Ordinance 2021-1804 - Laserfiche WebLink

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WHEREAS, CK H2O Ventures ("CK Ventures") desires to purchase the Water Stock and, thereby, acquire the right to use the proportional share of Direct Flow Water attributable to the Water Stock; and WHEREAS, while the Direct Flow Water associated with the Water Stock represents up to 319 acre-feet per year of fully consumable water, the City's operational constraints greatly limit the annual water supply available to the City from the Direct Flow Water attributable to the Water Stock; and WHEREAS, additionally, as consideration for the water rights CK Ventures seeks to acquire, CK Ventures has offered the City a pipeline easement that may allow for the City's operation of other water rights of higher value; and WHEREAS, as such, the City is willing to sell the Water Stock, but only if the City receives easements from CK Ventures granting the City the right to use and/or construct facilities to transport certain water rights to the Bull Canal and from the Bull Canal to Big Dry Creek ("Easement Rights"); and WHEREAS, there has been proposed an Agreement for Purchase and Sale of Water Stock ("Agreement") setting forth the terms and conditions for transferring the Water Stock to CK Ventures, for CK Ventures to own the Direct Flow Water attributable to the Water Stock ("Transfer"), and setting forth the terms and conditions of the Easement Rights; and WHEREAS, in accordance with Section 4-8(c) of the Charter of the City of Louisville, the City Council desires to approve the Transfer, subject to the terms and conditions of the Agreement; and WHEREAS, the City Council further desires to approve the Agreement in connection with the Transfer. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: Section 1. The above recitals are hereby incorporated into and made a part of this Ordinance. Section 2. The Transfer is hereby approved in accordance with Section 4-8(c) of the Charter of the City of Louisville ("Charter"). Section 3. The proposed Agreement for Purchase and Sale of Water Stock ("Agreement"), by and between the City and CK H2O Ventures, is hereby approved in essentially the same form as the copy of such Agreement accompanying this Ordinance. Section 4. The Mayor and City Clerk are authorized to execute such Agreement, and the Mayor is further authorized to negotiate and approve such revisions to said Agreement as the Mayor determines are necessary or desirable for the protection of the City, so long as the essential terms and Ordinance No. 1804, Series 2021 Page 2 of 4