned on the money. A rough estimate of what the interest would be was 10°s. AUTHORIZATION TO SIGN Councilman Cussen moved, Councilman Woodson DENVER WATER CONTRACT seconded that the Mayor and Clerk be authorized to sign the Denver Water Agreement. Question called for. All in favor. Motion carried unanimously.